If you're interested in bolstering your income portfolio with some new dividend shares, then the two listed below could be worth considering next week.
Here's what analysts are saying about these dividend shares right now:
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Baby Bunting Group Ltd (ASX: BBN)
The first ASX dividend share to consider is baby products retailer, Baby Bunting.
Over the last decade, the company has carved out a leadership position in a niche but lucrative market with its collection of 60 national superstores across Australia.
But while this is a large number of stores, the team at Citi sees scope for its network to increase materially in the coming years.
Citi commented: "We reiterate our Buy rating and see the company having a range of multi-year growth strategies including rollout (target of 110+ stores, with 68 expected by end of FY22e), exclusive/private label growth and supply chain efficiencies."
The broker currently has a buy rating and $6.11 price target on its shares. As for dividends, Citi has pencilled in fully franked dividends per share of 16 cents in FY 2022 and 20 cents in FY 2023. Based on the current Baby Bunting share price of $4.86, this will mean yields of 3.3% and 4.1%, respectively.
Westpac Banking Corp (ASX: WBC)
Another dividend share that is highly rated is Australia's oldest bank, Westpac.
It could be a quality option for investors that don't have exposure to the banking sector. This is due to its strong market position and attractive valuation in comparison to the rest of the big four.
Morgans remains a big fan of the banking giant despite the margin pressures it has been facing. It also believes the bank can deliver on its bold cost cutting targets, which would bode well for its earnings in the coming years.
Its analysts commented: "WBC is our preferred major bank. We believe WBC offers the most compelling valuation of the major banks. In terms of quality of overall risk profile, we believe WBC is a close second to CBA. On credit risk, we believe WBC is positioned relatively defensively due to its loan book being more skewed to Australian home lending."
Morgans has an add rating and $29.50 price target on the bank's shares. As for dividends, the broker has pencilled in fully franked dividends per share of $1.19 in FY 2022 and $1.60 in FY 2023. Based on the latest Westpac share price of $23.75, this will mean yields of 5% and 6.7%, respectively.
