Yahoo Finance 3 TSX Dividend Stocks Yielding Up To 6.7%
The Canadian stock market has experienced significant volatility recently, with sharp daily swings and a notable drop in the Dow Jones index. Despite these fluctuations, investors can find stability and potential income through dividend stocks, which offer regular payouts even during turbulent times.
Top 10 Dividend Stocks In Canada
Name | Dividend Yield | Dividend Rating |
Bank of Nova Scotia (TSX:BNS) | 6.80% | ★★★★★★ |
Whitecap Resources (TSX:WCP) | 7.07% | ★★★★★★ |
Secure Energy Services (TSX:SES) | 3.32% | ★★★★★☆ |
Labrador Iron Ore Royalty (TSX:LIF) | 8.46% | ★★★★★☆ |
Power Corporation of Canada (TSX:POW) | 5.96% | ★★★★★☆ |
Enghouse Systems (TSX:ENGH) | 3.59% | ★★★★★☆ |
Russel Metals (TSX:RUS) | 4.46% | ★★★★★☆ |
iA Financial (TSX:IAG) | 3.26% | ★★★★★☆ |
Royal Bank of Canada (TSX:RY) | 3.78% | ★★★★★☆ |
Canadian Natural Resources (TSX:CNQ) | 4.28% | ★★★★★☆ |
Click here to see the full list of 33 stocks from our Top TSX Dividend Stocks screener.
Underneath we present a selection of stocks filtered out by our screen.
Bank of Nova Scotia
Simply Wall St Dividend Rating: ★★★★★★
Overview: The Bank of Nova Scotia offers a range of banking products and services across Canada, the United States, Mexico, Peru, Chile, Colombia, the Caribbean and Central America with a market cap of CA$75.61 billion.
Operations: The Bank of Nova Scotia's revenue is derived from four primary segments: Canadian Banking (CA$11.46 billion), International Banking (CA$9.60 billion), Global Wealth Management (CA$5.43 billion), and Global Banking and Markets (CA$5.35 billion).
Dividend Yield: 6.8%
The Bank of Nova Scotia's dividends have been stable and reliable over the past 10 years, with current payments well-covered by earnings at a payout ratio of 69.7%. Recent strategic moves include a minority investment in KeyCorp and multiple fixed-income offerings, bolstering its financial stability. Trading at 52.3% below fair value estimates, BNS offers an attractive dividend yield of 6.8%, placing it in the top tier among Canadian dividend payers.
iA Financial
Simply Wall St Dividend Rating: ★★★★★☆
Overview: iA Financial Corporation Inc. provides insurance and wealth management services in Canada and the United States, with a market cap of CA$9.32 billion.
Operations: iA Financial Corporation Inc.'s revenue segments include CA$517 million from Investments, CA$1.62 billion from US Operations, CA$3.95 billion from Insurance in Canada, and CA$2.42 billion from Wealth Management.
Dividend Yield: 3.3%
iA Financial Corporation Inc. recently reported a net income of C$214 million for Q2 2024, up from C$204 million the previous year. The company declared a quarterly dividend of C$0.82 per share, payable on September 16, 2024. With a payout ratio of 43% and cash payout ratio of 17%, its dividends are well-covered by earnings and cash flows. Although the yield is lower than top-tier Canadian dividend payers, iA Financial's dividends have been stable over the past decade.
Unlock comprehensive insights into our analysis of iA Financial stock in this dividend report.
Our valuation report unveils the possibility iA Financial's shares may be trading at a discount.
Power Corporation of Canada
Simply Wall St Dividend Rating: ★★★★★☆
Overview: Power Corporation of Canada, an international management and holding company with a market cap of CA$24.19 billion, offers financial services across North America, Europe, and Asia.
Operations: Power Corporation of Canada's revenue segments include Lifeco at CA$26.23 billion, Power Financial - IGM at CA$3.65 billion, Holding Company at CA$83 million, and Alternative Asset Investment Platforms and Other at CA$1.69 billion, with an effect of consolidation amounting to -CA$374 million.
Dividend Yield: 6%
Power Corporation of Canada reported a strong Q2 2024 with net income rising to C$743 million from C$514 million the previous year. The company declared a quarterly dividend of 56.25 cents per share, payable November 1, 2024. With a payout ratio of 47.8% and cash payout ratio of 33.5%, the dividends are well-covered by earnings and cash flows. Despite its yield being lower than top-tier Canadian dividend payers, POW's dividends have been stable and growing over the past decade.
Taking Advantage
Take a closer look at our Top TSX Dividend Stocks list of 33 companies by clicking here.
Already own these companies? Link your portfolio to Simply Wall St and get alerts on any new warning signs to your stocks.
Simply Wall St is a revolutionary app designed for long-term stock investors, it's free and covers every market in the world.
Looking For Alternative Opportunities?
Explore high-performing small cap companies that haven't yet garnered significant analyst attention.
Fuel your portfolio with companies showing strong growth potential, backed by optimistic outlooks both from analysts and management.
Find companies with promising cash flow potential yet trading below their fair value.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include TSX:BNS TSX:IAG and TSX:POW.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com
