Top ASX Dividend Stocks To Consider In August 2024

The Australian market has climbed 1.4% in the last 7 days and is up 12% over the last 12 months, with earnings expected to grow by 14% per annum over the next few years. In this favorable environment, identifying strong dividend stocks that offer consistent returns can be a smart strategy for investors seeking both income and growth potential.

Top 10 Dividend Stocks In Australia

Name	Dividend Yield	Dividend Rating
Collins Foods (ASX:CKF)	3.67%	★★★★★☆
Fiducian Group (ASX:FID)	4.52%	★★★★★☆
Nick Scali (ASX:NCK)	4.19%	★★★★★☆
MFF Capital Investments (ASX:MFF)	3.69%	★★★★★☆
National Storage REIT (ASX:NSR)	4.58%	★★★★★☆
GrainCorp (ASX:GNC)	6.35%	★★★★★☆
Premier Investments (ASX:PMV)	3.88%	★★★★★☆
New Hope (ASX:NHC)	9.15%	★★★★☆☆
Grange Resources (ASX:GRR)	7.14%	★★★★☆☆
Macquarie Group (ASX:MQG)	3.02%	★★★★☆☆

Click here to see the full list of 34 stocks from our Top ASX Dividend Stocks screener.

Let's take a closer look at a couple of our picks from the screened companies.

Nick Scali (ASX:NCK)

Simply Wall St Dividend Rating: ★★★★★☆

Overview: Nick Scali Limited, with a market cap of A$1.34 billion, sources and retails household furniture and related accessories in Australia, the United Kingdom, and New Zealand through its subsidiaries.

Operations: Nick Scali Limited generates revenue primarily through the retailing of furniture, amounting to A$468.19 million.

Dividend Yield: 4.2%

Nick Scali's dividend payments have been reliable and stable over the past 10 years, with a current yield of 4.19%, which is lower than the top 25% of Australian dividend payers. The dividends are well-covered by both earnings (payout ratio: 68.9%) and free cash flows (cash payout ratio: 54.8%). Despite recent declines in sales (A$468.19 million) and net income (A$80.61 million), the company declared a fully franked final dividend of A$0.33 per share for H2 FY2024, payable on October 17, 2024.

• Unlock comprehensive insights into our analysis of Nick Scali stock in this dividend report.
• According our valuation report, there's an indication that Nick Scali's share price might be on the cheaper side.

National Storage REIT (ASX:NSR)

Simply Wall St Dividend Rating: ★★★★★☆

Overview: National Storage REIT (ASX:NSR) is the largest self-storage provider in Australia and New Zealand, operating over 225 centres and serving more than 90,000 customers, with a market cap of A$3.28 billion.

Operations: National Storage REIT generates revenue primarily from the operation and management of its storage centres, amounting to A$354.69 million.

Dividend Yield: 4.6%

National Storage REIT announced a final distribution of 5.5 cents per stapled security for the six months ending June 30, 2024, payable on September 2, 2024. The company reported FY2024 revenue of A$355.37 million and net income of A$28.93 million, down from A$37.3 million last year. Despite lower earnings, NSR's dividends are covered by both earnings (payout ratio: 55.5%) and cash flows (cash payout ratio: 82.4%), maintaining reliability over the past decade with a current yield of 4.58%.

• Get an in-depth perspective on National Storage REIT's performance by reading our dividend report here.
• The valuation report we've compiled suggests that National Storage REIT's current price could be inflated.

SHAPE Australia (ASX:SHA)

Simply Wall St Dividend Rating: ★★★★☆☆

Overview: SHAPE Australia Corporation Limited (ASX:SHA) operates in the construction, fitout, and refurbishment of commercial properties in Australia with a market cap of A$223.75 million.

Operations: SHAPE Australia Corporation Limited generates revenue primarily from heavy construction, amounting to A$839 million.

Dividend Yield: 6.7%

SHAPE Australia's dividends are covered by earnings (payout ratio: 88.3%) and cash flows (cash payout ratio: 53.6%). Despite an unstable dividend track record over the past three years, recent increases highlight potential growth. The company reported FY2024 net income of A$16.01 million, up from A$10.5 million last year, with a fully franked ordinary dividend of A$0.09 per share announced for the six months ending June 30, 2024, payable on September 10, 2024.

• Dive into the specifics of SHAPE Australia here with our thorough dividend report.
• Upon reviewing our latest valuation report, SHAPE Australia's share price might be too pessimistic.

Next Steps

• Reveal the 34 hidden gems among our Top ASX Dividend Stocks screener with a single click here.
• Are any of these part of your asset mix? Tap into the analytical power of Simply Wall St's portfolio to get a 360-degree view on how they're shaping up.
• Unlock the power of informed investing with Simply Wall St, your free guide to navigating stock markets worldwide.

Want To Explore Some Alternatives?

• Explore high-performing small cap companies that haven't yet garnered significant analyst attention.
• Fuel your portfolio with companies showing strong growth potential, backed by optimistic outlooks both from analysts and management.
• Find companies with promising cash flow potential yet trading below their fair value.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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