3 Canadian Dividend Stocks On The TSX Yielding Up To 7.4%
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The Canadian market has shown impressive performance, rising 3.8% over the last week and 13% over the past 12 months, with a notable 4.0% increase in the Financials sector. In this favorable environment, dividend stocks that offer strong yields and stable earnings growth can be particularly attractive for investors seeking reliable income streams.
Top 10 Dividend Stocks In Canada
| Name | Dividend Yield | Dividend Rating |
| Bank of Nova Scotia (TSX:BNS) | 6.72% | ★★★★★★ |
| Whitecap Resources (TSX:WCP) | 7.04% | ★★★★★★ |
| Secure Energy Services (TSX:SES) | 3.32% | ★★★★★☆ |
| Labrador Iron Ore Royalty (TSX:LIF) | 8.43% | ★★★★★☆ |
| Power Corporation of Canada (TSX:POW) | 5.88% | ★★★★★☆ |
| Enghouse Systems (TSX:ENGH) | 3.58% | ★★★★★☆ |
| Russel Metals (TSX:RUS) | 4.48% | ★★★★★☆ |
| iA Financial (TSX:IAG) | 3.26% | ★★★★★☆ |
| Canadian Natural Resources (TSX:CNQ) | 4.24% | ★★★★★☆ |
| Royal Bank of Canada (TSX:RY) | 3.75% | ★★★★★☆ |
Click here to see the full list of 33 stocks from our Top TSX Dividend Stocks screener.
We'll examine a selection from our screener results.
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$82.88 billion.
Operations: Bank of Montreal's revenue segments include BMO Capital Markets (CA$6.38 billion), BMO Wealth Management (CA$7.68 billion), U.S. Personal and Commercial Banking (CA$9.04 billion), and Canadian Personal and Commercial Banking (CA$10.14 billion).
Dividend Yield: 5.4%
Bank of Montreal's dividend payments have been stable and reliable over the past decade, with a current payout ratio of 71.6% and forecasted to improve to 53.2% in three years, indicating sustainability. The bank offers a dividend yield of 5.42%, which is below the top quartile in Canada but still attractive for income investors. Recent activities include multiple fixed-income offerings and a quarterly dividend increase to C$1.55 per share, reflecting ongoing financial health and commitment to shareholders.
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Dive into the specifics of Bank of Montreal here with our thorough dividend report.
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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$66.13 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 through several key segments: Canadian Personal and Business Banking (CA$8.53 billion), Capital Markets and Financial Services (CA$5.66 billion), Canadian Commercial Banking and Wealth Management (CA$5.37 billion), and U.S. Commercial Banking and Wealth Management (CA$1.75 billion).