IGM Financial And Two Other Top TSX Dividend Stocks
In This Article:
Amidst the backdrop of fluctuating markets and shifting economic indicators, Canadian investors continue to seek stability and potential growth opportunities. Dividend stocks, particularly those well-positioned within the TSX, offer an appealing avenue for those looking to navigate the current landscape of moderating interest rates and broadening market leadership.
Top 10 Dividend Stocks In Canada
| Name | Dividend Yield | Dividend Rating |
| Bank of Nova Scotia (TSX:BNS) | 6.67% | ★★★★★★ |
| Whitecap Resources (TSX:WCP) | 7.33% | ★★★★★★ |
| Secure Energy Services (TSX:SES) | 3.48% | ★★★★★☆ |
| Boston Pizza Royalties Income Fund (TSX:BPF.UN) | 8.18% | ★★★★★☆ |
| Enghouse Systems (TSX:ENGH) | 3.40% | ★★★★★☆ |
| Royal Bank of Canada (TSX:RY) | 3.73% | ★★★★★☆ |
| Firm Capital Mortgage Investment (TSX:FC) | 8.48% | ★★★★★☆ |
| Canadian Natural Resources (TSX:CNQ) | 4.39% | ★★★★★☆ |
| Russel Metals (TSX:RUS) | 4.31% | ★★★★★☆ |
| Canadian Western Bank (TSX:CWB) | 3.00% | ★★★★★☆ |
Click here to see the full list of 32 stocks from our Top TSX Dividend Stocks screener.
Here we highlight a subset of our preferred stocks from the 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$9.12 billion.
Operations: IGM Financial Inc. generates revenue primarily through its asset management and wealth management segments, which contributed CA$1.19 billion and CA$2.26 billion respectively.
Dividend Yield: 5.8%
IGM Financial maintains a consistent dividend yield of 5.83%, supported by a payout ratio of 69.5% and a cash payout ratio of 74.9%, indicating dividends are well-covered by both earnings and cash flows. Despite trading at 36.5% below its estimated fair value, offering potential upside, its dividend yield remains slightly lower than the top quartile in the Canadian market at 6.32%. Recent financials show a decline in quarterly revenue and net income, with significant executive changes and ongoing share buybacks highlighting active management adjustments.
North West
Simply Wall St Dividend Rating: ★★★★★☆
Overview: The North West Company Inc. operates in the retail sector, providing 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$2.13 billion.
Operations: The North West Company Inc. generates CA$2.50 billion from its core operations in retailing food and everyday items.