5 Best Canadian Dividend Stocks To Buy Now

In this article, we discuss 5 best Canadian dividend stocks to buy now. If you want to read our detailed analysis of Canadian dividend stocks and their performance and go directly to read 11 Best Canadian Dividend Stocks To Buy Now. 

5. Manulife Financial Corporation (NYSE:MFC)

Dividend Yield as of November 28: 5.59%

Manulife Financial Corporation (NYSE:MFC) is a Toronto-based multinational insurance company that provides a wide range of investment solutions to its consumers. In October, Barclays maintained an Overweight rating on the stock with a C$29 price target, highlighting the company’s reinsurance business.

Manulife Financial Corporation (NYSE:MFC) is one of the best dividend stocks on our list as it has been raising its dividends consistently for the past nine years. The company currently pays a quarterly dividend of C$0.33 per share and has a dividend yield of 5.59%, as of November 28.

In the third quarter of 2022, Manulife Financial Corporation (NYSE:MFC) reported net sales of C$1.3 billion, and its net inflows for the quarter amounted to over C$3 billion. The company’s new business value came in at C$514 million, falling by 6% from the same period last year.

At the end of Q3 2022, 14 hedge funds tracked by Insider Monkey owned stakes in Manulife Financial Corporation (NYSE:MFC), compared with 15 in the previous quarter. The collective value of these stakes is over $130 million. Galibier Capital Management was one of the company’s major stakeholders in Q3.

Harding Loevner mentioned Manulife Financial Corporation (NYSE:MFC) in its Q2 2022 investor letter. Here is what the firm has to say:

“Manulife Financial Corporation (NYSE:MFC), the Canadian life insurer operating primarily in North America and Asia, is a new holding. Manulife offers a full suite of life insurance products as well as retirement and wealth management services. While the wealth management and retirement products appeal to the aging populations of the Western world, long-term life insurance products address the needs of the growing number of middle-class families in places like China and southeast Asia. COVID-19-induced lockdowns in China brought the shares down to a significant discount to our estimate of long-term value. The holding now serves as a nice diversifier to our Asia-centered insurers AIA and Ping An.”

4. The Bank of Nova Scotia (NYSE:BNS)

Dividend Yield as of November 28: 5.73%

The Bank of Nova Scotia (NYSE:BNS) is a Canadian multinational banking and financial services company that offers personal and commercial banking services to its consumers. The company has been paying regular dividends to shareholders since 1833 and has raised its payouts in 43 of the last 45 years. The company’s strong dividend policy makes it one of the best dividend stocks on our list. It currently pays a quarterly dividend of C$1.03 per share for a dividend yield of 5.73%, as of November 28.

In November, National Bank maintained a Sector Perform rating on The Bank of Nova Scotia (NYSE:BNS) with an C$85 price target.

At the end of Q3 2022, 15 hedge funds in Insider Monkey’s database reported owning stakes in The Bank of Nova Scotia (NYSE:BNS), compared with 16 a quarter earlier. These stakes have a total value of $236.6 million.

3. Enbridge Inc. (NYSE:ENB)

Dividend Yield as of November 28: 6.25%

Enbridge Inc. (NYSE:ENB) is a multinational pipeline and energy company that owns and operates pipelines throughout Canada and the US. In Q3 2022, the company reported revenue of $11.57 billion, which showed a 0.9% growth from the same period last year. The company’s distributable cash flow for the quarter came in at $2.5 billion, compared with $2.3 billion in the prior-year quarter.

Enbridge Inc. (NYSE:ENB) currently pays a quarterly dividend of C$0.86 per share with a dividend yield of 6.25%, as of November 28. The company has been paying regular dividends to shareholders for the past 67 years. Moreover, it holds a 27-year streak of dividend growth, coming through as one of the best dividend stocks on our list.

Appreciating the company’s dividend yield, National Bank maintained an Outperform rating on Enbridge Inc. (NYSE:ENB) in November with a C$54 price target.

Enbridge Inc. (NYSE:ENB) was a part of 24 hedge fund portfolios in Q3 2022, as per Insider Monkey’s data. The stakes owned by these hedge funds have a total value of over $2.28 billion. GQG Partners was the company’s leading stakeholder in Q3.

2. Keyera Corp. (OTC:KEYUF)

Dividend Yield as of November 28: 6.46%

Keyera Corp. (OTC:KEYUF) is one of Canada’s largest midstream oil and gas operators. The company mainly provides services to oil and gas producers in Western Canada and also transports natural gas liquids. Since the start of 2022, the stock has delivered a 3.21% return to shareholders while its 12-month return came in at 2.81%, as of the close of November 27.

In the third quarter of 2022, Keyera Corp. (OTC:KEYUF) reported strong earnings. The company’s net earnings came in at $123 million, up from $70 million in the same period last year. Its distributable cash flow for the quarter stood at $162 million, compared with $149 million in the prior-year period. Its cash flow was stable as the company paid over $106 million to shareholders in dividends, which takes the company’s payout ratio to 65%. KEYUF is one of the best dividend stocks on our list.

Keyera Corp. (OTC:KEYUF) currently pays a quarterly dividend of C$0.16 per share and has a dividend yield of 6.46%, as of November 28.

1. Algonquin Power & Utilities Corp. (NYSE:AQN)

Dividend Yield as of November 28: 9.50%

Algonquin Power & Utilities Corp. (NYSE:AQN) is a Canadian utility company that generates and distributes natural gas and other utility services. In October, Credit Suisse upgraded the stock to Outperform with a $15 price target, highlighting the company’s net flows this year and its overall performance.

In Q3 2022, Algonquin Power & Utilities Corp. (NYSE:AQN) reported revenue of $666.7 million, which saw a 26.1% growth from the same period last year. The company’s operating cash flow came in at over $103 million and its net earnings stood at $73.5 million.

On November 11, Algonquin Power & Utilities Corp. (NYSE:AQN) declared a quarterly dividend of $0.1808 per share, which fell in line with its previous dividend. The company is one of the best dividend stocks on our list as it has been raising its dividends consistently for the past 10 years. The stock’s dividend yield on November 28 came in at 9.50%.

As of the close of Q3 2022, 16 hedge funds tracked by Insider Monkey owned stakes in Algonquin Power & Utilities Corp. (NYSE:AQN), the same as in the previous quarter. These stakes are collectively valued at roughly $120 million. With over 1 million shares, Citadel Investment Group was the company’s leading stakeholder in Q3.

You can also take a look at 12 Best High-Yield Dividend Stocks To Buy Now and 10 Best Small-Cap Dividend Stocks to Buy Now

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