Commonwealth Bank of Australia (ASX: CBA) and the rest of the big four banks have outperformed the market over the past 12 months. But after a big run-up in share prices, valuations are looking stretched, and there are concerns that bank dividends could be peaking.
Fortunately, the ASX has plenty of attractive dividend opportunities beyond the big banks.
Here are three ASX dividend shares that analysts think could be good alternatives to the big four. They are as follows:
Centuria Industrial REIT (ASX: CIP)
For investors looking for stable, property-backed income, Centuria Industrial REIT could be a great pick. This pure-play industrial property trust owns a high-quality portfolio of warehouses, logistics hubs, and distribution centres across Australia.
The industrial property sector has been one of the strongest-performing segments of the real estate market, thanks to the rise of e-commerce, supply chain optimisation, and manufacturing demand. Centuria Industrial REIT benefits from long lease agreements with blue-chip tenants, providing reliable rental income that supports its dividend.
Bell Potter is a fan of the company and has a buy rating and $3.35 price target on its shares.
As for income, it is forecasting dividends per share of 16.3 cents in FY 2025 and then 16.8 cents in FY 2026. Based on its current share price of $2.98, this equates to dividend yields of 5.5% and 5.6%, respectively.
Rural Funds Group (ASX: RFF)
Another ASX dividend share to look at is Rural Funds Group. It is a diversified agricultural REIT that owns premium farmland across Australia. Instead of farming the land itself, it leases properties to high-quality agricultural operators, ensuring stable rental income.
Its portfolio includes almond orchards, cattle farms, vineyards, and macadamia plantations, with long-term lease agreements that provide predictable cash flow. Additionally, many of its contracts are linked to inflation, helping protect against rising costs.
Bell Potter is also a fan of Rural Funds and has a buy rating and $2.50 price target on its shares.
In respect to dividends, the broker is forecasting dividends per share of 11.7 cents in FY 2025 and then 12.2 cents in FY 2026. Based on its current share price of $1.76, this will mean dividend yields of 6.6% and 6.9%, respectively.
Transurban Group (ASX: TCL)
For a mix of reliable income and long-term growth, Transurban Group is hard to beat. This toll road giant operates major motorways across Australia and North America, benefiting from steady traffic volumes and inflation-linked toll revenue.
With infrastructure assets that last for decades, Transurban's business model is built for resilience. Even during economic downturns, people still need to travel. Another key advantage is its pricing power. The company's toll increases are often linked to inflation or set annual increases, ensuring that its earnings keep pace with rising costs.
UBS rates Transurban as an ASX dividend share to buy with a $14.85 price target.
As for income, the broker is forecasting dividends of 65 cents per share in FY 2025 and then 69 cents per share in FY 2026. Based on its current share price of $13.29, this equates to dividend yields of 4.9% and 5.2%, respectively.
