Top Dividend Stocks On The TSX For September 2024

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Over the last 7 days, the Canadian market has risen 2.0% and is up 13% over the last 12 months, with earnings expected to grow by 15% per annum over the next few years. In this favorable environment, identifying top dividend stocks that offer consistent returns and growth potential can be a strategic move for investors looking to capitalize on these trends.

Top 10 Dividend Stocks In Canada

Name

Dividend Yield

Dividend Rating

Whitecap Resources (TSX:WCP)

7.38%

★★★★★★

Secure Energy Services (TSX:SES)

3.50%

★★★★★☆

Labrador Iron Ore Royalty (TSX:LIF)

8.52%

★★★★★☆

Enghouse Systems (TSX:ENGH)

3.40%

★★★★★☆

Canadian Natural Resources (TSX:CNQ)

4.74%

★★★★★☆

Russel Metals (TSX:RUS)

4.52%

★★★★★☆

iA Financial (TSX:IAG)

3.11%

★★★★★☆

Firm Capital Mortgage Investment (TSX:FC)

8.51%

★★★★★☆

Sun Life Financial (TSX:SLF)

4.26%

★★★★★☆

Royal Bank of Canada (TSX:RY)

3.37%

★★★★★☆

Click here to see the full list of 32 stocks from our Top TSX Dividend Stocks screener.

Let's review some notable picks from our screened stocks.

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$9.82 billion.

Operations: iA Financial Corporation Inc. generates revenue from various segments, including CA$3.95 billion from Insurance in Canada, CA$2.42 billion from Wealth Management, CA$1.62 billion from US Operations, and CA$517 million from Investments.

Dividend Yield: 3.1%

iA Financial's dividend payments have been stable and increasing over the past decade, supported by a low payout ratio of 43% and a cash payout ratio of 16.9%. The company’s recent strategic partnership with IG Wealth Management enhances its market position. Despite a lower-than-top-tier dividend yield of 3.11%, iA remains attractive due to its reliable and well-covered dividends, trading significantly below estimated fair value.

TSX:IAG Dividend History as at Sep 2024

National Bank of Canada

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

Overview: National Bank of Canada offers financial services to individuals, businesses, institutional clients, and governments both domestically and internationally, with a market cap of CA$43.51 billion.

Operations: National Bank of Canada's revenue segments include Wealth Management (CA$2.70 billion), Personal and Commercial (CA$4.41 billion), Financial Markets excluding USSF&I (CA$2.96 billion), and U.S. Specialty Finance and International (USSF&I) (CA$1.21 billion).