The good news for income investors is that there are plenty of quality ASX 200 dividend shares to choose from on the Australian share market.
Two that have been tipped as best buys by analysts at Morgans in September are listed below. Here's what the broker is saying about them:
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Macquarie Group Ltd (ASX: MQG)
The first ASX 200 dividend share that Morgans is tipping as a buy is investment bank Macquarie. The broker has add rating and a $194.40 price target on its shares.
Its analysts remain very positive on the company's long-term outlook thanks to structural tailwinds. They explain:
We continue to like MQG's exposure to long-term structural growth areas such as infrastructure and renewables. The company also stands to benefit from recent market volatility through its trading businesses, while it continues to gain market share in Australian mortgages.
As for income, Morgans is forecasting dividends per share of $5.74 in FY 2024 and $6.21 in FY 2025. Based on the current Macquarie share price of $169.88, this equates to yields of 3.4% and 3.65%, respectively.
QBE Insurance Group Ltd (ASX: QBE)
Morgans also thinks that QBE would be a top ASX 200 dividend share for income investors this month. The broker currently has an add rating and a $17.16 price target on the insurance giant's shares.
It believes QBE's shares are cheap and is positive on its outlook thanks to rising premiums. It said:
With strong rate increases still flowing through QBE's insurance book, and further cost-out benefits to come, we expect QBE's earnings profile to improve strongly over the next few years. The stock also has a robust balance sheet and remains relatively inexpensive overall trading on 8x FY24F PE.
Morgans expects QBE to pay dividends of ~66 cents per share in FY 2023 and ~93 cents per share in FY 2024. Based on the current QBE share price of $15.24, this will mean yields of 4.3% and 6.1%, respectively.
