If you are considering dividend investing as part of your investment strategy, one holding worth considering is ANZ Group Holdings Ltd (ASX: ANZ). 

The big four bank is firmly inside the top 10 largest companies on the ASX by market cap and has an attractive dividend yield of 5.52%. 

Investing comes with volatility, but regular dividends can reduce the perceived volatility by providing an income stream and return on investment independent of share price movements.

ANZ's yield is significantly higher than the other big four banks, and could bring an investor with a $5,000 holding roughly $273.50 per year in dividend income. 

Growth outlook for ANZ shares

Of course, dividend income is a viable strategy for investors, but the potential for a share price to grow is also important. 

At the time of writing, ANZ shares are trading at $29.84 apiece. 

They are up 4.37% since the start of the year. 

ANZ shares have had slow growth this year compared to its direct competitor Commonwealth Bank of Australia (ASX: CBA) which is up 8.58%. 

However National Australia Bank Ltd (ASX: NAB) and Westpac Banking Corp (ASX: WBC) are in the red so far in 2025. 

The S&P/ASX 200 Financials (ASX:XFJ) is up approximately 1% over the same period. 

Brokers are tipping that ANZ shares have limited upside. 

Bell Potter currently has a target price of $28.80 and "hold" recommendation on ANZ shares. 

Trading View has a one year target price of $28.49 and online broker SelfWealth lists the shares as trading "near fair value". 

These neutral ratings could be influenced by ANZ's acquisition of Suncorp Bank last year and the pending integration costs and progress.

Furthermore, the bank announced on April 3 that it had entered into a court-enforceable undertaking with the Australian Prudential Regulation Authority.

Are bank shares a safe haven?

Historically, the big four bank's have been popular investment choices for their blue-chip status. 

For many investors, ANZ shares represent financial stability, long-term growth, and a strong track record.

According to Macquarie, this is relevant right now with bank shares offering relative safety from US tariffs. 

According to a report from Macquarie at the end of April: 

With US tariffs driving global market volatility, the Australian banks are seen as a relative safe haven supporting performance. Investor feedback and Macquarie proprietary flows data suggest offshore investors in particular have been moving into financials given their relatively limited impact from US tariffs.