I think it is fair to say that the performance of the Australia and New Zealand Banking Group (ASX: ANZ) share price has been disappointing in 2017.
Year-to-date the banking giant's shares have fallen just over 5%. Including its dividend means its total return is flat over the period.
Should you buy its shares today?
While ideally I would prefer to buy ANZ Bank's shares in or around the $27 mark, I do think that they represent good value at the current share price.
I've been pleased with the way the bank has sold-off its non-core assets in order to focus on its core business. I believe this strategy will create long-term value for shareholders.
As will the recently announced $1.5 billion on-market share buyback that is expected to commence in January. The bank opted for the buyback after completing the sale of its 20% stake in Shanghai Rural Commercial.
This has attracted the attention of analysts at Morgans who recently recommended the bank as a buy.
A note out of Morgans last week revealed that its analysts retained their add rating and $30 price target on the bank's shares following the sale and the announcement of its buyback plans. All in all, the broker believes that ANZ Bank could buy back upwards of $6.4 billion of shares in total.
If the bank were to achieve this level of buyback then I believe it would add significant value for shareholders. This could make it worth considering ahead of National Australia Bank Ltd. (ASX: NAB) and Commonwealth Bank of Australia (ASX: CBA).
