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Summary
- Two mega-cap bank stocks have been distributing quarterly dividends consistently despite the COVID-led market crash last year.
- One of the top six Canadian banks is paying C$ 1.08 dividend per share and yields nearly 4 per cent.
- A Toronto-based multinational bank has dividend yield of more than 5 per cent.
Bluechip stocks are known for their juicy dividends and stable returns. Irrespective of the market’s bull-run or slump, a dividend-paying stock could be safer bids for investors. And banks, the first line of economic indicators, are known to pay good dividends.
In this article, we glance at two bluechip bank stocks with mega market caps – Royal Bank of Canada (TSX:RY) and Bank of Nova Scotia (TSX:BNS). Both the stocks have impressive dividend yields have with steady growth.
With a market cap of C$ 155.34 billion, Royal Bank of Canada (TSX:RY) is the second largest bank in Canada. The bank pays a stable quarterly cash dividend of C$ 1.08 per share, with a notable dividend yield of 3.959 per cent.
Stocks of the lender have gained over four per cent this year and hold a 30-day average trading volume of 5.4 million. It has risen six per cent in one year, with a return on equity of 13.50 per cent.
The 3-year dividend yield growth of Royal Bank is 7.30 per cent.
The stock has returned almost 9 per cent in the last three years and currently trading around C$ 109 per share.
Royal Bank of Canada posted a net income of C$ 11.43 billion in 2020, a drop of 11 per cent year-over-year. The bank is likely to announce its first quarter earnings of 2021 on Wednesday, February 24.
©Kalkine Group 2021
Bank of Nova Scotia (TSX:BNS) is a global banking service provider. Its market cap stands at C$ 82.2 billion. It offers quarterly dividend of C$ 0.90 and yields 5.065 per cent.
Its three-year dividend growth is 5.75 per cent.
Shares of Scotiabank are up more than 3 per cent this year with an average trading volume of 3.2 million for the last 30 days. The bluechip stock has been mostly trading flat in the last one year, marginally up by one per cent. Its return on equity is 10.35 per cent.
Scotiabank’s stock is currently trading at C$ 71.08, as compared to its 52-week high of C$ 74.88 per common share. It holds present earnings per share of C$ 5.43.
The dividend-paying firm’s net income was C$ 1.89 billion in the fourth quarter of 2020, ended on September 30, 2020, as against C$ 2.3 billion in Q4 2019.
Scotiabank is set to announce its first quarter result on Tuesday, February 23.
