Buy NAB and these ASX 200 dividend stocks

Analysts have recently slapped buy ratings on these income options.

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Looking for income options for your portfolio? If you are, it could be worth checking out the ASX 200 dividend stocks listed below.

Here's what analysts are saying about them:

National Australia Bank Ltd (ASX: NAB)

Goldman Sachs is feeling positive about this big four bank. This is due to its overweight exposure to business banking. It said:

We are Buy-rated on NAB given: i) while lending competition is intense, it has been skewed more heavily towards housing as opposed to business (evident in sector business lending spreads). To that end, we believe NAB stands to benefit the most from this dynamic among the major banks given it has the largest SME franchise.

Goldman is forecasting fully franked dividends per share of $1.62 for both FY 2024 and FY 2025. This equates to dividend yields of 4.8% for investors.

The broker currently has a buy rating and a $33.89 price target on the bank's shares.

QBE Insurance Group Ltd (ASX: QBE)

Morgans thinks that this insurance giant could be a top ASX 200 dividend stock to buy. Particularly given how rate increases are flowing through its loan books and its cost reductions are coming. It said:

With strong rate increases still flowing through QBE's insurance book, and further cost-out benefits to come, we expect QBE's earnings profile to improve strongly over the next few years. The stock also has a robust balance sheet and remains relatively inexpensive overall trading on 8x FY24F PE.

The broker is forecasting dividends per share of approximately 99 cents in FY 2024 and then 108 cents in FY 2025. This equates to dividend yields of 5.6% and 6.1%, respectively.

Morgans has an add rating and a $17.96 price target on its shares.

Telstra Group Ltd (ASX: TLS)

A third ASX 200 dividend stock that could be a buy is telco giant Telstra. That's the view of analysts at Bell Potter, which believe its shares are good value right now. Particularly given the company's positive growth outlook. It said:

In our view Telstra is starting to look reasonable value trading on an FY25 PE ratio of <20x while the average of other reasonable comps in the S&P/ASX 20 is now c.23x. Admittedly the growth outlook for Telstra is not as good as for some of the comps but Telstra still has reasonable growth (mid to high single digit forecast EPS growth in FY25) plus a good dividend yield.

The broker is forecasting fully franked dividends per share of 18 cents in FY 2024 and 19 cents in FY 2025. This will mean yields of 4.95% and 5.2%, respectively.

Bell Potter has a buy rating and a $4.25 price target on Telstra's 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 Telstra 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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