Analysts say these ASX dividend shares are buys

If you’re wanting to boost your income with some dividend shares, then you might want to consider the two listed below.

Here’s what you need to know about these dividend shares:

Accent Group Ltd (ASX: AX1)

The first ASX dividend share for income investors to look at is footwear retailer Accent.

It has been tipped as a buy by analysts at Bell Potter. The broker has put a buy rating and $2.00 price target on its shares.

Its analysts note that the “company’s focus on achieving full gross margins was encouraging as the company executes on a disciplined growth strategy to sustain earnings growth.”

Bell Potter is expecting this to lead to fully franked dividends of 9.5 cents per share in FY 2023 and 12.7 cents per share in FY 2024. Based on the current Accent share price of $1.51, this would mean yields of 6.3% and 8.4%, respectively, over the next couple of years.

Suncorp Group Ltd (ASX: SUN)

Another ASX dividend share that has been tipped as a buy is Suncorp.

It is one of Australia’s leading insurance and banking companies and the owner of brands including AAMI, Apia, Bingle, GIO, Shannons, Suncorp, and Vero.

Morgans is positive on Suncorp and currently has an add rating and $13.70 price target on its shares.

It likes the company due to its efficiency program and attractive valuation. The broker notes that it sees “SUN’s current valuation as undemanding, e.g. FY23 PE multiple of 13x and a 6% dividend yield.”

At present, the broker is forecasting fully franked dividends per share of 70.6 cents in FY 2023 and 78.5 cents in FY 2024. Based on the current Suncorp share price of $12.01, this will mean yields of 5.9% and 6.5%, respectively.

The post Analysts say these ASX dividend shares are buys appeared first on The Motley Fool Australia.

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More reading

• Bendigo Bank share price climbs as chair slams ANZ-Suncorp deal as ‘sub-optimal’
• Are storm clouds gathering over ANZ’s Suncorp bid?
• ‘Undemanding’ valuation: Morgans tip 17% upside for the Suncorp share price
• Analysts say these ASX dividend shares with 6%+ yields are buys
• Why I’d grab today’s cheap ASX shares before it’s too late

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 recommended Accent Group. 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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