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Date : 07/07/2021

Top 2 High Performing Dividend Stocks Of The Week

Following yesterday’s losses after RBA’s decision to cut back on its bond buying program, the ASX roared back in trading today. Oil, the winners of yesterday were the worst performers, and Technology shares led the gains with BNPL legends Afterpay, and Zip leading the list of greens among Technology stocks. Challenger shares were the best performer with over 8% surge on the back of the firm announcing a shareholder increasing their stake in the firm.

Top 2 Dividend Stocks To Consider

It’s the new financial year now and the ASX continues to soar. The strengthening economic outlook for Australia is translating into earnings and profits – which will result in fat dividend cheques. As we approach earnings season once again, it’s all about dividends for most SMSF investors. So without further ado, here is our pick of the top 2 dividend stock considerations.

Our List of ASX Shares to Buy Now

Westpac Banking Corp (ASX: WBC)

The Aussie banks have been back in favour for a while now. The low-interest rate environment and reduced regulations around lending has resulted in WBC being able to increase its lending business. It has been a promising start to FY2021 with increased cash earnings, growth in mortgages and continued balance sheet strength. First half earnings were considerably higher than the prior corresponding period, mainly due to an impairment benefit reflecting improved asset quality and a better economic outlook. New lending for housing has surged, up 49 per cent over the past year, including a 75 per cent jump from the May 2020 low. WBC announced an interim dividend of 58 cents a share in light of the positive performance where statutory net profit increased by 189% to $3.4 billion, compared to the previous corresponding period.

WBC shares have thus performed extremely well given the favourable economic conditions. The firm is also embarking on a strategy to cut costs which should result in increased profitability and thus increased dividends for WBC share holders. WBC shares currently trade at $25.60 a share and a dividend yield of 3.47%.

Accent Group Ltd (ASX: AX1)

Accent Group operates as an investment holding company, which engages in the retail of performance and lifestyle footwear. It offers its products through the following brands: The Athlete’s Foot, Hype DC, Sneaker Lab, Supra, The Trybe, Platypus, Skechers, Merrell, CAT, Vans, Dr. Martens, Saucony, Timberland, Sperry, Palladium, and Stance. AX1 shares have been extremely buoyant with the 1-Year performance 119% and the AX1 share price also making 22% gains in 2021.

At a time when retail stocks were sold off earlier this year, AX1 was one of those retail stocks to stay resilient. This is due to AX1 shares trading at relatively modest multiples compared to its peers in the sector. The brands Accent Group operates under are also synonymous with the easing of restrictions – which has helped in terms of investor sentiment over the performance of the firm and the AX1 share price. Currently, AX1 shares are trading at $2.82 a share with a dividend yield of 4.30%.

Looking for best dividend stocks to invest on the ASX?

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Are You Looking To Buy The Best Stocks In 2022?

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