Top ASX Dividend Stocks To Consider

As the ASX200 recently closed down by 0.94%, with sectors like IT, Energy, and Materials leading the decline, investors are increasingly looking towards more stable options such as dividend stocks to navigate the fluctuating market landscape. In times of market volatility, dividend stocks can offer a reliable income stream and potential for long-term growth, making them an attractive consideration for those seeking stability amidst economic shifts.

Top 10 Dividend Stocks In Australia

Click here to see the full list of 30 stocks from our Top ASX Dividend Stocks screener.

Below we spotlight a couple of our favorites from our exclusive screener.

Accent Group (ASX:AX1)

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

Overview: Accent Group Limited operates in the retail, distribution, and franchise sectors for lifestyle footwear, apparel, and accessories across Australia and New Zealand with a market cap of A$1.02 billion.

Operations: Accent Group Limited generates revenue through its Retail segment at A$1.30 billion and Wholesale segment at A$475.92 million in Australia and New Zealand.

Dividend Yield: 7.2%

Accent Group's dividend payments are well-covered by cash flows, with a cash payout ratio of 38.2%, and earnings, with a payout ratio of 87.5%. Despite being in the top 25% for dividend yield in Australia at 7.2%, its dividends have been volatile over the past decade, experiencing significant drops. Recent earnings growth and improved sales figures suggest potential stability, but the recent decrease in interim dividends to A$0.055 highlights ongoing challenges for consistent payouts.

• Take a closer look at Accent Group's potential here in our dividend report.
• Our expertly prepared valuation report Accent Group implies its share price may be lower than expected.

Fleetwood (ASX:FWD)

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

Overview: Fleetwood Limited operates in the design, manufacture, sale, and installation of modular accommodation and buildings across Australia and New Zealand, with a market cap of A$232.10 million.

Operations: Fleetwood Limited's revenue is derived from three main segments: Building Solutions (A$340.12 million), RV Solutions (A$71.51 million), and Community Solutions (A$50.02 million).

Dividend Yield: 9.2%

Fleetwood's dividend yield of 9.24% ranks in the top 25% of Australian payers, but its dividends have been unreliable and volatile over the past decade. The payout ratio is high at 286.1%, indicating dividends are not well-covered by earnings, though cash flows do cover them with a ratio of 57.4%. Recent earnings growth and a dividend increase to A$0.115 suggest potential improvement, but sustainability remains uncertain due to low profit margins and large one-off items affecting results.

• Delve into the full analysis dividend report here for a deeper understanding of Fleetwood.
• Our valuation report unveils the possibility Fleetwood's shares may be trading at a premium.

Ricegrowers (ASX:SGLLV)

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

Overview: Ricegrowers Limited is a rice food company with operations in Australia, New Zealand, the Pacific Islands, the Middle East, the United States, and internationally; it has a market cap of A$678.19 million.

Operations: Ricegrowers Limited generates its revenue through several key segments, including Riviana (A$228.15 million), Cop Rice (A$249.32 million), Rice Food (A$127.76 million), Rice Pool (A$477.65 million), Corporate Segment (A$41.03 million), and International Rice (A$892 million).

Dividend Yield: 5.3%

Ricegrowers' dividend yield of 5.26% is below the top tier in Australia, but its payouts are well-covered by earnings and cash flows with payout ratios of 56.3% and 41%, respectively. Despite a decade-long increase in dividends, the track record has been unstable with volatility over 20%. Trading at a significant discount to fair value, Ricegrowers offers good relative value compared to peers, though dividend reliability remains a concern due to past inconsistencies.

• Unlock comprehensive insights into our analysis of Ricegrowers stock in this dividend report.
• Our valuation report here indicates Ricegrowers may be undervalued.

Turning Ideas Into Actions

• Navigate through the entire inventory of 30 Top ASX Dividend Stocks 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.
• Simply Wall St is a revolutionary app designed for long-term stock investors, it's free and covers every market in the world.

Ready To Venture Into Other Investment Styles?

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• 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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