Top ASX 200 Dividend Picks for November

2 min read | November 17, 2023 06:24 AM EST | By Team Kalkine Media

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Top ASX 200 Dividend Picks for November — Image source: Andrii Yalanskyi, Shutterstock

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Income investors seeking ASX dividend shares have potential opportunities in Suncorp Group Ltd (ASX:SUN) and Super Retail Group Ltd (ASX:SUL), as highlighted by recent buy ratings from brokers.

Suncorp Group Ltd (ASX:SUN)

Goldman Sachs has identified Suncorp as a promising ASX dividend share, offering a buy rating and a $15.13 price target on the insurance giant's shares. The broker sees ASX SUN well-positioned for growth, emphasizing strong tailwinds in the general insurance market, including robust renewal premium rate increases and the benefit of higher investment yields. Despite potential volume pressures, Goldman Sachs anticipates that Suncorp's strong rate momentum will offset them. The broker forecasts fully franked dividends per share of 75 cents in FY 2024 and 80 cents in FY 2025, translating to yields of 5.6% and 6%, respectively, based on the current Suncorp share price of $13.38.

Super Retail Group Ltd (ASX:SUL)

Morgans identifies Super Retail as another ASX dividend share worth considering, providing a buy rating and a $15.00 price target on the shares of the Rebel and Super Cheap Auto owner. Positive sentiment stems from the ASX SUL's robust margin performance in FY 2023, surpassing expectations. Morgans notes the declaration of a 25-cent special dividend and anticipates another one in the following year. The broker forecasts fully franked dividends per share of 89 cents in FY 2024 and 73 cents in FY 2025. At the current Super Retail share price of $13.84, this implies generous yields of 6.4% and 5.3%, respectively.

For income-focused investors, these ASX dividend shares present compelling opportunities with attractive dividend yields and positive growth outlooks.

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