Commonwealth Bank of Australia (ASX: CBA) shares have been on a tear again this year.
So much so, they are up almost 18% since the start of 2025. This means that its shares now trade with a trailing dividend yield of just 2.6%.
This is lower than both the rates offered with term deposits and the average dividend yield on the Australian share market.
In light of this, analysts think that income investors would be better off skipping CBA shares and buying the following ASX dividend shares:
Cedar Woods Properties Ltd (ASX: CWP)
Cedar Woods could be an ASX dividend share to buy according to analysts. It is a leading Australian property developer with a focus on residential communities and commercial projects.
Bell Potter is positive on the company due to its belief that it is well-positioned for sustained growth thanks to its diversified development pipeline and Australia's housing shortage.
In respect to income, Cedar Woods is expected to pay fully franked dividends of 28 cents per share in FY 2025 and then 32 cents per share in FY 2026. Based on the current share price of $6.63, this equates to dividend yields of 4.2% and 4.8%, respectively.
Bell Potter currently has a buy rating and $7.30 price target on its shares.
Elders Ltd (ASX: ELD)
Another ASX dividend share that could be a good alternative to CBA shares is Elders. It is a leading agribusiness company that provides expert advice and services to Australian farmers across a wide range of agricultural products.
Bell Potter also rates Elders as a buy and sees a significant value in its shares at current levels.
As for dividends, the broker is forecasting fully franked dividends of 36 cents per share in FY 2025 and then 43 cents per share in FY 2026. Based on the current share price of $6.30, this would mean dividend yields of 5.7% and 6.8%, respectively.
Bell Potter has a buy rating and $9.10 price target on its shares.
HomeCo Daily Needs REIT (ASX: HDN)
Finally, the team at Morgans has given HomeCo Daily Needs REIT the seal of approval and has named it as an ASX dividend share to buy.
It is a daily needs focused real estate investment trust. It invests in convenience-based assets across the target sub-sectors of neighbourhood retail, large format retail and health and services.
The broker is expecting some big dividend yields in the near term. It is forecasting dividends per share of 8.6 cents in both FY 2025 and FY 2026. Based on its current share price of $1.31, this would mean dividend yields of 6.5%.
Morgans has an add rating and $1.33 price target on the company's shares.
