One of the rare positives from a day of ASX market carnage (such as today) is the higher dividend yields you can expect from any new buys of your favourite S&P/ASX 200 (INDEXASX: XJO) dividend shares.
Assuming a company pays a steady dividend, a 10% or 20% fall in said companies' share price directly translates into a higher dividend yield you can 'lock-in' and expect to receive whilst you hold the shares.
So, as I was watching my favourite ASX 200 shares today, here are some pumped up yielders that have caught my eye!
National Australia Bank Ltd (ASX: NAB)
NAB shares have been put through the wringer today – down 5.75% to $20.73 at the time of writing. That's the lowest share price NAB has recorded since July 2009 in the worst throes of the GFC. This astonishingly low share price comes with a startling dividend yield today – 8.01%. If you include the value of NAB's full franking credits, this yield becomes 11.44%.
Of course, even at these levels, NAB is far from a 'sure thing'. There remain significant tailwinds for the banking sector at the current time, including record-low interest rates. But I think NAB is at least worth a hard look at these prices today.
WAM Capital Limited (ASX: WAM)
WAM Capital is another famous dividend share that has shed some serious value in recent times. This Listed Investment Company (LIC) invests in mid-cap ASX shares and pays a dividend from the proceeds of its profitable investments.
It was only three weeks ago that WAM Capital was asking $2.37 a share. Today, you can pick some up for just $2.03. That means that WAM shares are offering a trailing dividend yield of 7.64% – or 10.91% grossed-up with WAM's full franking. That's not a bad number to work with!
Macquarie Group Ltd (ASX: MQG)
This company is another ASX bank but of a different colour to NAB and the other 'big four' banks – having significant earnings bases in the investment banking and asset management spaces. Macquarie has also been hit hard by the market drop, but is still not quite at its 52-week low. However, that isn't stopping Macquarie from offering a juicy 5% dividend yield on current prices.
Macquarie isn't known as the 'millionaire factory' for nothing and it has consistently demonstrated a high-quality calibre of leadership. Thus, I think Macquarie is the best ASX financial stock outside the big banks to own today and I also think its current share price (and dividend yield) are very compelling!
