Although the S&P/ASX 200 Index (ASX: XJO) isn't quite at the all-time highs of over 9,200 points we were seeing earlier this year, Australian shares are arguably still relatively elevated. Whilst this has been welcome for long-term investors, it does make it difficult to find ASX dividend shares trading at healthy dividend yields today.
Just take a look at the most popular dividend stocks on the ASX. Whether it's Telstra Group Ltd (ASX: TLS), Woolworths Group Ltd (ASX: WOW), Commonwealth Bank of Australia (ASX: CBA) or Wesfarmers Ltd (ASX: WES), none of these blue-chip ASX dividend stocks is currently offering yields over 4%. That would have been almost unthinkable a few years ago, but here we are.
However, all is not lost. There are still a few ASX 200 dividend shares offering yields of over 4% right now. Let's discuss two of them.
Image source: Getty Images
Two ASX dividend shares offering yields over 4% today
Thankfully, not all of the ASX bank stocks have followed CBA. First up, we have CommBank's big four stablemate Westpac Banking Corp (ASX: WBC). Like the rest of its peers in the banking space, Westpac has long enjoyed a reputation as a solid income provider, thanks to the leading role in the Australian financial landscape that it has occupied for decades. Luckily for income investors, it still offers a generous dividend yield above 4%.
At recent pricing, this ASX dividend share was trading on a yield of 4.3%. That comes with full franking credits attached, too. Sure, you might be able to secure an even higher yield from one of Westpac's term deposits right now. But if you are after a fully-franked yield above 4%, this bank is well worth a look.
Next up, let's check out Transurban Group (ASX: TCL). This toll-road operator is also a regular guest in your typical ASX income portfolio, thanks to its defensive earnings base and solid track record of dividend payouts. There's a lot to like about Transurban as a dividend investment. It has generous government contracts that allow it to raise many of its tolls by at least the rate of inflation every quarter. Road traffic is also somewhat inelastic, giving Transurban protection against recessions and other economic shocks.
At the time of writing, Transurban shares are trading at just over $14.50 each. That gives this ASX dividend share a trailing yield of 4.75%. Keep in mind that this company rarely attaches meaningful levels of franking credits to its dividend, though.
