Are you looking to boost your income portfolio with some new ASX dividend stocks this month?
If you are, you may want to look at the two listed below that have been forecast to provide attractive yields.
Here's what you need to know about these buy-rated ASX dividend stocks:
Suncorp Group Ltd (ASX: SUN)
The first ASX dividend stock that has been named as a buy is Suncorp.
Goldman Sachs is a fan of the leading insurance and banking company due to "tailwinds that exist in the general insurance market" and "the strong rate momentum that SUN is getting."
In addition, the broker highlights the potential for capital returns if the company sells its banking operations. It said:
Separate to our thesis, we also see possible catalysts on the horizon for SUN including capital return post the bank sale and the possibility of a whole of account quota share arrangement similar to IAG.
As for income, its analysts expect fully franked dividends per share of 76 cents in FY 2024 and then 81 cents in FY 2025. Based on the current Suncorp share price of $13.56, this will mean yields of 5.6% and 6%, respectively.
Goldman Sachs has a buy rating and a $15.13 price target on its shares.
Universal Store Holdings Ltd (ASX: UNI)
Another ASX dividend stock that brokers rate as a buy is youth fashion retailer Universal Store.
The team at Morgans believes that its shares are cheap at current levels given its positive growth outlook over the medium. It said:
UNI's attractive array of medium-term growth prospects is undervalued at a single digit FY25 P/E.
The broker expects this to allow the company to pay fully franked dividends of 26 cents in FY 2024 and then 29 cents in FY 2025. Based on the latest Universal Store share price of $3.33, this equates to yields of 7.8% and 8.7%, respectively.
Morgans also sees plenty of upside for its shares. It has an add rating and a $4.25 price target on them.
