5 High-Growth Canadian Dividend Stocks to Invest In

In this article, we discuss 5 high-growth Canadian dividend stocks to invest in. If you want to read our detailed analysis of the Canadian equity market and the performance of Canadian dividend stocks, go directly to read 10 High-Growth Canadian Dividend Stocks to Invest In. 

5. Manulife Financial Corporation (NYSE:MFC)

5-Year Average Annual Dividend Growth Rate: 9.62%
Dividend Yield as of March 15: 5.96%

Manulife Financial Corporation (NYSE:MFC) is a Toronto-based multinational insurance company that also provides financial services to its consumers. on February 15, the company declared an 11% hike in its quarterly dividend to C$0.365 per share. This marked the company’s tenth consecutive year of dividend growth, which places it as one of the high-growth Canadian dividend stocks on our list. In the past five years, it has raised its payouts at an annual average rate of 9.62%. As of March 15, the stock has a dividend yield of 5.96%.

In February, Barclays raised its price target on Manulife Financial Corporation (NYSE:MFC) to C$31 and maintained an Overweight rating on the shares.

At the end of Q4 2022, Manulife Financial Corporation (NYSE:MFC) was a part of 10 hedge fund portfolios, according to Insider Monkey’s database. The stakes owned by these hedge funds have a total value of over $118.4 million.

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.”