Westpac (ASX:WBC) and this ASX dividend share are rated as buys

These dividend shares have been tipped to provide investors with generous yields…

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ASX dividend shares represented by cash in jeans back pocket

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Fortunately, in this low interest rate environment, there are plenty of shares offering investors attractive fully franked dividend yields.

Two dividend shares that are currently rated as buys are listed below. Here’s what you need to know about them:

Accent Group Ltd (ASX: AX1)

The first ASX dividend share to look at is Accent. It is a retail group with a growing collection of popular footwear-focused store brands.

While Accent has been growing at a solid rate for many years, its growth has gone up a gear in FY 2021. This has been driven by the popularity of its store brands, the expansion of its network, and a favourable redirection in consumer spending.

Bell Potter appears confident this strong form can continue and expects it to lead to growing dividends.

It is forecasting fully franked dividends of 11.7 cents per share in FY 2021 and then 12.3 cents per share in FY 2022. Based on the latest Accent share price of $2.73, this represents fully franked yields of 4.3% and 4.5%, respectively.

Bell Potter has a buy rating and $3.30 price target on its shares.

Westpac Banking Corp (ASX: WBC)

With trading conditions in the banking sector continuing to look positive, Westpac could be an ASX dividend share to look at. Especially given its cost cutting plans, strong balance sheet, and the removal of dividend restrictions by APRA.

Combined, analysts at Citi expect Westpac to be in a position to reward shareholders with some generous dividends in the near term.

The broker is forecasting fully franked dividends of $1.16 per share in FY 2021 and then $1.18 per share in FY 2022. Based on the current Westpac share price of $24.52, this represents yields of 4.7% and 4.8%, respectively, over the next couple of years.

Citi has a buy rating and $30.00 price target on the bank’s shares.

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Motley Fool contributor James Mickleboro owns shares of Westpac Banking Corporation. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Accent Group. 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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