Forget CBA and buy these ASX 200 dividend shares

Analysts think these shares are better options that Australia's largest bank.

There's no denying that Commonwealth Bank of Australia (ASX: CBA) shares have been a great place to put your money this year.

Since the start of 2024, the big four bank has risen almost 40%. This is despite almost all analysts calling its shares overvalued a year ago.

While there's nothing to say that CBA shares won't be market-beaters again next year, one thing that is almost certain is that they won't provide income investors with an overly attractive dividend yield.

For example, the consensus estimate is for the bank to pay a fully franked dividend of approximately $4.73 per share in FY 2025.

Based on its current share price of $156.21, this equates to a 3% dividend yield. This is lower than what you can get on one of CBA's term deposits.

In light of this, if you are looking for ASX 200 dividend shares to buy in 2025, it might be best to look beyond CBA.

But which dividend shares could be good alternatives? Let's take a look at two that analysts rate as buys:

Middle age caucasian man smiling confident drinking coffee at home.

Image source: Getty Images

IPH Ltd (ASX: IPH)

Goldman Sachs thinks that IPH could be an ASX 200 dividend share to buy. It is a global intellectual property (IP) services company.

The broker believes that IPH "is well-placed to deliver consistent and defensive earnings with modest overall organic growth." It expects this to underpin fully franked dividends of 36 cents per share in FY 2025 and then 39 cents per share in FY 2026. Based on the current IPH share price of $5.01 this represents yields of 7.2% and 7.8%, respectively.

Goldman has a buy rating and $7.50 price target on its shares.

Transurban Group (ASX: TCL)

Another ASX 200 dividend share that could be a buy according to analysts is Transurban.

It is a toll road operator that owns 22 roads across both Australia and North America. This includes CityLink in Melbourne and the Cross City Tunnel in Sydney, as well as 95 Express Lanes in Greater Washington and the A25 in Montreal. Transurban also has three major projects that are expected to open by 2026.

The team at UBS is positive on the company and has a buy rating and $14.75 price target on its shares.

As for income, the broker is forecasting dividends per share of 65 cents in FY 2025 and then 69 cents in FY 2026. Based on its current share price of $13.82, this equates to dividend yields of 4.7% and 5%, respectively.

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 and Transurban Group. The Motley Fool Australia has recommended IPH Ltd. 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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