Top 3 TSX Dividend Stocks To Watch In August 2024
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With the Canadian market experiencing a rebound, buoyed by easing inflation and positive economic data, investors are closely watching how central banks' decisions on interest rates will shape the landscape. As the TSX has shown a promising uptick, it's an opportune moment to consider dividend stocks that can provide steady income and potential growth amidst these evolving conditions.
Top 10 Dividend Stocks In Canada
| Name | Dividend Yield | Dividend Rating |
| Bank of Nova Scotia (TSX:BNS) | 6.55% | ★★★★★★ |
| Whitecap Resources (TSX:WCP) | 7.18% | ★★★★★★ |
| Secure Energy Services (TSX:SES) | 3.38% | ★★★★★☆ |
| Labrador Iron Ore Royalty (TSX:LIF) | 8.53% | ★★★★★☆ |
| Enghouse Systems (TSX:ENGH) | 3.47% | ★★★★★☆ |
| Russel Metals (TSX:RUS) | 4.36% | ★★★★★☆ |
| iA Financial (TSX:IAG) | 3.22% | ★★★★★☆ |
| Firm Capital Mortgage Investment (TSX:FC) | 8.69% | ★★★★★☆ |
| Canadian Natural Resources (TSX:CNQ) | 4.33% | ★★★★★☆ |
| Royal Bank of Canada (TSX:RY) | 3.70% | ★★★★★☆ |
Click here to see the full list of 34 stocks from our Top TSX Dividend Stocks screener.
Here's a peek at a few of the choices from the screener.
Enghouse Systems
Simply Wall St Dividend Rating: ★★★★★☆
Overview: Enghouse Systems Limited, with a market cap of CA$1.65 billion, develops enterprise software solutions globally through its subsidiaries.
Operations: Enghouse Systems Limited generates revenue from two primary segments: Asset Management Group (CA$180.88 million) and Interactive Management Group (CA$299.55 million).
Dividend Yield: 3.5%
Enghouse Systems offers a reliable dividend yield of 3.47% with stable and growing payouts over the past decade. The company's dividends are well-covered by earnings (payout ratio: 65.7%) and cash flows (cash payout ratio: 45.8%). Recent earnings reports show strong financial performance, with Q2 revenue at C$125.81 million and net income at C$19.97 million, supporting continued dividend sustainability despite being below top-tier Canadian dividend payers.
Olympia Financial Group
Simply Wall St Dividend Rating: ★★★★★☆
Overview: Olympia Financial Group Inc., with a market cap of CA$262.17 million, operates as a non-deposit taking trust company in Canada through its subsidiary, Olympia Trust Company.
Operations: Olympia Financial Group Inc. generates revenue through its subsidiary, Olympia Trust Company, which operates as a non-deposit taking trust company in Canada.
Dividend Yield: 6.4%
Olympia Financial Group's recent earnings report shows steady financials, with Q2 revenue at C$26.25 million and net income at C$5.89 million. The company declared a monthly dividend of C$0.60 per share, indicating a robust yield in the top 25% of Canadian dividend payers. Despite past volatility in dividends, current payments are well-covered by earnings (payout ratio: 32.6%) and cash flows (cash payout ratio: 72.7%), suggesting sustainability for now.