Top TSX Dividend Stocks To Consider In August 2024
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With inflation moving closer to target and central banks considering easing measures, the Canadian market is experiencing a phase of cautious optimism. Amidst this backdrop, dividend stocks offer an attractive option for investors seeking stability and income in a potentially volatile environment.
Top 10 Dividend Stocks In Canada
| Name | Dividend Yield | Dividend Rating |
| Bank of Nova Scotia (TSX:BNS) | 6.77% | ★★★★★★ |
| Whitecap Resources (TSX:WCP) | 7.39% | ★★★★★★ |
| Secure Energy Services (TSX:SES) | 3.48% | ★★★★★☆ |
| Enghouse Systems (TSX:ENGH) | 3.58% | ★★★★★☆ |
| iA Financial (TSX:IAG) | 3.53% | ★★★★★☆ |
| Firm Capital Mortgage Investment (TSX:FC) | 9.02% | ★★★★★☆ |
| Canadian Natural Resources (TSX:CNQ) | 4.55% | ★★★★★☆ |
| Russel Metals (TSX:RUS) | 4.32% | ★★★★★☆ |
| Royal Bank of Canada (TSX:RY) | 3.84% | ★★★★★☆ |
| Canadian Western Bank (TSX:CWB) | 3.05% | ★★★★★☆ |
Click here to see the full list of 36 stocks from our Top TSX Dividend Stocks screener.
Let's take a closer look at a couple of our picks from the screened companies.
iA Financial
Simply Wall St Dividend Rating: ★★★★★☆
Overview: iA Financial Corporation Inc. provides insurance and wealth management services in Canada and the United States, with a market cap of CA$8.36 billion.
Operations: iA Financial Corporation Inc. generates revenue from individual insurance (CA$4.23 billion), group insurance (CA$2.27 billion), individual wealth management (CA$1.68 billion), and group savings and retirement (CA$1.25 billion).
Dividend Yield: 3.5%
iA Financial's dividend payments have been stable and growing over the past 10 years, with a current yield of 3.53%. The dividends are well-covered by both earnings (payout ratio: 21.2%) and cash flows (cash payout ratio: 18%). Recent news includes the affirmation of a quarterly dividend of C$0.82 per share payable on September 16, 2024, and the completion of a C$350 million fixed-income offering to support corporate purposes.
North West
Simply Wall St Dividend Rating: ★★★★★☆
Overview: The North West Company Inc. (TSX:NWC) operates retail stores offering food and everyday products in rural and urban markets across northern Canada, rural Alaska, the South Pacific, and the Caribbean, with a market cap of CA$2.11 billion.
Operations: The North West Company Inc. generates CA$2.50 billion from retailing food and everyday products and services to rural communities and urban neighborhood markets in northern Canada, rural Alaska, the South Pacific, and the Caribbean.