Fortunately for income investors, the Australian share market is not short of dividend-paying stocks.
This makes it a great place to generate passive income. But which ASX dividend stocks could be top options right now for an income boost?
Two that analysts have recently rated as buys are named below:
Rio Tinto Ltd (ASX: RIO)
If you're not averse to investing in the mining sector, then Rio Tinto could be an ASX dividend stock to buy for passive income.
Goldman Sachs is very positive on the mining giant. This is due to its solid production growth outlook and "compelling relative valuation vs. peers."
And with the broker expecting commodity prices to be favourable for Rio Tinto, it believes the company to be in a position to pay fully franked dividends per share of US$3.84 (A$5.75) in FY 2023 and then US$4.31(A$6.45) in FY 2024. Based on the latest Rio Tinto share price of $112.34, this will mean yields of 5.1% and 5.7%, respectively.
Goldman currently has a conviction buy rating and a $130.70 price target on its shares.
Stockland Corporation Ltd (ASX: SGP)
Another passive income option for ASX investors to look at is Stockland.
It is a residential and land lease developer and retail, logistics, and office real estate property manager.
Citi appears to believe that recent weakness has created a buying opportunity for investors. Particularly given how "rebounding residential enquiries in 3Q23 indicate a recovering backdrop."
As for dividends, Citi expects dividends per share of 27 cents in FY 2023 and FY 2024. Based on the current Stockland share price of $4, this will mean sizeable yields of 6.75% in both financial years.
The broker currently has a buy rating and a $4.70 price target on its shares.
