3 dividend alternatives to Australia and New Zealand Banking Group

The Australia and New Zealand Banking Group (ASX:ANZ) dividend is good, but are these dividend shares better?

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Although the Australia and New Zealand Banking Group (ASX: ANZ) dividend is one of the more generous on the market, a lot of investors will already have significant exposure to the banks.

So in order to maintain a balanced and diversified portfolio income investors might want to consider these dividend shares instead:

Japara Healthcare Ltd (ASX: JHC)

Japara is one of the nation's largest aged care providers and could be a big winner from Australia's ageing population over the next couple of decades when the number of people over the age of 65 is expected to increase by 75%. While the company could be at risk of regulatory changes in the future, I believe its strong management team can navigate through this and deliver solid long-term profit growth. At the current share price Japara provides investors with a trailing partially franked 5.5% dividend.

Telstra Corporation Ltd (ASX: TLS)

Based on its last close price, this telco giant's shares will provide income investors with a fully franked 6.2% dividend in FY 2018 if it follows through on its plan to pay out 22 cents per share to shareholders. I believe this dividend and FY 2019's dividend are secure, after which a lot will depend on whether the company is able to find new areas of growth. I'm quietly optimistic that it will be able to, potentially making Telstra a great option for investors today.

WAM Capital Limited (ASX: WAM)

This listed investment company is one of my favourite dividend shares on the local market. If WAM is able to increase its dividend again this year it will make it nine successive years of dividend increases. Judging by the strong performance of its funds, I expect this will prove to be the case. There are not many shares on the ASX that can boast of similar levels of growth over the last decade.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Telstra 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 Bruce Jackson.

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