3 Stocks Poised for Dividend Increases This Year

2 min read | June 18, 2024 12:00 AM EDT | By Team Kalkine Media

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3 Stocks Poised for Dividend Increases This Year

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In today's dynamic stock market, investors seek reliable income and growth potential from their investments. Three TSX-listed companies stand out as promising candidates for dividend increases later this year. Each represents a unique sector and investment profile, offering opportunities for both income-oriented and growth-focused investors alike. Let's explore these companies and their prospects for dividend growth in the upcoming months.

Saputo (TSX:SAP): This consumer staples stock is showing signs of turnaround momentum after trading in a range of $25-$28. Analysts project a potential upside to $34-$35, implying a 17% gain from its current price of $29.37. Saputo has a strong dividend track record, having increased payouts for 26 consecutive years. With a current yield of 2.5% and a sustainable payout ratio, investors can expect another dividend hike in August.
Fortis (TSX:FTS): As a reliable utility with diversified operations across North America, Fortis consistently grows earnings and dividends. It has increased dividends annually for 50 years and aims for 4-6% growth even in higher interest rate environments. With a current dividend yield of 4.4% and a payout ratio of 74% of adjusted earnings, Fortis is seen as fairly valued, trading at a discount to its long-term valuation.
Waste Connections (TSX:WCN): Known for its resilience in economic cycles, Waste Connections has delivered impressive returns, averaging 20% annually over the last decade. Despite a lower current dividend yield of 0.7%, it boasts a robust 10-year dividend growth rate of 14.3%. Priced at a forward P/E ratio of about 35, analysts believe the stock is fairly valued given its growth prospects. Expectations are for continued double-digit dividend growth, making it a growth-oriented dividend stock.

These stocks present opportunities across consumer staples, utilities, and industrials, catering to both income-focused and growth-seeking investors.

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