Why these excellent ASX dividend shares have been named as buys

Analysts are feeling bullish about these shares.

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Are you searching for ASX dividend shares to buy?

If you are then you may want to check out these two listed below that analysts think are top buys at present.

Here's what they are saying about them:

Accent Group Ltd (ASX: AX1)

The first ASX dividend share that could be a buy for income investors is Accent. It is the footwear focused retailer behind a growing number of store brands such as Hype DC, The Athlete's Foot, and Stylerunner.

The team at Bell Potter is feeling positive about the company. This is due to its strong market position and its "growth adjacencies via exclusive partnerships with globally winning brands such as Hoka and growing vertical brand strategy."

The broker expects this to underpin the payment of fully franked dividends per share of 13 cents in FY 2024 and then 14.6 cents in FY 2025. Based on the latest Accent share price of $2.03, this represents dividend yields of 6.4% and 7.2%, respectively.

Bell Potter has a buy rating and $2.50 price target on its shares.

Coles Group Ltd (ASX: COL)

Over at Morgans, its analysts think income investors should be buying this supermarket giant's shares.

It was impressed with Coles' first-half performance, noting that its earnings were ahead of expectations. The broker was also pleased that its trading update revealed second half growth that is outperforming its bitter rival.

Morgans expects this to underpin fully franked dividends of 66 cents per share in FY 2024 and 69 cents per share in FY 2025. Based on the current Coles share price of $16.50, this implies yields of approximately 4% and 4.2%, respectively.

Morgans has an add rating and $18.70 price target on its shares.

QBE Insurance Group Ltd (ASX: QBE)

Finally, over at Goldman Sachs, its analysts think that this insurance giant is an ASX dividend share for income investors to buy.

The broker likes QBE due to it having "the strongest exposure to the commercial rate cycle" and notes that its "valuation [is] not demanding."

Goldman also expects some generous yields from its shares in the near term. The broker is expecting dividends per share of 62 US cents in FY 2024 and 61 US cents in FY 2025. Based on its current share price of $17.38, this equates to dividend yields of 5.45% and 5.4%, respectively.

Goldman has a buy rating and $18.65 price target on its shares.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group. The Motley Fool Australia has positions in and has recommended Coles Group. The Motley Fool Australia has recommended Accent Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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