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3 Leading TSX Dividend Stocks With Minimum Yields Of 3.5%

As global markets exhibit signs of normalization, with central banks like the BoC initiating rate cuts amid stabilizing economic conditions, investors may find reassurance in the relative stability of dividend stocks. In the context of these evolving market dynamics, dividend stocks that maintain yields of at least 3.5% can be particularly appealing for those seeking steady income streams in a landscape marked by gradual economic recovery and easing inflation pressures.

Top 10 Dividend Stocks In Canada

Name

Dividend Yield

Dividend Rating

Bank of Nova Scotia (TSX:BNS)

6.65%

★★★★★★

Whitecap Resources (TSX:WCP)

7.19%

★★★★★★

Boston Pizza Royalties Income Fund (TSX:BPF.UN)

8.46%

★★★★★☆

Secure Energy Services (TSX:SES)

3.46%

★★★★★☆

Enghouse Systems (TSX:ENGH)

3.41%

★★★★★☆

Canadian Western Bank (TSX:CWB)

5.62%

★★★★★☆

Royal Bank of Canada (TSX:RY)

3.92%

★★★★★☆

Russel Metals (TSX:RUS)

4.41%

★★★★★☆

Canadian Natural Resources (TSX:CNQ)

4.29%

★★★★★☆

Firm Capital Mortgage Investment (TSX:FC)

9.15%

★★★★★☆

Click here to see the full list of 32 stocks from our Top TSX Dividend Stocks screener.

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We'll examine a selection from our screener results.

Alaris Equity Partners Income Trust

Simply Wall St Dividend Rating: ★★★★☆☆

Overview: Alaris Equity Partners Income Trust is a private equity firm that focuses on management buyouts, growth capital, and investments in lower to middle market companies, with a market capitalization of approximately CA$727.52 million.

Operations: Alaris Equity Partners Income Trust generates its revenue primarily from unclassified services, totaling CA$234.06 million.

Dividend Yield: 8.6%

Alaris Equity Partners Income Trust reported a significant increase in Q1 2024 net income to CAD 73.77 million from CAD 5.55 million year-over-year, with earnings per share also rising sharply. Despite robust recent earnings, the trust's dividend history has been unstable and unreliable, with dividends not consistently growing over the past decade. However, current dividends are well-supported by both earnings and cash flows, with a payout ratio of 29.9% and a cash payout ratio of 77.8%.

TSX:AD.UN Dividend History as at Jun 2024
TSX:AD.UN Dividend History as at Jun 2024

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 CA$2.07 billion.

Operations: The North West Company Inc. generates CA$2.50 billion in revenue from its retail operations, focusing on food and everyday items across diverse geographical regions including northern Canada, rural Alaska, the South Pacific, and the Caribbean.

Dividend Yield: 3.6%

North West Company has maintained a consistent dividend payout, with recent affirmations of a quarterly dividend of CAD 0.39. Despite its yield being lower than the top Canadian dividend payers, its dividends are sustainably covered by both earnings and cash flows, with a payout ratio of 55.2% and a cash payout ratio of 60.5%. Furthermore, the company's financial performance is solid, showing an increase in net income to CAD 25.53 million from CAD 20.89 million year-over-year for Q1 2024 and annual sales rising to CAD 2.47 billion from CAD 2.35 billion previously.

TSX:NWC Dividend History as at Jun 2024
TSX:NWC Dividend History as at Jun 2024

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, boasting a market capitalization of approximately CA$133.64 billion.

Operations: Toronto-Dominion Bank generates revenue through several key segments: Canadian Personal and Commercial Banking (CAD P&C) at CA$17.39 billion, U.S. Retail at CA$12.81 billion, Wealth Management and Insurance at CA$11.81 billion, and Wholesale Banking at CA$6.63 billion.

Dividend Yield: 5.4%

Toronto-Dominion Bank has declared a quarterly dividend of C$1.02 per share, payable on July 31, 2024, to shareholders of record as of July 10, 2024. Despite a decline in net income for Q2 2024 to C$2.56 billion from C$3.31 billion year-over-year, the six-month performance shows improvement with net income rising to C$5.39 billion from C$4.89 billion previously. The bank's recent series of fixed-income offerings and its stable dividend payments over the past decade underscore its commitment to maintaining investor returns even amidst fluctuating earnings figures.

TSX:TD Dividend History as at Jun 2024
TSX:TD Dividend History as at Jun 2024

Key Takeaways

Want To Explore Some Alternatives?

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:NWCTSX:TD and

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com