Buy ANZ and this ASX dividend share

Are you wanting to boost your income portfolio with some new additions? If you are, then it could be worth looking at the two ASX dividend shares listed below that have been named as buys.

Here’s what analysts are saying about these shares:

ANZ Group Holdings Ltd (ASX: ANZ)

The first ASX dividend share for investors to look at buying is banking giant ANZ.

That’s the view of analysts at Goldman Sachs, which believe ANZ shares would be a top option right now thanks to the strength and improving profitability of its key institutional business.

Goldman expects this to support the payment of fully franked dividends per share of $1.62 in both FY 2024 and FY 2025. Based on the current ANZ share price of $27.26, this will mean dividend yields of 5.9%.

The broker currently has a buy rating and $27.85 price target on its shares.

Deterra Royalties Ltd (ASX: DRR)

Over at Morgan Stanley, its analysts believes that Deterra Royalties could be an ASX dividend share to buy right now.

Deterra Royalties operates a mining royalty business across a range of commodities, but with a primary focus on bulks, base metals, and battery metals. This includes the world class Mining Area C iron ore operation, which is co-owned with mining behemoth BHP Group Ltd (ASX: BHP).

Morgan Stanley is expecting some big dividend yields from Deterra Royalties shares in the near term. It is forecasting fully franked dividends of 40.3 cents per share in FY 2024 and then 30.1 cents per share in FY 2025. Based on the current Deterra Royalties share price of $5.41, this will mean yields of 7.5% and 5.5%, respectively.

The broker currently has an overweight rating and $5.65 price target on the company’s shares.

The post Buy ANZ and this ASX dividend share appeared first on The Motley Fool Australia.

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More reading

• 3 ASX blue-chip stocks I think every Aussie should own
• If I invest $10,000 in ANZ shares how much passive income will I receive
• Top ASX dividend shares to buy in February 2024
• Why these 3 ASX 200 shares leapt into the Motley Fool’s headlines this week
• 3 popular investing myths BUSTED

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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