Is it time to buy ANZ and 2 other top ASX dividend shares?

A growing number of economists believe that the Reserve Bank of Australia is going to have to cut rates twice this year in order meet its targets.

This is good news for borrowers, but disappointing news for savers.

Thankfully the Australian share market is here to the rescue with a large number of quality dividend options. Three which I would buy this month are listed below:

Australia and New Zealand Banking Group (ASX: ANZ)

Although ANZ’s shares have rallied strongly over the last 10 weeks and are arguably about fair value now, I still think they would be a great option for income investors. Especially considering the bank’s strong capital position, cost cutting opportunities, low bad debt charges, and overweight exposure to business lending. I believe this has positioned it well to grow both its earnings and dividend this year. At present its shares offer a trailing fully franked 5.75% dividend yield.

Dicker Data Ltd (ASX: DDR)

Dicker Data recently released its full year results and delivered further strong growth which was ahead of both the market’s expectations and its own guidance. Pleasingly, the wholesale distributor of computer hardware and software expects more of the same in FY 2019. Earlier this week it provided guidance for group revenue of $1.65 billion and net profit before tax of $51.4 million, which will be a 10% lift on FY 2018’s results. In addition to this, Dicker Data expects to pay a full year dividend of 22 cents per share in quarterly instalments, which equates to a forward 6.1% yield.

Sydney Airport Holdings Pty Ltd (ASX: SYD)

Another top option for income investors could be this airport operator. Last month it reported a record full year result which saw total revenue come in 6.8% higher at $1,584.7 million and EBITDA increase 7.2% to $1,282.6 million. This strong performance and its positive outlook means that management expects to pay a 39 cents per security distribution in FY 2019. Based on its current share price this equates to a 5.4% forward yield.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Dicker Data Limited and Sydney Airport Holdings 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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