3 top dividend shares I would buy today

With an average dividend yield of approximately 4% there certainly is a lot for income investors to choose from on the Australian share market.

Three of my favourite dividend options right now are listed below. Here’s why I think income investors ought to consider them:

Accent Group Ltd (ASX: AX1)

On Tuesday this footwear retailer released its full year results and posted a 4.9% increase in sales to $860.8 million and a 17.9% jump in net profit after tax to $47.1 million. The strong result was driven by solid like for like sales growth and improvements in its gross margin due to vertical brand sales and reduced discounting. The bumper profits allowed the board to increase its full year dividend to 6.75 cents per share, up 12.5% on the prior year. This equates to a fully franked yield of 4.5%, which I think is very tempting given its positive outlook for the year ahead.

Adairs Ltd (ASX: ADH)

Earlier this week this home furnishings retailer posted an impressive 45.4% increase in profits to $30.6 million and an 18.8% increase in sales to $314.8 million. This strong result was driven by a massive 14.3% increase in like for like sales, improved margins from less discounting, and strong online sales growth. Pleasingly, Adairs has had a solid start to FY 2019 with like for like sales growth of 5.4% across its stores and online. I believe this puts the company in a position to deliver another strong profit result and increase its dividend further. At present Adairs’ shares offer a trailing fully franked 5.3% yield.

Westpac Banking Corp (ASX: WBC)

On Wednesday this banking giant announced plans to raise mortgage rates out of cycle with the Reserve Bank. I believe this was a smart move by management and expect it to support its earnings growth and dividend over the coming years. This could make it a great time to consider snapping up its shares today. Especially given that they offer a generous trailing fully franked 6.5% dividend at present.

Not keen on the banks? Then this top dividend share could be a great alternative.

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Motley Fool contributor James Mickleboro owns shares of Westpac Banking. 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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