These ASX 200 dividend shares have generous fully franked yields

Here are two top dividend shares…

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With interest rates unlikely to increase until 2023, the Australian share market looks set to remain one of the best places to generate a passive income for some time to come.

But which dividend shares should you buy to boost your income? Below are two dividend shares analysts have named as buys:

Coles Group Ltd (ASX: COL)

The first ASX 200 dividend share to look at is Coles. It is of course one of the big two supermarket operators. It could be a top option for income investors thanks to its defensive qualities, solid growth prospects, and focus on automation.

In respect to the latter, Coles is constructing new smart distribution centres with automation giant Ocado in an effort to cut costs and boost its online business. If all goes to plan, Coles will be a much stronger business and well-placed for the future.

Citi is positive on its outlook. Its analysts are forecasting solid earnings and dividend growth over the coming years. For example, Citi has pencilled in fully franked dividends of 65 cents per share in FY 2022, 72 cents per share in FY 2023, and then 77 cents per share in FY 2024.

Based on the current Coles share price of $17.81, this will mean yields of 3.65%, 4%, and 4.3%, respectively.

Citi has a buy rating and $19.60 price target on its shares.

Westpac Banking Corp (ASX: WBC)

The Westpac share price has fallen heavily since the release of its full year results. While this is disappointing for shareholders, it could be a buying opportunity for everyone else.

The team at Morgans certainly believe this is the case and feel the selling has been severely overdone.

It commented: "WBC shares have been sold off heavily following the FY21 result announcement, such that out of the major banks, WBC is now trading on the lowest FY22F P/NTA multiple, the lowest FY22F P/E multiple and the highest FY22F dividend yield. Such multiples or yields could only be justified if WBC is a value trap, which we think it is not."

Morgans has therefore reiterated its add rating and $30.50 price target on the banking giant's shares. Its analysts are also forecasting fully franked dividends per share of $1.23 in FY 2022 and then $1.62 in FY 2023.

Based on the current Westpac share price of $20.72, this will mean yields of 5.9% and 7.8%, respectively.

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Motley Fool contributor James Mickleboro owns shares of Westpac Banking Corporation. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended COLESGROUP DEF SET. The Motley Fool Australia has recommended Westpac Banking Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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