10 High Dividend Yielding Stocks to Buy in April

Source: Vadi Fuoco, Shutterstock

In the wake of the coronavirus pandemic, 2020 was the year of market volatility, and it seems 2021 may not be so different. Amid rising cases, some Canadian provinces are reimposing COVID-19 restrictions to mitigate the effects of the public health crisis.

As the number of coronavirus cases continues to surge across the world and not just Canada, there are chances that the businesses and operations won't return to normal anytime soon. This means that the investors will likely focus on dividend-paying stocks for timely gains. In this article, we explore the top ten dividend-paying stocks you might look out for in April. 

1. MCAN Mortgage Corporation (TSX:MKP)

MCAN offers a dividend of C$ 0.34 every quarter. It currently yields 8.323 per cent. The mortgage investment company declared in February that apart from the quarterly cash dividend, a special stock dividend of C$ 0.85 per share will also be paid out on March 31.

The stocks, which closed trading at C$ 16.34, grew 39.5 per cent in a year and 3.6 per cent year-to-date (YTD).

2. Labrador Iron Ore Royalty Corporation (TSX:LIF)

With a dividend growth of 23.29 per cent in the last three years, it is one of the highest dividend paying stock in Canadian markets at present. Labrador Iron ore offers a dividend of C$ 1 every quarter. It has a yield of 10.767 per cent.

The company is backed by its strong financials as it achieved revenue of C$ 202.3 million in 2020, up by 13.4 per cent year-over-year (YoY). For the same period, the net income increased by 10.6 per cent to C$ 227.2 million.

The stocks grew 128.4 per cent in a year and about 14 per cent YTD.

3. Keyera Corp. (TSX:KEY)

Keyera offers a monthly dividend of C$ 0.16 and has a yield of 7.405 per cent.

The Canadian midstream energy company will pay dividend on April 15. The scrips were priced at C$ 25.93 at market close on March 29. The stocks grew 121.2 per cent in a year and 14.17 per cent YTD.

4. Timbercreek Financial Corp. (TSX:TF)

Timbercreek offers a monthly dividend of C$ 0.058 and yields 7.832 per cent. Over the last three years, the company has seen a dividend growth rate of 22.26 per cent.

The company, which was recently announced to be among Canada's top gender-diverse corporations, has a stable stock, growing about 28 per cent in a year and 1.6 per cent YTD.

5. Pembina Pipeline Corporation (TSX:PPL)

The company's stock is among the most actively traded stocks on the TSX in the past 10 days. The scrips closed at C$ 36.3 on March 31 with over 3 million 10-day average trading volume.

Pembina offers a monthly dividend of C$ 0.21 and has a dividend yield of 6.981 per cent.

The stocks are up over 50 per cent in a year and 18.1 per cent YTD.

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6. TELUS Corporation (TSX:T)

One of the largest communications companies in Canada offers a quarterly dividend of C$ 0.311. It holds a dividend yield of 4.936 per cent. TELUS was recently in the news after it announced a C$ 1.3 billion equity offering.

The company's stock grew 17.5 per cent in a year and went down by 0.8 per cent YTD. The company is backed by strong financials and it also announced as the Fastest Mobile Network in Canada for the seventh consecutive time by Ookla, a global leader in Internet testing.

The company achieved revenue of C$ 4 billion in Q4 2020, up by 5.2 per cent YoY.

7. Algonquin Power & Utilities Corp. (TSX AQN)

With a dividend yield of 3.925 per cent, Algonquin Power offers a quarterly dividend of US$ 0.155. Over the last three years, the company's saw its dividend grow by 9.25 per cent.

The scrips were priced at C$ 20.04 apiece at market close on March 29. The stock grew 12.14 per cent in a year and down by 3.5 per cent YTD.

The current price could be seen as an entry point as the company showed a decent financial position in the latest financial results. The company achieved annual revenue of US$ 1,677.1 million, up by 3 per cent YoY. The annual adjusted net earnings were US$ 365.8 million, a 14 per cent increase YoY.

8. Enbridge Inc. (TSX:ENB)

According to the TMX data, the Canadian oil and gas supplier is among the top energy companies and is consistently outperforming its peers. Enbridge offers a dividend of C$ 0.835 every quarter. In the last three year, the company saw its dividend grow by 10.29 per cent and currently it has a dividend yield of 7.131 per cent.

The company's stock grew 17.2 per cent in a year and 14.6 per cent YTD.

9. Toronto-Dominion Bank (TSX:TD)

One of the top price performers at the TSX, the Toronto-Dominion Bank offers a quarterly dividend of C$ 0.79 and has a dividend yield of 3.832 per cent.

The bank is all set to acquire Headlands Tech Global Markets, which is a fixed income trading company based in the US. The bluechip stock has done well over the past year and it grew 41.1 per cent in a year and 14.6 per cent YTD.

10. Royal Bank of Canada (TSX:RY)

One of the largest banks in Canada, the RBC offers a dividend of C$ 1.08 every quarter and has a dividend yield of 3.689 per cent. In the last three year, the bank saw its dividend grow by 5.95 per cent and 6.73 per cent in five years.

It is among the top price performers at the TSX, the stock grew by 38.11 per cent in a year and 11.88 per cent YTD.

The above constitutes a preliminary view and any interest in stocks should be evaluated further from an investment point of view.