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3 quality dividend shares to buy in March

Next week the Reserve Bank of Australia will gather for its March cash rate meeting.

Although the general consensus is that the central bank will keep rates on hold again next month, a growing number of economists have suggested that rates will be cut at future meetings.

If this proves accurate then it is likely to mean that the interest rates on offer from savings accounts and term deposits will remain at low levels for many more years.

In light of this, March could be a great time to consider picking up one of these quality dividend shares:

Adairs Ltd (ASX: ADH)

This homewares retailer’s shares currently offer one of the most generous dividend yields on the Australian share market. Despite delivering a strong half year result earlier this week, the company’s shares have sunk lower due to management making a minor revision to its full year guidance. I think this selling has been an overreaction and left Adairs’ shares trading at a very attractive level. After growing its interim dividend by 18%, the company’s shares now offer a trailing fully franked 8% yield.

National Storage REIT (ASX: NSR)

On Wednesday this self-storage focused real estate investment trust released its half year results and revealed an impressive 13% increase in first half revenue to $72.8 million and a 22% increase in operating profit to $42.2 million. Management also advised that it has a pipeline of 12 new development and expansion projects which it expects to fuel further growth in the near term. I expect this to help the trust hit the high end of its full year distribution guidance range of 9.6 cents to 9.9 cents per unit. If it does, then its units currently offer a forward 5.3% yield.

Rio Tinto Limited (ASX: RIO)

This mining giant has just announced its full year results and revealed plans to return the vast majority of its free cash flow to shareholders. Rio Tinto has advised that it will reward shareholders with a fully franked special dividend worth US$2.43 per share on top of its final dividend of US$1.80 per share. These dividends alone, which total US$4.23 (A$5.93), provide a yield of 6.2%. I expect more of the same in FY 2019, potentially making Rio Tinto a great option for income investors.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended National Storage REIT. 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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