While I think that the Westpac Banking Corp (ASX: WBC) dividend is one of the best on the market at this point, a lot of investors will already have significant exposure to the banks.
So in order to maintain a diverse portfolio, here are three top dividend alternatives to Australia's oldest bank:
Event Hospitality and Entertainment Ltd (ASX: EVT)
With the inbound tourism boom still growing strongly, I believe Event is in a great position to profit. As well as its cinema chain, Event is also the company behind accommodation brands such as Rydges, QT, and Thredbo Alpine Village. As tourists flock to Australia in their droves, I expect demand for its rooms will increase strongly. This could allow the company to grow its earnings and dividend at a solid rate for the next few years. Event's shares provide a trailing fully franked 4% dividend at present.
Retail Food Group Limited (ASX: RFG)
Although its performance has underwhelmed of late, I believe the sell-off of this food and beverage company's shares has been overdone. So with management forecasting an 8% lift in earnings in FY 2018 and its shares changing hands at an undemanding 11x earnings, now could be an opportune time to snap up its trailing fully franked 6.8% dividend.
WAM Capital Limited (ASX: WAM)
Due to the strong performance of this leading listed investment company's funds, it has been able to grow its dividend for seven years in a row. Judging by its funds' recent outperformance, I think WAM Capital will be in a position to make it eight years in a row in FY 2018. In light of this, I think now could be a great time to grab hold of WAM's trailing fully franked 6% dividend. Especially with its final dividend due to go ex-dividend on October 17.
