Over the past 12 months, National Australia Bank Ltd (ASX: NAB) shares have been on fire and delivered big returns for investors.
During the period, the banking giant's shares have risen almost 30%.
While this is great, almost all major brokers now believe that NAB's shares are overvalued and destined to tumble over the next 12 months.
As a result, if you are looking for ASX dividend stocks to buy, it may be best to avoid NAB and look at the three alternatives below. Here's what you need to know about them:
Coles Group Ltd (ASX: COL)
The first ASX dividend stock that could be a good alternative to NAB is supermarket giant Coles.
Analysts at Bell Potter are positive on the retailer and see major upside for its shares over the next 12 months. The broker recently put a buy rating and $21.55 price target on its shares.
In respect to income, Bell Potter is forecasting fully franked dividends of 68 cents per share in FY 2025 and then 78 cents per share in FY 2026. Based on the current Coles share price of $17.82, this equates to dividend yields of approximately 3.8% and 4.4%, respectively.
Dexus Convenience Retail REIT (ASX: DXC)
Over at Morgans, its analysts are tipping Dexus Convenience Retail REIT as an ASX dividend stock to buy this month. Dexus Convenience Retail REIT owns a portfolio of service station and convenience retail assets across Australia.
The broker currently has an add rating and $3.25 price target on its shares.
As for dividends, Morgans is forecasting dividends per share of 20.6 cents in FY 2025 and then 21.5 cents in FY 2025. Based on its current share price of $3.02, this will mean huge dividend yields of 6.8% and 7.1%, respectively.
Super Retail Group Ltd (ASX: SUL)
Finally, Morgans also believes that Super Retail could be an ASX dividend stock to buy now. It is the retailer behind the popular BCF, Macpac, Supercheap Auto, and Rebel brands.
Morgans recently put an add rating and $19.79 price target on the company's shares.
As for income, the broker believes that the company is positioned to continue paying special dividends in the near term. It expects this to underpin fully franked dividends per share of 97 cents in FY 2025 and then 103 cents in FY 2026. Based on its current share price of $18.09, this will mean yields of 5.4% and 5.7%, respectively.
