Thankfully for income investors, there are a good number of ASX 200 dividend shares to choose from on the local share market.
But which ones could be good options for income investors this month?
Well, two high-yield options that analysts are saying positive things about are listed below. Here's why they could be dividend shares to buy:
Suncorp Group Ltd (ASX: SUN)
The team at Goldman Sachs believes that Suncorp could be an ASX 200 dividend share to buy. It is of course one of Australia's leading insurance companies.
Goldman Sachs believes the company is well positioned in the current environment thanks to strong renewal premium rate increases. It commented:
We are favourably disposed to Suncorp, noting in large part the tailwinds that exist in the general insurance market – i.e., very strong renewal premium rate increases and the benefit of higher investment yields. We think the strong rate momentum that SUN is getting should likely offset volume pressures as they optimise their risk exposures in certain portfolios such as home but also likely policy lapses / buy downs.
Goldman is expecting this to support fully franked dividends per share of 76 cents in FY 2024 and 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.
Super Retail Group Ltd (ASX: SUL)
Another ASX 200 dividend share that has been given the thumbs up by analysts is Super Retail. It owns the popular BCF, Macpac, Rebel, and Super Cheap Auto retail brands.
The team at Morgans is positive on the company. The broker was impressed with its performance in FY 2023 and believes it could be in a position to reward shareholders with another special dividend this year. It said:
SUL reported positive growth in sales and earnings in FY23, despite cycling elevated comps. Better than expected margins meant NPAT was 9% higher than our estimates. SUL declared a 25c special dividend, and at this stage we think it will declare another one this time next year.
Morgans is expecting fully franked dividends per share of 89 cents in FY 2024 and then 73 cents in FY 2025. Based on the current Super Retail share price of $13.30, this will mean yields of 6.7% and 5.5%, respectively.
The broker has an add rating and a $15 price target on its shares.
