ASX dividend shares can be a great way to generate a second income.
But which ones could be buys? Three high yield dividend shares that analysts are tipping as buys this month are listed below. Here's what you need to know about them:
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Australia and New Zealand Banking Group Ltd (ASX: ANZ)
ANZ Bank could be an ASX dividend share to buy according to analysts at Goldman Sachs. The broker currently has a conviction buy rating and $27.38 price target on its shares.
Its analysts "see further upside risk to ANZ Group returns from mix shifts in its Institutional division" and "still see current market competitive dynamics as a relative tailwind for Institutional NIMs."
Goldman expects this to support fully franked dividends of $1.62 per share in FY 2023 and FY 2024. Based on the current ANZ share price of $25.60, this will mean yields of 6.3%.
Rural Funds Group (ASX: RFF)
Over at Bell Potter, its analysts think that Rural Funds could be an ASX dividend share to buy this month. The broker has a buy rating and $2.40 price target on its shares.
Its analysts highlight that the agricultural property company's "share price has continued to remain subdued and trading at its largest discount to market NAV since listing."
As for income, the broker is forecasting dividends per share of 11.7 cents in FY 2024 and FY 2025. Based on the current Rural Funds share price of $1.83, this will mean yields of 6.4% for investors.
Universal Store Holdings Ltd (ASX: UNI)
Finally, Morgans believes that this youth fashion retailer could be an ASX dividend share to buy. The broker has an add rating and $4.25 price target on its shares.
Its analysts believe "UNI's attractive array of medium-term growth prospects is undervalued at a single digit FY25 P/E."
Morgans is expecting some very big yields from the company's shares in the coming years. It is forecasting 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 $3.25, this equates to yields of 8% and 8.9%, respectively.
