The high inflation and interest rate hikes to tame it have dragged the equity market down. Further, an uncertain economic trajectory is keeping the volatility elevated. Despite the concerns, stocks are still a lucrative investment to earn a steady income.
The TSX has several high-quality dividend stocks that consistently pay and increase their dividends, regardless of the market conditions. Their resilient business models and well-covered payouts make them reliable investments. Whatâs more, a few of these high-quality dividend stocks offer high yields, implying that these stocks can supplement your income and help you realize your financial goals fast.Â
So, if you are hungry for high yields, consider adding theseÂ Canadian dividend stocksÂ to your portfolio now.Â
NorthWest Healthcare Properties REIT
Thanks to their higher payouts, investing in REITs (real estate investment trusts) can help you earn solid income. While investors can choose from various REITs trading on the TSX, I am optimistic about NorthWest Healthcare Properties REIT (TSX:NWH.UN).
My bullish outlook is supported by NorthWestâs healthcare-focused defensive portfolio and its current high yield of over 7.7%. NorthWest Healthcareâs dividend payouts are durable thanks to its top-class tenant base. About 80% of its tenants are backed by government support, which adds stability. Further, it has a high occupancy rate of about 97%, which is encouraging.
NorthWest also benefits from its long WALE (weighted average lease expiry) term. Its leases have an average expiry term of 14 years. This adds stability to its cash flows. Moreover, these leases are supported by inflation-indexed rents. Notably, 82% of its rents have protection against inflation.
Overall, NorthWest Healthcareâs defensive real estate portfolio, high-quality tenant base, long lease expiry term, and geographically diversified portfolio position it well to generate solid income to fund its payouts. Also, its solid development pipeline and expansion in the U.S. bode well for future growth.
Canadian banksÂ are famous for consistent dividend payments and growth. Among the top Canadian banks, investors could consider addingÂ ScotiabankÂ (TSX:BNS) stock to their portfolios. Scotiabank has been paying a dividend since 1833. Further, Scotiabankâs dividend has had a CAGR (compound annual growth rate) of 6% in the past decade. Besides its solid dividend payment and growth history, Scotiabank stock is currently offering a lucrative yield of 6%.Â
The growing earnings base supports its dividend payouts. Scotiabankâs earnings per share have increased at a CAGR of 5% in the last 10 years. Its diversified revenue base, exposure to high-quality banking markets, and solid credit quality drive its earnings and dividend payments.
Further, its strong balance sheet and ability to drive loans and deposit volumes will support its growth and dividend payments. Also, its low payout ratio is sustainable in the long term.
EnbridgeÂ (TSX:ENB) is one of theÂ safest stocksÂ to earn a high yield. It has raised its dividend for 27 years. Moreover, it has paid a regular dividend for 67 years. The companyâs energy infrastructure assets witness high utilization. Furthermore, it owns a diversified portfolio ofÂ renewable energyÂ projects that position it well to capitalize on the future energy demand.Â
Enbridge stock is currently offering a dividend yield of 6.4%. Further, its payouts are well covered, thanks to the diversified cash flow streams, long-term contracts, and inflation-protected earnings.
Also, benefits from its new assets placed into service, solid secured capital projects, and productivity savings will drive its distributable cash flow per share and, in turn, its future payouts.Â
The post Hungry for Dividend Yields? 3 TSX Stocks to Buy Now appeared first on The Motley Fool Canada.
Before you consider Bank of Nova Scotia, you’ll want to hear this.
Our market-beating analyst team just revealed what they believe are the 5 best stocks for investors to buy in November 2022 … and Bank of Nova Scotia wasn’t on the list.
The online investing service they’ve run for nearly a decade, Motley Fool Stock Advisor Canada, is beating the TSX by 15 percentage points. And right now, they think there are 5 stocks that are better buys.
See the 5 Stocks
* Returns as of 11/4/22
setButtonColorDefaults(“#5FA85D”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43A24A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
- 3 TSX Stocks That Are Too Cheap to Ignore
- 2 Dividend-Growth Stocks With Yields That Keep on Growing
- 2 TSX Dividend Stocks to Double Up on Right Now
- 3 High-Yield Dividend Stocks You Could Hold for Years
- Nearing Retirement? The 3 Best Energy Dividend Stocks to Buy Now
Fool contributorÂ Sneha NahataÂ has no position in any of the stocks mentioned.Â The Motley Fool recommends BANK OF NOVA SCOTIA, Enbridge, and NORTHWEST HEALTHCARE PPTYS REIT UNITS. The Motley Fool has a disclosure policy.