Are you looking for dividend shares to buy this week?
If you are, you may want to check out the two listed below that have been tipped to provide big yields in 2023 and 2024.
Here's what you need to know about these ASX dividend shares today:
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QBE Insurance Group Ltd (ASX: QBE)
The first ASX 200 dividend share that has been tipped as a buy is insurance giant QBE.
Morgans is positive on the company and was very impressed with its recent full year results release. The good news is that the broker believes it is well-placed to build on this in FY 2023 and FY 2024. It commented:
QBE's FY22 result NPAT (US$770m) was an 18% beat versus consensus, with the 2H22 dividend (A30cps) 11% above consensus. Overall, in our view, this was a very strong FY22 performance versus market expectations.
Heading into FY23, the key tailwinds are premium rate increases and higher investment income which remain supportive of earnings growth, as highlighted by QBE expecting a mid-teens ROE versus 10.5% in FY22.
The broker expects this strong form to underpin dividends per share of 83 cents in FY 2023 and 94 cents in FY 2024. Based on the latest QBE share price of $15.00, this equates to yields of 5.5% and 6.3%, respectively.
Morgans has an add rating and $16.96 price target on its shares.
Westpac Banking Corp (ASX: WBC)
Another ASX 200 dividend share that has been tipped as a buy is Westpac.
It is one of the big four players in the Australian market and the owner of the Westpac, Bank SA, Bank of Melbourne, Rams, and St George brands.
Goldman Sachs is very positive on the bank and believes it is well-placed for earnings and dividend growth thanks to rising interest rates and its cost cutting plans. In respect to the latter, it said:
Despite WBC recently revising its FY24E cost target to A$8.6 bn (from A$8.0 bn), the bank's performance on cost management remains strong in this inflationary environment with a 9% step down in underlying costs expected over the next two years.
The broker expects this to lead to fully franked dividends per share of 147 cents in FY 2023 and 156 cents in FY 2024. Based on the current Westpac share price of $22.84, this will mean yields of 6.4% and 6.9%, respectively.
Goldman Sachs has a conviction buy rating and $27.74 price target on the bank's shares.
