National Australia Bank Ltd (ASX: NAB) shares have certainly delivered the goods for investors in 2024. Since the start of the year, the banking giant's shares have risen over 10%.
While this is good news for its shareholders, it isn't for non-shareholders.
That's because almost all brokers now believe that its shares are trading above fair value. As a result, if you are on the lookout for ASX dividend shares to buy, you might want to stay clear of NAB until it trades at a more attractive level.
But which dividend shares would be good alternatives? Let's take a look at three that brokers rate as buys. They are as follows:
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Accent Group Ltd (ASX: AX1)
The first alternative for income investors to consider buying is Accent Group. It is a market-leading leisure footwear retailer with a huge network of stores across countless brands. This includes HypeDC, Platypus, and The Athlete's Foot.
Bell Potter is a fan of the company and has a buy rating and $2.50 price target on its shares. It is particularly positive on the ASX dividend share due to its "growth adjacencies via exclusive partnerships with globally winning brands such as Hoka and growing vertical brand strategy."
The broker expects this to allow the company to pay 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 $1.88, this represents dividend yields of 6.9% and 7.8%, respectively.
Coles Group Ltd (ASX: COL)
Another ASX dividend share that could be a top option for income investors is Coles. It is of course one of the big two supermarket operators in the Australian market. It also has a significant liquor store network and a joint ownership in the Flybuys loyalty program.
Morgans sees value in its shares and has an add rating and $18.95 price target on them.
As for dividends, it is forecasting Coles to pay 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 $16.42, this implies yields of approximately 4% and 4.2%, respectively.
Stockland Corporation Ltd (ASX: SGP)
A third alternative for income investors to look at is Stockland.
Citi thinks the leading residential developer could be an ASX dividend share to buy right now. It sees positives in a recently announced land lease partnership with Invesco and expects it to eventually generate better returns on capital.
The broker has a buy rating and $5.20 price target on its shares.
In respect to dividends, Citi is expecting dividends per share of 26.2 cents in FY 2024 and 26.6 cents in FY 2025. Based on the current Stockland share price of $4.50, this will mean yields of 5.8% and 5.9%, respectively.
