Buy Westpac and this ASX dividend giant

Analysts think these giants are in the buy zone for income investors.

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Investors that are on the lookout for big dividends might want to take a look at the ASX dividend giants listed below.

Both are among the biggest names on the Australian share market and have been labelled as buys and tipped to offer attractive dividend yields.

Here's what income investors can expect to receive from them:

Westpac Banking Corp (ASX: WBC)

While almost all brokers think the big four banks are overvalued now following a strong run, there's still one analyst that sees room for Westpac's shares to climb higher.

A recent note out of Ord Minnett reveals that its analysts have an accumulate rating and $28.00 price target on the banking giant's shares. This suggests potential upside of 6.5% for investors from current levels.

In addition, the broker is forecasting fully franked dividends of $1.45 per share in FY 2024 and $1.50 per share in FY 2025. Based on the current Westpac share price of $26.47, this will mean yields of 5.5% and 5.65%, respectively.

Woodside Energy Group Ltd (ASX: WDS)

Another ASX dividend giant that could be a buy right now is energy producer Woodside.

A recent note out of Morgans reveals that its analysts have an add rating and $34.20 price target on its shares. If they were to rise to this level, it would mean a very attractive gain of 15% for investors that buy in at current levels.

Another positive is that the broker is forecasting some attractive dividend yields in the near term. It is expecting the energy producer to be in a position to pay fully franked dividends of $1.36 per share in FY 2024 and $1.12 per share in FY 2025. Based on the current Woodside share price of $29.73, this equates to 4.6% and 3.8% dividend yields, respectively.

Motley Fool contributor James Mickleboro has positions in Westpac Banking Corporation and Woodside Energy Group. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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