Yahoo Finance Top TSX Dividend Stocks To Consider In June 2024
The Canadian market has shown robust performance, with a gain of 1.1% recently and an impressive 9.9% increase over the past year, alongside expectations of earnings growing by 15% annually. In this promising environment, dividend stocks that offer consistent payouts and potential for capital appreciation can be particularly appealing to investors looking for both stability and growth.
Top 10 Dividend Stocks In Canada
Name | Dividend Yield | Dividend Rating |
Bank of Nova Scotia (TSX:BNS) | 6.80% | ★★★★★★ |
Whitecap Resources (TSX:WCP) | 7.29% | ★★★★★★ |
Enghouse Systems (TSX:ENGH) | 3.49% | ★★★★★☆ |
Boston Pizza Royalties Income Fund (TSX:BPF.UN) | 8.59% | ★★★★★☆ |
Secure Energy Services (TSX:SES) | 3.34% | ★★★★★☆ |
Royal Bank of Canada (TSX:RY) | 3.93% | ★★★★★☆ |
Russel Metals (TSX:RUS) | 4.51% | ★★★★★☆ |
Canadian Natural Resources (TSX:CNQ) | 4.34% | ★★★★★☆ |
Canadian Western Bank (TSX:CWB) | 3.24% | ★★★★★☆ |
Firm Capital Mortgage Investment (TSX:FC) | 9.15% | ★★★★★☆ |
Click here to see the full list of 33 stocks from our Top TSX Dividend Stocks screener.
Here we highlight a subset of our preferred stocks from the screener.
Alaris Equity Partners Income Trust
Simply Wall St Dividend Rating: ★★★★☆☆
Overview: Alaris Equity Partners Income Trust is a private equity firm that focuses on various investment types including management buyouts and growth capital, primarily targeting lower and middle market companies, with a market capitalization of approximately CA$726.61 million.
Operations: Alaris Equity Partners Income Trust generates revenue primarily through unclassified services, totaling CA$234.06 million.
Dividend Yield: 8.5%
Alaris Equity Partners Income Trust offers a high dividend yield at 8.52%, ranking in the top 25% of Canadian dividend payers. However, its dividends have shown volatility over the past decade, with payments decreasing during this period. Despite this instability, dividends are well-supported by earnings and cash flows, with a payout ratio of 29.9% and a cash payout ratio of 77.8%. Recent financials show significant revenue decline from CAD 37.51 million to CAD 30.31 million year-over-year in Q1 2024 but a dramatic increase in net income from CAD 5.55 million to CAD 73.77 million due to specific transactions.
North West
Simply Wall St Dividend Rating: ★★★★★☆
Overview: The North West Company Inc. operates as a retailer offering food and everyday products and services to rural communities and urban neighborhoods in northern Canada, rural Alaska, the South Pacific, and the Caribbean, with a market cap of approximately CA$2.01 billion.
Operations: The North West Company Inc. generates CA$2.50 billion from its core operations in retailing food and everyday essentials across its diverse geographical locations.
Dividend Yield: 3.7%
North West Company Inc. has demonstrated a consistent ability to grow its earnings, with a notable 15.8% increase over the past year, supporting a stable dividend yield of 3.73%. The dividends are well-covered by both earnings and cash flows, with payout ratios of 55.2% and 59.7% respectively, indicating sustainability. However, its dividend yield is lower compared to the top quartile of Canadian dividend payers at 6.63%. Recent financials reveal steady sales growth from CAD 593.56 million to CAD 617.52 million in Q1 and an increased net income from CAD 20.89 million to CAD 25.53 million year-over-year, reinforcing the reliability of its payouts amidst modest valuation concerns indicated by trading at a significant discount to estimated fair value.
Dive into the specifics of North West here with our thorough dividend report.
Our valuation report here indicates North West may be undervalued.
Toronto-Dominion Bank
Simply Wall St Dividend Rating: ★★★★★☆
Overview: Toronto-Dominion Bank, along with its subsidiaries, offers a range of financial products and services across Canada, the United States, and other international markets, with a market capitalization of approximately CA$130.51 billion.
Operations: Toronto-Dominion Bank generates revenue through several key segments: Canadian Personal and Commercial Banking (CA$17.39 billion), U.S. Retail (CA$12.81 billion), Wealth Management and Insurance (CA$11.81 billion), and Wholesale Banking (CA$6.63 billion).
Dividend Yield: 5.4%
Toronto-Dominion Bank (TD) offers a dividend yield of 5.44%, which, while reliable and growing over the past decade, is below the top quartile of Canadian dividend payers at 6.67%. TD's dividends are currently well-covered by earnings with a payout ratio of 66.1%, and forecasts suggest continued coverage with an expected payout ratio of 50.8% in three years. Recent activities include multiple fixed-income offerings totaling over C$1 billion, enhancing financial flexibility but also increasing debt levels. Additionally, TD has partnered with MPOWER Financing to support international students in Canada, potentially expanding its customer base and revenue streams.
Key Takeaways
Unlock more gems! Our Top TSX Dividend Stocks screener has unearthed 30 more companies for you to explore.Click here to unveil our expertly curated list of 33 Top TSX Dividend Stocks.
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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:AD.UNTSX:NWC and
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