While ANZ Group Holdings Ltd (ASX: ANZ) are a popular option for income investors, strong gains over the past 12 months mean that most analysts believe the big four bank's shares are now overvalued.
In light of this, unless there is a meaningful pullback in the near term, investors may be better off looking for alternative ASX dividend stocks to buy.
But which ones?
Three dividend stocks that analysts at Bell Potter are tipping as buys are listed below. Here's what the broker is saying about them:
Aspen Group Limited (ASX: APZ)
Bell Potter thinks that Aspen Group could be an ASX dividend stock to buy.
It is a leading provider of quality affordable accommodation across residential, land lease, and holiday park communities.
The broker currently has a buy rating and $2.75 price target on its shares.
As for dividends, it is forecasting dividends per share of 10 cents in FY 2025 and then 10.3 cents in FY 2026. Based on the current Aspen share price of $2.38, this will mean dividend yields of 4.2% and 4.3%, respectively.
Rural Funds Group (ASX: RFF)
Another ASX dividend stock that could be a buy is Rural Funds.
It is an agricultural property company, generating revenue from leasing almond orchards, macadamia orchards, poultry property and infrastructure, vineyards, cattle properties, cropping properties, cattle and water rights.
Bell Potter is very positive on the company and has a buy rating and $2.50 price target on its shares.
In respect to income, the broker is forecasting dividends per share of 11.7 cents in both FY 2025 and then 12.2 cents in FY 2025. Based on the current Rural Funds share price of $1.63, this will mean dividend yields of 7.2% and 7.5%, respectively, for investors.
Universal Store Holdings Ltd (ASX: UNI)
Finally, Bell Potter also believes that youth fashion retailer Universal Store could be an ASX dividend stock to buy.
The broker highlights that it is positive due to "the store roll-out & brand growth strategy, margin expansion via private label product penetration (currently ~46%) and strong earnings trajectory."
Bell Potter expects this to support the payment of fully franked dividends per share of 31.4 cents in FY 2025 and then 36.8 cents in FY 2026. Based on the current Universal Store share price of $8.10, this will mean yields of 3.9% and 4.5%, respectively.
The broker currently has a buy rating and $8.85 price target on its shares.
