Macquarie Group Ltd (ASX: MQG) is one of several ASX shares gaining in value in recent times.

The Macquarie share price has rocketed 9.7% higher in June but remains down 12.5% for the year. That is the sweet spot that I’m focusing on at the moment: ASX shares with positive momentum that could still be undervalued.

Here’s why Macquarie and a couple of others could be the secret gainers you’re missing out on right now.

3 ASX 200 shares gainers you’re missing out on today

 Of course, it’s not as simple as just buying shares that have fallen lower in 2020. There have to be some fundamentals behind a decision to buy or sell an investment. I think this exists with Macquarie.

The Macquarie share price has been climbing higher in recent months. While I don’t have a crystal ball, I do think Macquarie’s status as an investment bank could pay dividends this year.

Macquarie has several investment arms including Macquarie Capital and Macquarie Investment Management.

Those divisions could prove to be a double-edged sword. But I think recent market volatility could be a good thing for Macquarie’s investment teams to outperform.

That means the ASX 200 share could be a dark horse to announce a strong half-year result in October or November.

However, I’ve got my eye on more than just Macquarie right now. I’m also looking at the DEXUS Property Group (ASX: DXS) share price after its recent bullish run.

The DEXUS share price is up 10.2% in June but remains down 13.1% for the year. Dexus owns and operates a significant portfolio of Australian property with a strong focus in office and industrial real estate.

There could be some tough times ahead for office real estate with many companies still operating on a work from home model. That could drive down demand (and rent) which is bad news for ASX 200 REIT shareholders.

However, if we see a quicker bounce back to office culture, DEXUS could be a strong buy. Investors have been buying up DEXUS shares in recent months but it could prove to be a cheap income share at its current price.

Bendigo and Adelaide Bank Ltd (ASX: BEN) is another ASX 200 share that could be in the buy zone. The Bendigo Bank share price has rocketed 17.1% higher in June but is down 26.4% from where it started in 2020.

While changing office dynamics might be a headwind for the DEXUS share price, it could be good for Bendigo. More Aussies could look to move rural if office working arrangements become more flexible.

That could be good news for the ASX 200 bank share if regional centres see an uptick in growth. These things are far from certain right now but I’d be watching the Bendigo Bank share price closely in the second half of the year.

More reading

• Here are 3 ASX 200 shares with dividend yields over 8%
• Here are 3 Australian share market trends to watch this week
• ASX 200 Weekly Wrap: ASX back in the green
• What is the price/earnings (p/e) ratio?
• Consider these blue chip ASX shares for strong dividend yields

Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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Luckily in this low interest rate environment, the Australian share market has a large number of shares offering attractive dividend yields.

But which dividend shares should you buy? I think the three listed below would be great options for income investors:

Aventus Group (ASX: AVN)

The first dividend share to consider buying is Aventus. This retail property company specialises in large format retail parks across Australia. Given how Aventus’ rental income has a reasonably high weighting towards everyday needs, I think it well-placed to navigate the tough trading conditions facing the retail sector. This is a view I share with Goldman Sachs, which remains very positive on the company. So much so, it has forecast a ~17.3 cents per unit distribution in FY 2021. This equates to a forward ~7.8% distribution yield.

Sydney Airport Holdings Pty Ltd (ASX: SYD)

As long as the recent spike in coronavirus cases in Victoria doesn’t get out of control, I’m optimistic domestic tourism will rebound strongly over the remainder of 2020. Especially given recent reports of pent up demand for travel in Australia after months of restrictions. This could put Sydney Airport in a position to start paying a decent dividend again in FY 2021. At this point, I expect the airport operator to pay shareholders a 29 cents per share dividend next year. This represents a forward 4.9% dividend yield based on its last close price.

Vanguard Australian Shares High Yield ETF (ASX: VHY)

If you don’t have enough funds to maintain a truly diverse portfolio of dividend shares, then you might want to consider buying the Vanguard Australian Shares High Yield ETF. This exchange traded fund provides investors with exposure to 62 of the highest yielding shares on the ASX through just a single investment. This includes the big four banks, telcos, and shares like Sydney Airport. At present I estimate that its units offer a forward dividend yield of at least 4.5%.

More reading

• ASX 200 finishes flat, ASX travel shares drop
• The ASX stocks worst hit by second wave COVID-19 fears
• These 5 ASX shares saw the biggest losses last week
• ASX share price winners and losers of last week
• ASX 200 Weekly Wrap: ASX back in the green

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended AVENTUS RE UNIT. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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The Commonwealth Bank of Australia (ASX: CBA) share price could be one to watch on Tuesday after a late announcement out of the banking giant on Monday afternoon.

What did Commonwealth Bank announce?

After the market close on Monday, Commonwealth Bank announced that it had been hit with further civil action.

According to the announcement, civil proceedings have been brought by the Australian Securities and Investments Commission (ASIC) against the banking giant and its wholly owned Colonial First State Investments Limited business.

Colonial First State is a provider of superannuation, investment, and retirement products to individuals and corporate and superannuation fund investors. It is also the operator and administrator of investment platforms.

In May, Commonwealth Bank announced that it had entered into an agreement to sell a 55% interest in Colonial First State to KKR. The transaction implies a total valuation (on a 100% basis) of $3.3 billion, which will result in the bank receiving cash proceeds of approximately $1.7 billion from KKR if the deal completes next year.

What is ASIC alleging?

The civil proceedings that have been brought by ASIC are based on findings during the Royal Commission.

The corporate regulator alleges certain contraventions of conflicted remuneration provisions in the Corporations Act relating to the arrangement between the two parties for the distribution of Commonwealth Essential Super.

Here’s a snippet from the Royal Commission hearing:

“Counsel Assisting submits that it is open to the Commission to find that the Distribution Agreement between CBA and CFSIL may have contravened the conflicted remuneration provisions of the Corporations Act.”

“This is because the Distribution Agreement provides for a benefit (an annual fee of 30% of the total net revenue earned by the trustee in relation to the fund) given to an AFS licensee (CBA) which, in Counsel Assisting’s submission, could reasonably be expected to influence the financial product advice given by CBA to its retail clients.”

The bank and Colonial First State are reviewing ASIC’s claim and will provide any further update as required.

More reading

• 5 things to watch on the ASX 200 on Tuesday
• Why Morgans is urging investors to buy ASX big bank stocks today
• Consider these 2 ASX fintech shares before they take off
• The NAB share price has fallen 24%. Should you buy?
• ASX 200 Weekly Wrap: ASX back in the green

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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