3 ASX dividend shares whose yields are surging today

Here's why I'm watching National Australia Bank Ltd (ASX: NAB) and 2 otehr ASX 200 dividend shares today

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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!

Motley Fool contributor Sebastian Bowen owns shares of National Australia Bank Limited. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool Australia owns shares of National Australia Bank 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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