ANZ Group Holdings Limited (ASX: ANZ) is back in the spotlight in Australia’s final full trading week of the year, with investors balancing a rising share price against a busy calendar: a proposed final dividend due this Friday, and an Annual General Meeting (AGM) that’s shaping up as a high-stakes referendum on governance, accountability and execution under new CEO Nuno Matos. [1]
On Monday 15 December 2025, ANZ shares traded around A$36.22, up about 1.14% on the day, after a previous close around A$35.81, according to market data services tracking the ASX line. [2]
ANZ share price today: what’s happening on 15 December 2025
ANZ stock was changing hands near A$36.22, with an intraday range reported around A$35.57 to A$36.34 and a 52-week range of A$26.22 to A$38.93. [3]
In broader context, Australian equities started the week on the back foot, with live market coverage pointing to an ASX pullback driven largely by materials weakness and a softer lead from Wall Street. That macro tone matters for bank stocks too, because “risk-on / risk-off” flows can easily overwhelm company-specific headlines on any given day. [4]
The headline risk: lawsuits, pay votes, and a board under pressure
Former CEO Shayne Elliott sues over bonus cuts
A key overhang into the AGM is the escalating dispute between ANZ and former CEO Shayne Elliott, who has launched legal action after the bank stripped A$13.5 million in bonuses. Elliott argues ANZ breached the terms of his departure agreement; ANZ has said it will defend the matter vigorously. [5]
The lawsuit sits inside a bigger post-scandal clean-up. ANZ has faced multiple regulatory actions in recent years, and reporting has linked bonus reductions to accountability for “non-financial risk” issues (think: conduct, controls, compliance, remediation). [6]
Proxy advisers recommend voting against ANZ’s pay report
As the AGM approaches, two influential proxy advisers—ISS and Glass Lewis—have recommended shareholders vote against ANZ’s executive pay report, Reuters reported earlier this month. The core argument: even after significant bonus reductions, the advisers say the cuts may not go far enough given the seriousness of recent issues. [7]
In Australia, a second consecutive “strike” on the remuneration report can trigger a separate vote on whether to spill the board (or parts of it). Reuters noted that while the proxy advisers urged a vote against the pay report, they did not recommend shareholders support a board spill. [8]
“AGM showdown” narrative builds
By 15 December, commentary around ANZ’s AGM had intensified, with finance newsletter coverage describing an “AGM showdown” and pointing to proxy signals that could put renewed pressure on chair Paul O’Sullivan and the board—especially given the scale of ANZ’s transformation agenda under Matos. [9]
Key dates: ANZ AGM on 18 December and the final dividend on 19 December
ANZ’s shareholder calendar is doing that end-of-year thing where everything happens at once:
- AGM: Thursday 18 December 2025, 9:00am (Sydney time), at the International Convention Centre Sydney (with online participation options). [10]
- Proposed final dividend payment date: Friday 19 December 2025. [11]
On dividends specifically, ANZ has proposed a 2025 final dividend of 83 cents per share, partially franked at 70%, and ANZ’s shareholder materials note a 1.5% discount applied to its DRP/BOP for the final dividend. [12]
At a share price around A$36.22, that 83-cent payment alone equates to roughly a 2.3% cash yield (before considering franking credits for eligible investors). [13]
FY2025 results recap: what ANZ is trying to fix (and why investors care)
ANZ’s latest full-year result (year ended 30 September 2025) sets the financial backdrop for today’s debate.
Profit, capital and “significant items”
ANZ reported statutory profit of A$5,891 million and cash profit of A$5,787 million, with a Common Equity Tier 1 (CET1) ratio around 12.0%. [14]
The bank emphasised that results were weighed down by “significant items” linked to regulatory and restructuring outcomes. ANZ separately detailed a net after-tax impact of A$1,109 million from significant items, including staff redundancy costs and an ASIC settlement. [15]
Margin pressure is real—and rate cuts can be a double-edged sword
ANZ and sector peers have been navigating intense home-loan competition. Reuters reported ANZ’s net interest margin declined to 1.55%, and noted the Reserve Bank of Australia had delivered three interest rate cuts in 2025—helpful for housing activity, but potentially painful for bank margins when competition forces lenders to pass through (or even “over-pass through”) price cuts. [16]
ANZ itself has flagged that “a falling interest rate environment” and “intense competition” pressured margins, even as assets and deposits grew in parts of the business. [17]
ANZ 2030 strategy: the execution milestones that could make—or break—the stock
Investors aren’t just pricing ANZ on this year’s earnings. They’re pricing a multi-year rebuild, and ANZ has put specific milestones and targets on the table.
1) Suncorp Bank integration accelerated, with bigger synergy targets
ANZ has committed to complete a “safe and secure” migration of Suncorp Bank to ANZ by June 2027. It also updated expected run-rate annualised cost synergies to ~A$500 million per year by FY2029, with the “vast majority” captured in 2028. [18]
That’s a meaningful upgrade from earlier synergy expectations and it’s central to the bull case: if ANZ executes cleanly, it reduces operational complexity and lifts the medium-term earnings base. The catch is execution risk—bank integrations are famously where optimism goes to wrestle reality. [19]
2) ANZ Plus rollout to 8 million customers
ANZ says it will prioritise the ANZ Plus digital “front-end” and aims to upgrade all 8 million retail customers in Australia to a “single channel experience” by September 2027. The bank framed this as a path to less duplication (“one team, one brand, one single customer front-end, one system stack”) and, ultimately, better customer experience and productivity. [20]
3) Cost-out and simplification (including role reductions)
ANZ’s transformation includes a major workforce and operating-model reset. In its strategy update remarks, ANZ described plans to reduce 3,500 roles by September 2026 (plus contractor reductions), exit non-core activities, and pursue gross cost savings of about A$800 million in FY26. [21]
Reuters also reported ANZ expected to cut total costs by 3% in the 2026 financial year. [22]
4) Capital management: buyback stopped, dividend maintained
ANZ ceased the remaining portion of its on-market buyback (previously described as ~A$800 million remaining) as it prioritised capital strength and investment for the strategy, while maintaining dividends. [23]
ANZ stock forecast: what analysts are saying as of 15 December 2025
The most interesting thing about the current ANZ setup is that the stock has already rallied meaningfully in 2025—yet consensus targets still cluster around the mid-$30s.
Consensus view: neutral/hold, with targets slightly below the current price
A consensus snapshot compiled by Investing.com shows an overall “Neutral” stance (4 Buy, 7 Hold, 3 Sell) and an average 12‑month price target around A$35.24—roughly 2–3% below current trading around A$36.22. [24]
MarketScreener’s consensus data similarly shows a HOLD consensus and an average target price of about A$35.24, based on 14 analysts. [25]
TipRanks’ Australia line for ANZ also points to an average target in the mid‑A$34s, with a high forecast around A$40 and a low forecast in the high‑A$20s (the exact numbers vary by data set and coverage lists). [26]
A notable outlier: Goldman Sachs initiates with a Buy
One of the more constructive published calls in recent months came from Goldman Sachs, which initiated ANZ with a Buy rating and a A$37.54 price target (per Investing.com’s report of the note). The thesis: the CEO change could be a turning point, with the share price driven by four levers—Suncorp integration, a reshaped domestic cost base, ANZ Plus revenue contributions, and a turnaround in market share. [27]
The bull case vs the bear case for ANZ shares into 2026
Here’s the cleanest way to think about ANZ stock right now: the market is watching whether management can convert a “strategy slide deck” into a “cash earnings machine” without stepping on regulatory landmines.
Bull case
If ANZ executes, the upside path looks like:
- Suncorp integration delivered on the faster timetable (June 2027) and synergies trending toward the A$500m run rate. [28]
- Productivity and simplification materially reduce duplication and improve cost-to-income dynamics. [29]
- ANZ Plus becomes a real customer-growth and retention engine (not just a technology cost). [30]
- Regulatory remediation holds, culture improves, and headline risk fades. [31]
Bear case
The downside path is equally straightforward:
- Integration delays or customer disruption; costs rise faster than synergies arrive. [32]
- Margin pressure persists as competition remains intense and rates trend lower. [33]
- Governance drama (pay strikes, leadership trust issues, litigation) distracts management and keeps a valuation discount in place. [34]
What to watch next for ANZ stock
With the calendar this tight, near-term catalysts are unusually clear:
- AGM outcomes (18 December): Pay report vote, board re-elections, and the tone around accountability and execution. [35]
- Dividend payment (19 December): The 83-cent final dividend and any read-through on shareholder demand for income versus buybacks. [36]
- Regulatory remediation progress: ANZ says its Root Cause Remediation Plan has been approved by APRA, but investors will want proof the bank is turning that into fewer incidents and fewer penalties. [37]
- Execution milestones: Suncorp migration work and ANZ Plus rollout pace—because these are now explicit deadlines that the market can measure. [38]
Bottom line
As of 15 December 2025, ANZ Group Holdings stock is trading higher near A$36.22, but consensus analyst targets imply a fairly balanced risk/reward from here—unless ANZ can prove its ANZ 2030 transformation will deliver materially better returns while reducing non-financial risk headlines. With the AGM days away and the final dividend landing this week, ANZ shares are set up for a classic end-of-year test: investors aren’t just buying earnings—they’re buying credibility. [39]
References
1. www.investing.com, 2. www.investing.com, 3. www.investing.com, 4. www.marketindex.com.au, 5. www.reuters.com, 6. www.reuters.com, 7. www.reuters.com, 8. www.reuters.com, 9. www.capitalbrief.com, 10. www.anz.com, 11. www.anz.com, 12. www.anz.com, 13. www.investing.com, 14. www.anz.com.au, 15. www.anz.com.au, 16. www.reuters.com, 17. www.anz.com.au, 18. www.anz.com.au, 19. www.anz.com.au, 20. www.anz.com.au, 21. www.anz.com.au, 22. www.reuters.com, 23. www.anz.com.au, 24. www.investing.com, 25. www.marketscreener.com, 26. www.tipranks.com, 27. www.investing.com, 28. www.anz.com.au, 29. www.anz.com.au, 30. www.anz.com.au, 31. www.reuters.com, 32. www.anz.com.au, 33. www.reuters.com, 34. www.reuters.com, 35. www.anz.com, 36. www.anz.com, 37. www.anz.com.au, 38. www.anz.com.au, 39. www.investing.com
