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With the pandemic-inflicted economic crisis prevailing, many investors continue to seek out stocks where regular dividends can be reaped. While some Canadian companies have snipped their dividends in a cost control effort amid COVID-19 crisis, others continue to distribute stable payouts on schedule. Let us check out a few TSX-listed companies that currently reflect dividends yields of over eight per cent – Inovalis Real Estate Investment Trust (TSX: INO.UN), Chemtrade Logistics Income Fund (TSX: CHE.UN), Automotive Finco Corp (TSX:AFCC) and Labrador Iron Ore Royalty (TSX:LIF).
Inovalis REIT (TSX: INO.UN)
Current Stock Price: C$ 9.468
Though headquartered in Toronto, Inovalis Real Estate Investment Trust’s portfolio largely constitutes of properties in European locations such as France and Germany. The open-ended REIT invests in office spaces which are leased to corporate clients in urban areas.
Inovalis is set to pay a monthly dividend of C$ 0.069 on March 15. It currently holds a dividend yield of 8.721 per cent, as per TMX data. The C$ 306.5-million market cap company was founded in 2013 and has been paying dividends to its shareholders since.
Inovalis stocks post a growth of nearly six per cent this year.
©Kalkine Group 2021
Labrador Iron Ore Royalty (TSX:LIF)
Current Stock Price: C$ 35.31
The trending metal stock of Labrador Ore Royalty surged by nearly 44 per cent over the last three months and by roughly 68 per cent in the last one year. The Canadian corporation owns interests in Montreal-based Iron Ore Company of Canada (IOC), which runs iron exploration projects around Labrador, Newfoundland, etc.
Labrador Ore currently posts a quarterly dividend of C$ 1.8 and a dividend yield of 20.391 per cent, as per the data of TMX Group. It last paid dividends to its shareholders on January 26.
The Toronto-headquartered company records a dividend growth of 7.65 per cent over the period last five years.
Chemtrade Logistics Income Fund Trust (TSX: CHE.UN)
Current Stock Price: C$ 7.01
Ontario-based Chemtrade Logistics Income Fund primarily delves in the business of supplying industrial-grade chemicals to different sectors. Its stocks rose by over 54 per cent over the period of last three months.
Chemtrade currently posts a dividend of C$ 0.05 and a dividend yield of 8.559 per cent, according to TMX Group. The monthly payout is scheduled to be distributed on February 23.
While the C$ 653-million market cap reflects a high dividend yield at the moment, its dividend payout has not grown over the last three or five years.
Automotive Finco Corp (TSX:AFCC)
Current Stock Price: C$ 1.6
Automotive Finco, a specialty finance firm, focuses on the automotive sector. It pays dividends on a monthly basis, which post a three-year growth of 18.36 per cent. Its
Automotive Finco’s next round of cash dividend, amounting at C$ 0.0171 per share, is set to be distributed on February 26 to recorded investors as of January 29 this year. At the moment, its dividend yield stands at 12.825 per cent, as per TMX data.
The financial services stock grew by about three per cent in February to date.
A point to remember before making any decision regarding investments is that an enterprise can at any point choose to pull back or reduce their dividends. Investors should take the initiative to do proper research before taking a call.
