If you're looking for a passive income boost, then the Australian share market is a great place to start.
That's because there are a great number of companies that return a portion of their profits each year in the form of dividends.
But which should you buy? Three ASX income shares that have been tipped as top options by analysts are named below:
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Accent Group Ltd (ASX: AX1)
The first ASX income share that could be a buy is Accent. It is the footwear-focused retailer behind store brands such as HYPEDC, Platypus, Sneaker Lab, and The Athlete's Foot.
Bell Potter is expecting Accent to pay fully franked dividends per share of 12 cents in FY 2024 and then 14.1 cents in FY 2025. Based on the latest Accent share price of $1.93, this represents dividend yields of 6.2% and 7.3%, respectively.
The broker has a buy rating and a $2.50 price target on its shares.
Dicker Data Ltd (ASX: DDR)
Morgan Stanley sees Dicker Data as an ASX income share to buy. It is a leading technology hardware, software, cloud, and cybersecurity distributor.
The broker is forecasting fully franked dividends per share of 43.8 cents in FY 2023 and 48.8 cents in FY 2024. Based on the latest Dicker Data share price of $9.62, this will mean yields of 4.55% and 5.1%, respectively.
Morgan Stanley has an overweight rating and a $10 price target on its shares.
Suncorp Group Ltd (ASX: SUN)
A final ASX income share that could be a buy is Suncorp. Goldman Sachs is a fan of the insurance giant and is expecting fully franked dividends per share of 76 cents in FY 2024 and 81 cents in FY 2025. Based on the current Suncorp share price of $14.17, this will mean yields of 5.35% and 5.7%, respectively.
Goldman has a buy rating and a $15.13 price target on its shares.
