There are plenty of quality ASX dividend stocks to choose from on the Australian share market.
But which ones could be great options for income investors this week?
Three that have recently been tipped as buys are listed below. Here's why they could be quality options right now:
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APA Group (ASX: APA)
Analysts at Macquarie are tipping APA Group as an ASX dividend stock to buy. It is an energy infrastructure business that owns, manages, and operates a diverse portfolio of gas, electricity, solar and wind assets.
The broker currently has an outperform rating and $9.40 price target on the company's shares.
Macquarie is expecting APA Group's portfolio of assets to allow it to continue its long run of dividend increases.
The broker is forecasting dividends per share of 56 cents in FY 2024 and then 57.5 cents in FY 2025. Based on the current APA Group share price of $7.93, this equates to 7.1% and 7.25% dividend yields, respectively.
Rural Funds Group (ASX: RFF)
Rural Funds could be another ASX dividend stock to buy this month. It is a property company with a focus on agricultural industries. This includes orchards, cattle ranches, and vineyards.
These properties are predominantly leased to corporate agricultural operators on long-term agreements with rental increases built in. This gives Rural Funds great visibility on its future earnings.
Bell Potter currently has a buy rating and $2.40 price target on its shares.
As for dividends, it is forecasting dividends per share of 11.7 cents in both FY 2024 and FY 2025. Based on the current Rural Funds share price of $2.04, this will mean dividend yields of 5.7% for investors.
Universal Store Holdings Ltd (ASX: UNI)
A third ASX dividend stock that could be a buy is Universal Store. It is the youth fashion retailer behind the Universal Store, Perfect Stranger, and Thrills brands.
Bell Potter is also feeling bullish about the company and has just reiterated its buy rating on its shares with an improved price target of $6.65.
Its analysts "see good growth trajectory for the name given the building of core brands together with a disciplined approach to growing its store rollout."
In light of this, the broker believes Universal Store is well-placed to pay attractive dividends in the coming years. It is forecasting fully franked dividends per share of 24 cents in FY 2024 and then 31.1 cents in FY 2025. Based on the current Universal Store share price of $5.77, this will mean yields of 4.2% and 5.4%, respectively.
