Yahoo Finance IGM Financial And Two Other TSX Dividend Stocks To Consider
In recent months, the Canadian market has shown resilience amidst global economic fluctuations, with particular interest in sectors that promise steady dividends. In this context, understanding what constitutes a strong dividend stock is crucial, especially given current market dynamics which favor financial stability and consistent yield.
Top 10 Dividend Stocks In Canada
Name | Dividend Yield | Dividend Rating |
Bank of Nova Scotia (TSX:BNS) | 6.57% | ★★★★★★ |
Whitecap Resources (TSX:WCP) | 7.41% | ★★★★★★ |
Enghouse Systems (TSX:ENGH) | 3.59% | ★★★★★☆ |
Secure Energy Services (TSX:SES) | 3.50% | ★★★★★☆ |
Boston Pizza Royalties Income Fund (TSX:BPF.UN) | 8.63% | ★★★★★☆ |
Canadian Western Bank (TSX:CWB) | 5.33% | ★★★★★☆ |
Royal Bank of Canada (TSX:RY) | 3.87% | ★★★★★☆ |
Russel Metals (TSX:RUS) | 4.41% | ★★★★★☆ |
Canadian Natural Resources (TSX:CNQ) | 4.28% | ★★★★★☆ |
Sun Life Financial (TSX:SLF) | 4.78% | ★★★★★☆ |
Click here to see the full list of 31 stocks from our Top TSX Dividend Stocks screener.
Let's uncover some gems from our specialized screener.
IGM Financial
Simply Wall St Dividend Rating: ★★★★★☆
Overview: IGM Financial Inc. is a Canadian wealth and asset management company with a market capitalization of approximately CA$8.58 billion.
Operations: IGM Financial Inc. generates CA$1.19 billion from asset management and CA$2.26 billion from wealth management activities.
Dividend Yield: 6.2%
IGM Financial maintains a payout ratio of 69.5%, ensuring dividends are well-covered by earnings, with a cash payout ratio slightly higher at 75.1%. Despite recent financial results showing a decline in revenue and net income compared to the previous year—CAD 811.67 million and CAD 223.39 million respectively—the company continues to pay a consistent dividend, recently affirming a payment of CAD $0.56 per share. However, its dividend yield of 6.17% falls short of the top quartile in the Canadian market at 6.38%.
Navigate through the intricacies of IGM Financial with our comprehensive dividend report here.
Our valuation report unveils the possibility IGM Financial's shares may be trading at a discount.
National Bank of Canada
Simply Wall St Dividend Rating: ★★★★★☆
Overview: National Bank of Canada, with a market cap of CA$39.85 billion, offers financial services to individuals, businesses, institutional clients, and governments both in Canada and internationally.
Operations: National Bank of Canada generates revenue through three primary segments: Wealth Management at CA$2.61 billion, Personal and Commercial at CA$4.33 billion, and Financial Markets at CA$2.76 billion, with an additional segment in U.S. Specialty Finance and International contributing CA$1.16 billion.
Dividend Yield: 3.7%
National Bank of Canada offers a modest dividend yield of 3.72%, lower than the top Canadian dividend payers. Despite this, its dividends are sustainably covered by earnings with a current payout ratio of 42.5% and a forecasted coverage in three years at 45.5%. The bank's revenue is expected to grow annually by 8.51%, supporting future dividend security. Recently, it reported increased quarterly earnings and declared higher dividends for common shares, indicating financial health and commitment to shareholder returns.
Olympia Financial Group
Simply Wall St Dividend Rating: ★★★★★☆
Overview: Olympia Financial Group Inc. operates in Canada as a non-deposit taking trust company through its subsidiary, Olympia Trust Company, with a market capitalization of approximately CA$251.44 million.
Operations: Olympia Financial Group Inc. generates revenue through various segments, including Health (CA$10.04 million), Corporate (CA$0.18 million), Exempt Edge (CA$1.37 million), Investment Account Services (CA$78.05 million), Currency and Global Payments (CA$8.63 million), and Corporate and Shareholder Services (CA$3.78 million).
Dividend Yield: 7.0%
Olympia Financial Group maintains a noteworthy dividend yield at 6.98%, ranking in the top 25% of Canadian dividend payers. Despite a challenging forecast with earnings expected to decline by 10% annually over the next three years, its dividends appear supported by both earnings and cash flows, with payout ratios at 63.4% and 76%, respectively. Recent financial reports show growth in revenue and net income, reinforcing its capacity to sustain dividends amidst volatility observed over the past decade.
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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:IGMTSX:NA and TSX:OLY.
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