The highest yielding ASX 200 stocks: Which ones will deliver in 2024?

The dividend yield scan locates ASX 300 companies with a trailing yield of more than 8% and identifies the ones forecast to raise dividends in FY24.

There are currently 28 companies with a trailing dividend of more than 8%.

• 15 companies are from the Financials sector

• This includes 8 listed investment funds and trusts

• The average one year performance is -8.1%

The Highest Dividend Yields

The below data is sorted from highest to lowest yield (excluding listed investment funds and trusts).

Data as at Monday, 15 January 2024 close (Source: Refinitiv)

And a separate list for the funds and trusts.

Data as at Monday, 15 January 2024 close (Source: Refinitiv)

Only Four Stocks Are Set to Grow Dividends

Only four stocks (ex-funds and trusts) are forecast to grow their dividend payouts (dollar amount) in 2024, according to Refinitiv. This includes:

• Yancoal: The $7 billion market cap Yancoal is known for its massive dividend yield, backed by strong earnings. It delivered $973 million in first-half FY23 profit after tax and paid out just over half of that as an interim dividend ($489 million or 37 cents per share).

• Myer: The past 12-24 months has been a massive turnaround for Myer. Its FY23 results reported net profit after tax of $71.1 million, the highest since FY15. The company paid out 9 cents per share in FY23, which includes a 4.0 cents per share special interim dividend.

• Helia Group: Macquarie expects gross written premiums for the insurer to decline and remain under pressure in FY24. The analysts expect earnings to fall 27% year-on-year in FY24 but expect the company to keep dividends in-tact (via a higher payout ratio).

• Insignia Financial: Insignia is a tricky one as its current CEO is set to depart in February 2024 coupled with the rollout of FY24-26 initiatives. The stock sold off 13% on 20 October 2023 after its 1Q24 business update flagged net funds under management and administration outflows of $1.4 billion.