If you're in the market for some ASX 200 dividend shares to combat rising inflation, then look no further.
Listed below are two highly rated dividend shares that analysts have recently rated as buys with yields greater than 6%.
Here's what you need to know about them:
Bank of Queensland Limited (ASX: BOQ)
The first high yield ASX dividend share for investors to look at is Bank of Queensland.
It is one of the biggest non-big four banks in Australia and responsible for the eponymous Bank of Queensland brand and the recently acquired ME Bank brand.
Analysts at Morgans believe the bank is a great option for investors right now and "see exceptional value" in its shares. This is due to its attractive valuation, transformation program, its above-system growth, and cost synergies from the ME Bank acquisition.
Morgans has an add rating and $11.00 price target on its shares.
The broker also expects attractive dividends. Morgans is forecasting fully franked dividends per share of 49 cents in FY 2022 and then 54 cents per share in FY 2023. Based on the current Bank of Queensland share price of $7.44, this will mean yields of 6.6% and 7.25%, respectively.
South32 Ltd (ASX: S32)
Another ASX 200 dividend share that is expected to provide investors with big dividends is South32.
This is thanks to the mining giant's exposure to a number of commodities which are commanding high prices, putting South32 in a position to generate strong free cash flow in the coming years.
Goldman Sachs is very positive on South32 and expects its strong free cash flow generation to underpin fully franked dividends per share of 27.5 US cents in FY 2022 and 47.3 US cents in FY 2023.
Based on the current South32 share price of $4.41 and the latest exchange rates, this will mean very attractive yields of 9.2% and 15.4%, respectively.
Goldman also sees plenty of upside for its shares. It has a conviction buy rating and $5.70 price target on the miner's shares.
