While Westpac Banking Corp (ASX: WBC) and the rest of the big four banks have been great picks for income investors in recent years, there are signs that their shares could have peaked now.
In light of this, investors may get better results by focusing on other areas of the share market.
But which ASX dividend stocks? Let's take a look at three that analysts are bullish on right now:
Centuria Industrial REIT (ASX: CIP)
The first ASX dividend stock that could be a great alternative is Centuria Industrial REIT.
It is one of Australia's leading industrial real estate companies. Its portfolio includes 87 high-quality, fit-for-purpose industrial assets worth a collective $3.89 billion. These assets are situated in key in-fill locations and close to key infrastructure.
The team at UBS thinks investors should be buying its shares and has put a buy rating and $3.95 price target on them.
As for income, the broker is forecasting dividends per share of 16.8 cents in FY 2026 and then 17.9 cents in FY 2027. Based on its current share price of $3.46, this equates to dividend yields of 4.85% and 5.2%, respectively.
IPH Ltd (ASX: IPH)
Another ASX dividend stock that gets the thumbs up from analysts is IPH.
It is a global intellectual property services company that helps clients protect their patents, trademarks, and intellectual property across multiple jurisdictions. Its clients range from Fortune 500 companies to SMEs.
While trading conditions are soft at present, Morgans remains positive. It currently has a buy rating and $6.05 price target on its shares.
With respect to income, the broker is expecting IPH to reward shareholders with fully franked dividends of 37 cents per share in FY 2026 and FY 2027. Based on its current share price of $3.49, this implies very generous dividend yields of 10.6% for both years.
Sonic Healthcare Ltd (ASX: SHL)
Sonic Healthcare has also been named as an ASX dividend stock to buy now.
It is a medical diagnostics company that operates laboratories and collection centres across Australia, Europe, and the United States.
Bell Potter thinks the company is ready for a return to consistent growth and feels investors should be snapping up its shares. It recently put a buy rating and $33.30 price target on its shares.
As for income, the broker is forecasting partially franked payouts of 109 cents per share in FY 2026 and then 111 cents per share in FY 2027. Based on its current share price of $23.12, this equates to dividend yields of 4.7% and 4.8%, respectively.
