4 of the highest yielding ASX dividend stocks

Nick Sundich Nick Sundich, March 19, 2024

Income oriented investors search hard and far for the highest yielding ASX dividend stocks. It is a list of stocks that can fluctuate significantly from one year to another. This is because some can pay one-off dividends due to good times, other can maintain dividends but be high yielding just because their share price fell. And of course, a stock that pays the highest dividend per share may not necessarily be the highest – and so it is the case with CBA (ASX:CBA), which holds that title.

Here are 4 of the highest yielding ASX dividend stocks!

 

4 of the highest yielding ASX dividend stocks

 

Myer (ASX:MYR)

Barely last week, Myer unveiled an interim dividend of 3c per share. Hardly the highest payout per share, but with an 85c share price, the yield is just over 7%. Keep in mind that the company has gained 32% in the last 6 months, so the yield is lower than it would have been half a year ago. The company paid out $25m in total, just under half of its $52m NPAT.

 

Helia (ASX:HLI)

We’ve mentioned this stock, which specialises in mortgage insurance, a couple of times in the past few weeks. This stock was once known as Genworth, but has to change its name after it broke up with a US company it was affiliated with.

‘Helia, inspired by the sun, reflects who we are and how we use our expertise, experience, and understanding to show people possibilities, shine a light on solutions, and create brighter outcomes,’ CEO Pauline Blight-Johnston said at the time.

It unveiled its FY23 results last month and not only paid a dividend of 29c per share, yielding 8.1%, but a special dividend of a further 30c per share, bringing the total yield to 16.5%. This payout was from a $275.1m profit and a Return on Equity of 21.1%. This was achieved off the back of a low claims environment and higher net investment revenue.

 

Magellan Financial Group (ASX:MFG)

For the record, we are not recommending investors buy any of these stocks and particularly not Magellan given how far its FUM has fallen and the long road to recovery ahead of it. Indeed, the dividend payout was slashed 39% from 46.9c per share to 29.4c per share.

Nonetheless, on an annualised basis, this was a yield of over 6%. And it was achieved from a $104.1m profit, which was up 24% on the prior corresponding period. The company admitted more work was to be done to return to the glory days when it was the asset manager of choice, but boasted things were improving, and it seems they slowly are. However, even fund managers like GQG (ASX:GQG) that haven’t put a foot wrong so far as managing clientele and FUM are concerned have failed to garner much attraction from investors.

 

ANZ Bank (ASX:ANZ)

All of the Big Banks are renowned for paying high dividends on a per share basis, but they aren’t always the highest yielding. ANZ Bank was the highest yielding in FY23 (which was the 12 months to 30 September 2023), paying a 6.8% yield. This was up 20% from the year before even though its full year profit was flat at $7.1bn.

The bank still trades at a modest P/E of 12x and trails its peers in some respects including market share in the home loan market. However, it has made up some lost ground from a technology perspective in the last 18 months. Its ANZ Plus platform now has over 500,000 customers and over $10bn in deposits.

 

What are the Best ASX stocks to invest in right now?

Check our buy/sell tips

 

Blog Categories

Recent Posts

Toubani Resources

Toubani Resources (ASX:TRE) gets ready for the big time in Mali

Toubani Resources (ASX:TRE) is another aspiring gold producer. What’s not to love about an aspiring gold producer right now? Its…

Capricorn Metals

Capricorn Metals (ASX:CMM): Its sequel gold mine will be even better than the original

Capricorn Metals (ASX:CMM) is one of several gold miners on the ASX that has slid under the radar of many…

Price to Book

Here’s why the Price to Book (P/B) multiple is so important to know if you own shares in the Big 4 Banks

If you own shares ASX Bank stocks (especially the big Four), you need to know about the P/B multiple (Price…