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2 reliable ASX dividend shares to buy in March

ASX dividend shares

Would you like to bolster your income portfolio with some reliable ASX dividend shares?

Then you might want to take a look at the dividend shares listed below. Here’s what you need to know about them:

BWP Trust (ASX: BWP)

The first ASX dividend share to look at is BWP. It is the largest owner of Bunnings Warehouse properties, with a total of 68 properties in its portfolio.

Bunnings has proven to be a great tenant to have during the pandemic. Thanks to strong demand in the home improvement market from stimulus and a redirection of spending, its sales have been growing rapidly.

In light of this, it will be no surprise to learn that BWP is performing positively as well. It recently released its first half results for FY 2021 and revealed profit growth of 6% over the prior corresponding period to $144 million.

This positive form has allowed the BWP board to reaffirm its plans to pay a full year distribution of ~18.3 cents per share. Based on the current BWP share price, this represents a generous 4.8% dividend yield.

Coles Group Ltd (ASX: COL)

Another ASX dividend share to look at is Coles. It has also benefited from a favourable shift in consumer spending and habits.

For example, during the first half of FY 2021, Coles reported an 8% increase in revenue to $20,569 million and a 14.5% increase in net profit to $560 million. This allowed the Coles board to increase its fully franked interim dividend by 10% to 33 cents per share.

And although its cautious outlook has worried investors and put pressure on the Coles share price, Goldman Sachs believes it has created a buying opportunity.

The broker recently reaffirmed its buy rating and put a $20.70 price target on its shares. Goldman is also forecasting a 62 cents per share fully franked dividend for the 12 months. Based on the current Coles share price, this represents a 4% dividend yield.

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Returns As of 15th February 2021

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of COLESGROUP DEF SET. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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