Top 3 TSX Dividend Stocks To Boost Your Portfolio
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With the Canadian TSX up over 5% and positive market sentiment returning, investors are keenly watching how the Bank of Canada's interest rate decisions will shape future opportunities. Amidst this backdrop, dividend stocks can offer a reliable income stream and stability for portfolios.
Top 10 Dividend Stocks In Canada
| Name | Dividend Yield | Dividend Rating |
| Bank of Nova Scotia (TSX:BNS) | 6.57% | ★★★★★★ |
| Whitecap Resources (TSX:WCP) | 7.00% | ★★★★★★ |
| Secure Energy Services (TSX:SES) | 3.34% | ★★★★★☆ |
| Labrador Iron Ore Royalty (TSX:LIF) | 8.51% | ★★★★★☆ |
| Enghouse Systems (TSX:ENGH) | 3.45% | ★★★★★☆ |
| Firm Capital Mortgage Investment (TSX:FC) | 8.75% | ★★★★★☆ |
| Russel Metals (TSX:RUS) | 4.41% | ★★★★★☆ |
| iA Financial (TSX:IAG) | 3.29% | ★★★★★☆ |
| Royal Bank of Canada (TSX:RY) | 3.71% | ★★★★★☆ |
| Canadian Natural Resources (TSX:CNQ) | 4.20% | ★★★★★☆ |
Click here to see the full list of 34 stocks from our Top TSX Dividend Stocks screener.
Here we highlight a subset of our preferred stocks from the screener.
Enghouse Systems
Simply Wall St Dividend Rating: ★★★★★☆
Overview: Enghouse Systems Limited, with a market cap of CA$1.67 billion, develops enterprise software solutions worldwide through its subsidiaries.
Operations: Enghouse Systems Limited generates revenue through its Asset Management Group (CA$180.88 million) and Interactive Management Group (CA$299.55 million).
Dividend Yield: 3.5%
Enghouse Systems is trading at 53.9% below its estimated fair value and analysts agree that the stock price will rise by 26.1%. The company's dividend yield stands at 3.45%, which is reliable but lower than the top 25% of Canadian dividend payers (6.16%). Dividends are well-covered with a payout ratio of 65.7% from earnings and a cash payout ratio of 45.8%, indicating sustainability and stability over the past decade, with consistent growth in payments.
High Liner Foods
Simply Wall St Dividend Rating: ★★★★☆☆
Overview: High Liner Foods Incorporated processes and markets frozen seafood products in North America, with a market cap of CA$399.58 million.
Operations: High Liner Foods generates $992.12 million from the manufacturing and marketing of prepared and packaged frozen seafood.
Dividend Yield: 4.5%
High Liner Foods has a low payout ratio of 31.4% and a cash payout ratio of 8.3%, indicating dividends are well-covered by earnings and cash flows. However, its dividend history is volatile, with payments fluctuating over the past decade. Recent earnings showed significant improvement with net income rising to $19.29 million in Q2 2024 from $5.89 million a year ago, despite lower sales ($218.32 million vs $254.35 million). The company also approved a quarterly dividend of CAD 0.15 per share payable on September 15, 2024.