Top TSX Dividend Stocks To Watch In October 2024
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Over the last 7 days, the Canadian market has risen by 1.4%, contributing to a notable 22% increase over the past year, with earnings forecasted to grow by 15% annually. In this thriving environment, identifying dividend stocks that offer both reliable income and potential for capital appreciation is key for investors looking to capitalize on these favorable conditions.
Top 10 Dividend Stocks In Canada
| Name | Dividend Yield | Dividend Rating |
| Whitecap Resources (TSX:WCP) | 6.91% | ★★★★★★ |
| Labrador Iron Ore Royalty (TSX:LIF) | 7.82% | ★★★★★☆ |
| Power Corporation of Canada (TSX:POW) | 5.08% | ★★★★★☆ |
| Enghouse Systems (TSX:ENGH) | 3.31% | ★★★★★☆ |
| Russel Metals (TSX:RUS) | 4.14% | ★★★★★☆ |
| Firm Capital Mortgage Investment (TSX:FC) | 8.57% | ★★★★★☆ |
| Sun Life Financial (TSX:SLF) | 4.10% | ★★★★★☆ |
| National Bank of Canada (TSX:NA) | 3.35% | ★★★★★☆ |
| Royal Bank of Canada (TSX:RY) | 3.31% | ★★★★★☆ |
| Canadian Natural Resources (TSX:CNQ) | 4.31% | ★★★★★☆ |
Click here to see the full list of 29 stocks from our Top TSX Dividend Stocks screener.
We're going to check out a few of the best picks from our screener tool.
Bank of Montreal
Simply Wall St Dividend Rating: ★★★★★☆
Overview: Bank of Montreal offers diversified financial services primarily in North America and has a market cap of CA$93.28 billion.
Operations: Bank of Montreal generates revenue through several key segments: CA$10.20 billion from Canadian Personal and Commercial Banking, CA$8.89 billion from U.S. Personal and Commercial Banking, CA$7.61 billion from BMO Wealth Management, and CA$6.47 billion from BMO Capital Markets, while Corporate Services reported a loss of CA$1.75 million.
Dividend Yield: 4.8%
Bank of Montreal offers a reliable dividend yield of 4.85%, although it is lower than the top Canadian dividend payers. The bank's dividends have been stable and growing over the past decade, supported by a sustainable payout ratio currently at 69.5% and forecasted to improve to 53.2% in three years. Recent fixed-income offerings indicate ongoing strategic financial management, potentially enhancing its capacity for consistent dividend payments despite a low allowance for bad loans at 71%.
Canadian Imperial Bank of Commerce
Simply Wall St Dividend Rating: ★★★★★☆
Overview: Canadian Imperial Bank of Commerce is a diversified financial institution offering a range of financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally, with a market cap of approximately CA$80.05 billion.