Yahoo Finance Top Dividend Stocks On TSX To Consider
Over the last 7 days, the Canadian market has remained flat, but it is up 11% over the past year with earnings forecasted to grow by 15% annually. In this promising environment, selecting dividend stocks that offer stable returns and consistent payouts can be a prudent strategy for investors.
Top 10 Dividend Stocks In Canada
Name | Dividend Yield | Dividend Rating |
Bank of Nova Scotia (TSX:BNS) | 6.60% | ★★★★★★ |
Whitecap Resources (TSX:WCP) | 6.98% | ★★★★★★ |
Secure Energy Services (TSX:SES) | 3.26% | ★★★★★☆ |
Boston Pizza Royalties Income Fund (TSX:BPF.UN) | 8.18% | ★★★★★☆ |
Power Corporation of Canada (TSX:POW) | 5.63% | ★★★★★☆ |
Enghouse Systems (TSX:ENGH) | 3.45% | ★★★★★☆ |
Royal Bank of Canada (TSX:RY) | 3.69% | ★★★★★☆ |
Firm Capital Mortgage Investment (TSX:FC) | 8.31% | ★★★★★☆ |
Canadian Natural Resources (TSX:CNQ) | 4.43% | ★★★★★☆ |
Russel Metals (TSX:RUS) | 4.21% | ★★★★★☆ |
Click here to see the full list of 32 stocks from our Top TSX Dividend Stocks screener.
Let's uncover some gems from our specialized screener.
Bank of Montreal
Simply Wall St Dividend Rating: ★★★★★☆
Overview: Bank of Montreal provides diversified financial services primarily in North America and has a market cap of CA$88.15 billion.
Operations: Bank of Montreal's revenue segments include Canadian Personal and Commercial Banking (CA$10.14 billion), U.S. Personal and Commercial Banking (CA$9.04 billion), BMO Wealth Management (CA$7.68 billion), and BMO Capital Markets (CA$6.38 billion).
Dividend Yield: 5.4%
Bank of Montreal's recent announcement to redeem $400 million in preferred shares and its completion of several fixed-income offerings, including a notable €1 billion issuance, underscore its robust capital management. The bank has a history of stable dividend payments, bolstered by a reasonable payout ratio (71.6%) and consistent earnings growth. Despite trading below estimated fair value and offering a reliable 5.42% yield, it remains lower than the top Canadian dividend payers.
Dive into the specifics of Bank of Montreal here with our thorough dividend report.
Upon reviewing our latest valuation report, Bank of Montreal's share price might be too optimistic.
Canadian Imperial Bank of Commerce
Simply Wall St Dividend Rating: ★★★★★☆
Overview: Canadian Imperial Bank of Commerce, a diversified financial institution with a market cap of CA$66.49 billion, offers various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally.
Operations: Canadian Imperial Bank of Commerce generates revenue from several segments, including CA$8.53 billion from Canadian Personal and Business Banking, CA$5.66 billion from Capital Markets and Financial Services, CA$5.37 billion from Canadian Commercial Banking and Wealth Management, and CA$1.75 billion from U.S. Commercial Banking and Wealth Management.
Dividend Yield: 5.1%
Canadian Imperial Bank of Commerce's dividend payments are covered by earnings with a payout ratio of 53.9%, and they are forecast to remain sustainable at 51.1% in three years. The bank's dividends have been stable and growing over the past decade, though its current yield of 5.07% is below the top Canadian dividend payers. Recent fixed-income offerings, including $1.35 billion in senior unsecured notes, highlight its active capital management strategy.
Hemisphere Energy
Simply Wall St Dividend Rating: ★★★★☆☆
Overview: Hemisphere Energy Corporation acquires, explores, develops, and produces petroleum and natural gas interests in Canada with a market cap of CA$173.13 million.
Operations: Hemisphere Energy Corporation's revenue from petroleum and natural gas interests amounts to CA$69.30 million.
Dividend Yield: 7.3%
Hemisphere Energy's dividend payments, covered by earnings (40% payout ratio) and cash flows (76% cash payout ratio), have grown but are relatively new, with only two years of history. The company recently announced a special dividend of C$0.03 per share in addition to its regular quarterly dividend. Despite stable recent dividends, future earnings are forecast to decline by 7.2% annually over the next three years, raising concerns about long-term sustainability.
Seize The Opportunity
Take a closer look at our Top TSX Dividend Stocks list of 32 companies by clicking here.
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Curious About Other Options?
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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:BMO TSX:CM and TSXV:HME.
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