Buy ANZ and this ASX dividend share now

If you’re an income investor looking for dividend shares to buy for your portfolio, then you may want to read on.

That’s because named below are two top ASX dividend shares that brokers are recommending as buys.

Here’s what you need to know about these income options:

ANZ Group Holdings Ltd (ASX: ANZ)

The team at Ord Minnett thinks this banking giant could be an ASX dividend share to buy despite its strong run in recent months.

The broker is feeling positive on the bank partly due to its proposed acquisition of Suncorp Bank. It notes that the deal is nearing completion after the Australian Competition Tribunal overturned the ACCC’s decision to block it. Ord Minnett believes the acquisition will add scale to areas where ANZ currently trails the other big four banks.

Ord Minnett currently has an accumulate rating and $31.00 price target on its shares.

As for dividends, the broker is forecasting fully franked dividends per share of $1.62 in FY 2024 and $1.65 in FY 2025. Based on the current ANZ share price of $29.26, this will mean dividend yields of 5.5% and 5.6%, respectively.

Dexus Convenience Retail REIT (ASX: DXC)

Another ASX dividend stock that could be a buy for income investors is Dexus Convenience Retail REIT.

The team at Bell Potter thinks the convenience retail and service station property company could be a good option right now.

Its analysts note that “DXC trades at a circa 34% discount to stated NTA which we think is overly punitive for a sub-sector where there is clear price discovery, and investors for commercial real estate have a clear preference for smaller cheque size assets.”

Bell Potter has a buy rating and $3.00 price target on its shares.

In respect to income, the broker is forecasting dividends per share of 20.9 cents in FY 2024 and 20.7 cents in FY 2025. Based on its current share price of $2.73, this equates to yields of 7.7% and 7.6%, respectively.

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

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More reading

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• These 5 high-quality companies are now paying a better income than CBA shares
• ANZ shares charge higher on $57.5 million class action settlement news
• Analysts say these excellent ASX income shares are buys
• Here’s the ANZ dividend forecast through to 2026

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 no position in any of the stocks mentioned. 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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