Investors that are looking for income options might want to read on.
That's because listed below are five ASX dividend shares that analysts are recommending as buys.
Here's what you need to know about them:
Image source: Getty Images
Aurizon Holdings Ltd (ASX: AZJ)
Aurizon is Australia's largest rail freight operator. It connects miners, primary producers, and industry with international and domestic markets through its extensive national rail and road network. Macquarie is a fan of the company and has an outperform rating and a $4.05 price target on its shares. It expects partially franked dividends of 14.8 cents per share in FY 2023 and then 19.8 cents per share in FY 2024. This equates to dividend yields of 3.85% and 5.15%, respectively.
Coles Group Ltd (ASX: COL)
Morgans says that this supermarket operator is an ASX dividend share to buy right now. It currently has an add rating and a $19.85 price target on its shares. As for dividends, the broker is forecasting a fully franked 66 cents per share dividend in both FY 2023 and FY 2024. This will mean yields of 3.7% in both years.
Rural Funds Group (ASX: RFF)
The team at Bell Potter rates this agricultural property company as a buy with a $2.20 price target. The broker also expects generous yields from its shares in the coming years. It is forecasting an 11.7 cents per share dividend in both FY 2023 and FY 2024. This represents 6.2% yields at current prices.
Telstra Group Ltd (ASX: TLS)
This telco giant could be an ASX dividend share to buy according to Goldman Sachs. Its analysts have a buy rating and a $4.80 price target on its shares. As for income, the broker is forecasting fully franked dividends of 17 cents per share in FY 2023 and 18 cents per share in FY 2024. This equates to fully franked yields of 4% and 4.25%, respectively.
Westpac Banking Corp (ASX: WBC)
Finally, Morgans remains positive on this banking giant and believes it is an ASX dividend share to buy right now. The broker currently has an add rating and a $24.22 price target on its shares. As for dividends, its analysts are forecasting fully franked dividends of $1.49 per share in FY 2023 and then $1.52 per share in FY 2024. Based on the current Westpac share price, this will mean yields of 7.15% and 7.3%, respectively, for income investors.
