The Commonwealth Bank of Australia (ASX: CBA) has around 790,000 shareholders according to its 2015 Annual Report and you can bet your boots a fair swag of those shareholders have been attracted to the stock for its juicy dividend yield.
With the share price ending Wednesday's trading session at $77.94 and with one analyst consensus estimate forecasting the bank to pay fully franked dividends totalling 427 cents per share (cps) in financial year (FY) 2017, that juicy yield currently stands at a prospective 5.5%.
While plenty of investors may be content to own Australia's largest bank and receive a 5.5% yield, there are opportunities available for investors interested in owning shares trading on even higher prospective dividend yields.
Here are three stocks for dividend-seeking investors to consider.
National Australia Bank Ltd. (ASX: NAB)
If you want to stick with the major banks for dividends there is a good argument that NAB is a better option than CBA.
Having spun off its UK distraction, NAB is now focussed on its core business lines. In theory, NAB has more potential to improve its operating metrics (as it's coming off a lower base) than its peers which could over the medium term drive earnings growth and higher dividend payments.
Based on the consensus dividend forecast for FY 2017, NAB is trading on a yield of 7.4%.
IOOF Holdings Limited (ASX: IFL)
Moving away from the complexity of the bank sector, but remaining within the wider financial services sector, the next stock to consider for dividends is diversified wealth management firm IOOF.
IOOF has primarily grown via bolt-on acquisitions over the past few years and while it has struggled to execute on a couple of merger and acquisition targets recently, there is still scope for IOOF to play a leading role in any further consolidation.
With a forecast dividend in FY 2017 of 54 cps, IOOF trades on a prospective yield of 6%.
G8 Education Ltd (ASX: GEM)
G8 Education is a leading provider of child care services which is not only experiencing growing demand but also enjoys significant government support.
Receiving a substantial percentage of revenue from the government can be both a benefit but also a risk, so investors do need to keep the downside in mind.
For the time being however, G8 enjoys steady government-backed cash flows which allow the company to pay dividends quarterly.
Based on consensus estimates, G8 is trading on a 2017 yield of 6.8%.
(source: CommSec)
