When it comes to dividends it's hard to beat the shares of Westpac Banking Corp (ASX: WBC) and the other big banks. But as a lot of investors already have exposure to these shares, I believe looking outside the banking sector for income is a wise move in order to maintain a diverse portfolio.
Three non-bank dividend shares that I think are great options for investors right now are listed below:
Aventus Group (ASX: AVN)
Aventus Group is a fully integrated owner, manager, and developer of large format retail centres with a portfolio of 20 sites across Australia. This retail format continues to be very popular with consumers and has led to strong demand for its for its centres from retailers. So much so, the group reported a 98.5% occupancy rate in the first half of FY 2019. The comprises a diverse tenant base of 584 quality tenancies, with national retailers representing 86% of the total portfolio at the last count. I believe the combination of this high occupancy rate and periodic rental increases means Aventus is well-placed to increase its distribution over the long-term. Its units currently provide a trailing 7.2% distribution yield which is paid in quarterly instalments.
National Storage REIT (ASX: NSR)
Another quality dividend share to consider buying is National Storage. It is one of the largest self-storage providers in the Australia and New Zealand market and has its sights on growing even larger in the coming years. At present the company has 12 expansion and development projects currently in various stages of progress and has plans in place for multiple new sites and repurposing/expansions of existing sites. Combined with strong demand for its offering and its growth through acquisition strategy, I expect this to lead to solid income and distribution growth over the next few years. At present its shares offer a forward yield of around ~5.5%.
Super Retail Group Ltd (ASX: SUL)
A final dividend share to consider buying is Super Retail. It is the company behind retail brands such as Macpac, Rebel, and Supercheap Auto and currently offers a trailing fully franked 5.1% dividend yield. Super Retail has been a strong performer in FY 2019 and was recently tipped by Goldman Sachs to continue this positive form into FY 2020. According to the note, the broker remains positive on the company due to its belief that the combination of retail categories represented by its brands provide a diversified blend of earnings growth and industry drivers. Goldman has a buy rating and $10.70 price target on the company's shares.
