As FY27 gets underway, dividend shares are back in focus following earnings results adjustments.
During earnings season, investors get a clearer picture of how companies are performing, what management expects for the year ahead, and whether current dividend payouts look sustainable.
For income-focused investors, this can create an opportunity to reassess dividend shares that combine attractive yields with the potential for reliable earnings and cash flow growth.
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Why consistency is just as important as yield
It's understandable for income investors to hunt for high yields, however yield alone doesn't tell the whole story.
A reliable income stream can be just as valuable, particularly for investors who depend on their portfolio to provide consistent cash flow.
A slightly lower yield backed by strong, sustainable fundamentals may ultimately prove more attractive than a higher yield that comes with a greater risk of dividend cuts or significant capital losses.
For income investors, the key is not simply how much an investment pays today, but how dependable that income is likely to be over the long term.
With that in mind, here are three great ASX dividend shares to target right now.
Wesfarmers Ltd (ASX: WES)
Wesfarmers is the company behind a number of well-known Australian retail names, including Bunnings, Kmart, Officeworks, Priceline, Target, and others.
It has long been a go-to option for income investors for its reliable dividend.
This is set to continue, as it is expected to offer a grossed-up dividend yield of 4.3%, including franking credits.
This is expected to reach nearly 5% by FY29, offering a long-term option for investors.
Bank of Queensland Ltd (ASX: BOQ)
Bank of Queensland is one of the largest competitors in the banking sector outside the big four.
Over the past year, it has paid shareholders a total of 55 cents per share in fully franked dividends, including the special capital return dividend paid on 24 August.
Based on the current share price, Bank of Queensland shares are currently offering a fully franked dividend yield of over 8%.
This current yield places it at the top end out of every ASX 200 stock.
ANZ Group Holdings Ltd (ASX: ANZ)
Turning our attention to big four bank shares, which have long provided consistent yields, ANZ currently offers the best yield, along with Westpac Banking Corp (ASX: WBC).
Both currently offer a yield of roughly 4.5%, however ANZ appears to have the most capital gain upside.
The bank has a long history of paying regular dividends, with franking credits potentially adding to the value for eligible Australian investors.
Its established earnings base and strong position in the Australian banking sector also provide a solid foundation for ongoing shareholder returns.
