Income investors are spoilt for choice when it comes to ASX dividend stocks.
But which ones could be buys in October? Let's take a look at three that brokers are recommending as buys. They are as follows:
The first ASX dividend stock that could be a buy is Eagers Automotive.
It is an automotive retail group with over 250 locations throughout Australia and New Zealand. It has a diversified portfolio of automotive brands, including all 19 of the top 20 selling car brands in Australia and 9 of the top 10 selling luxury car brands.
Analysts at Bell Potter remain positive on the company and believe it could deliver a second half result ahead of consensus expectations in FY 2024.
The broker believes this leaves Eagers Automotive well-placed to reward its shareholders with fully franked dividends of 66.5 cents per share in FY 2024 and then 73 cents per share in FY 2025. Based on its current share price of $10.97, this represents dividend yields of 6.1% and 6.6%, respectively.
Bell Potter currently has a buy rating and $13.00 price target on its shares.
Bell Potter is also positive on this fund manager and thinks it could be an ASX dividend stock to buy this month.
Its analysts believe that its shares are cheap at current levels, noting that its "strong performance is not reflected in the share price."
As for income, Bell Potter is forecasting fully franked dividends per share of 16.5 cents in FY 2024 and then 19.5 cents in FY 2025. Based on its current share price of $3.48, this represents dividend yields of 4.75% and 5.6%, respectively.
The broker has a buy rating and $4.75 price target on its shares.
A final ASX dividend stock that could be a buy is Suncorp. It is the insurance giant behind a range of popular brands. This includes AAMI, Apia, Bingle, GIO, Shannons, and Vero, as well as the eponymous Suncorp brand.
Goldman Sachs rates the company highly. It feels that Suncorp is well-positioned to benefit from "the tailwinds that exist in the general insurance market."
The broker expects this to support the payment of fully franked dividends per share of 71 cents in FY 2025 and then 82 cents in FY 2026. Based on the current Suncorp share price of $17.70, this will mean dividend yields of 4% and 4.6%, respectively.
Goldman Sachs has a buy rating and $18.50 price target on its shares.
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