Top TSX Dividend Stocks To Consider In November 2024

In This Article:

In the last week, the Canadian market has remained flat, yet it has experienced a robust 21% increase over the past year with earnings forecasted to grow by 16% annually. In this environment, dividend stocks that offer consistent payouts and potential for growth can be appealing options for investors seeking stability and income.

Top 10 Dividend Stocks In Canada

Name

Dividend Yield

Dividend Rating

Whitecap Resources (TSX:WCP)

7.04%

★★★★★★

Acadian Timber (TSX:ADN)

6.56%

★★★★★★

Canadian Imperial Bank of Commerce (TSX:CM)

4.01%

★★★★★☆

Power Corporation of Canada (TSX:POW)

4.88%

★★★★★☆

Enghouse Systems (TSX:ENGH)

3.55%

★★★★★☆

Firm Capital Mortgage Investment (TSX:FC)

8.62%

★★★★★☆

Canadian Natural Resources (TSX:CNQ)

4.46%

★★★★★☆

Russel Metals (TSX:RUS)

3.90%

★★★★★☆

Sun Life Financial (TSX:SLF)

3.99%

★★★★★☆

Royal Bank of Canada (TSX:RY)

3.31%

★★★★★☆

Click here to see the full list of 30 stocks from our Top TSX Dividend Stocks screener.

Let's dive into some prime choices out of the screener.

North West

Simply Wall St Dividend Rating: ★★★★★☆

Overview: The North West Company Inc. operates retail stores providing food and everyday products to rural and urban communities in northern Canada, rural Alaska, the South Pacific, and the Caribbean, with a market cap of CA$2.52 billion.

Operations: The North West Company Inc. generates revenue of CA$2.52 billion from its operations as a retailer of food and everyday products and services across various regions including northern Canada, rural Alaska, the South Pacific, and the Caribbean.

Dividend Yield: 3%

North West Company Inc. offers a stable dividend, recently increasing its quarterly payout to CAD 0.40 per share. Despite a below-market yield of 3.03%, dividends are well-covered by earnings and cash flow, with payout ratios of 56.2% and 71.9%, respectively. The company reported modest revenue growth in recent quarters, although net income slightly declined year-over-year for Q2 2024. Notably, there has been significant insider selling recently, which may warrant cautious observation.

TSX:NWC Dividend History as at Nov 2024
TSX:NWC Dividend History as at Nov 2024

Russel Metals

Simply Wall St Dividend Rating: ★★★★★☆

Overview: Russel Metals Inc. is a metal distribution and processing company operating in Canada and the United States, with a market cap of CA$2.47 billion.

Operations: Russel Metals Inc.'s revenue is primarily derived from its Metals Service Centers at CA$2.83 billion, followed by Energy Field Stores at CA$984 million and Steel Distributors at CA$411 million.

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