2 ASX Dividend Stocks to Buy This Week.

2 min read | July 21, 2023 07:15 AM AEST | By Team Kalkine Media

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2 ASX Dividend Stocks to Buy This Week. — Image source: shutterstock.com

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For income investors, the Australian Securities Exchange (ASX) offers a variety of dividend-paying shares, making it an attractive destination for generating passive income. Two ASX dividend stocks that have recently received positive buy ratings are Stockland Corporation Ltd (ASX:SGP) and Universal Store Holdings Ltd (ASX:UNI).

1. Stockland Corporation Ltd (ASX:SGP):

Stockland is involved in residential and land lease development, as well as managing retail, logistics, and office real estate properties. Despite concerns about the property market, Citi remains optimistic about ASX SGP's outlook, noting that property prices may not decline as much as feared.

The broker predicts substantial yields from the company's shares, forecasting dividends per share of 26.2 cents in FY 2023 and 26.6 cents in FY 2024. Based on the current Stockland share price of $4.08, these yields would amount to 6.4% and 6.5%, respectively. Citi maintains a buy rating on Stockland shares, with a price target of $4.60.

2. Universal Store Holdings Ltd (ASX:UNI):

Universal Store is a youth fashion retailer known for its brands Perfect Stranger, Thrills, and Universal Store. The company's shares have faced pressure due to softening demand caused by the cost of living crisis. However, Morgans views this situation as a buying opportunity for investors, especially considering the stock's attractive valuation and significant dividend yield.

Morgans forecasts fully franked dividends per share of 27 cents in FY 2023 and FY 2024. With ASX UNI's current share price at $3.19, these yields would reach 8.45% in both years. Morgans maintains an add rating on Universal Store shares, setting a price target of $4.20.

As with any investment decision, it is essential for individuals to conduct thorough research and consider their investment objectives and risk tolerance before investing in ASX dividend stocks like Stockland and Universal Store. These buy-rated shares present income-focused investors with potential opportunities for a consistent income boost, backed by favorable dividend yields and positive outlooks from reputable brokers.

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