5 Canadian dividend stocks to buy in 2022

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 5 Canadian dividend stocks to buy in 2022
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Highlights

  • Dividends can be a crucial factor for investors seeking passive income.
  • Sound companies that maintain stable dividend payout and growth ratios can help people in weathering economic difficulties and build wealth in the long haul.
  • A technology company mentioned here is set to pay a quarterly dividend of US$ 1 on January 11, 2022, against an ex-dividend date of December 17.

Dividends can be a crucial factor for investors seeking passive income. Sound companies that maintain stable dividend payout and growth ratios can help people in weathering economic difficulties and build wealth in the long haul.

Let us look at some dividend stocks that you can explore in 2022.

5 top Canadian dividend stocks for 2022

 Image source:© 2021 Kalkine Media®

1.    Constellation Software Inc (TSX:CSU)

Constellation Software Inc is set to pay a quarterly dividend of US$ 1 on January 11, 2022, against an ex-dividend date of December 17.

The software technology company recorded revenue of US$ 1.29 million in the third quarter of FY2021, as compared to US$ 1.00 million a year ago.

Its cash flow from operations surged by 25 per cent year-over-year (YoY) to US$ 292 million in the latest quarter.

CSU scrip closed at C$ 2,372.76 per share on December 29. The technology scrip, which had a three-year average dividend growth rate of 24.42 per cent, gained by roughly 44 per cent year-to-date (YTD).

  1. E-L Financial Corporation Limited (TSX:ELF)

E-L Financial Corporation Limited, which held a market capitalization of over C$ 3 billion, is expected to deliver a quarterly dividend of C$ 2.50 apiece on January 17, 2022, against an ex-dividend date of December 30.

The investment and insurance solutions provider generated a net income of C$ 168 million in Q3 FY2021.

ELF stock closed at C$ 907.99 apiece on December 29. The financial service stock, with a three-year average dividend growth rate of 88.04 per cent, soared by almost seven per cent in 2021.

Also read: 5 Canadian sectors that outshone in 2021

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

The basic material company Labrador Iron Royalty Corporations is scheduled for a quarterly dividend payment of C$ 1.15 apiece on January 26, 2022, against an ex-dividend date of December 30.

The iron-focused company recorded a net income of C$ 104.8 million in the third quarter ending September 30, 2021, as compared to C$ 57.7 million in Q3 2020.

LIF stock closed at C$ 39.32 apiece on December 29, with a dividend yield of 11.69 per cent. The materials stock climbed almost 21 per cent YTD.

4.    Canadian Imperial Bank of Commerce (TSX:CM)

Canadian Imperial Bank of Commerce will pay a quarterly dividend of C$ 1.61 apiece on January 28, 2022, against an ex-dividend date of December 24.

The C$ 66-billion market cap bank, which posted a return on equity (ROE) of 15.90 per cent, recorded a net income of C$ 1.43 million in Q4 FY2021, as compared to C$ 1.01 million in Q4 2020.

The bank stock closed at C$ 147.90 apiece on December 29 and delivered a YTD return of approximately 36 per cent.

5.    Canadian Tire Corporation Limited (TSX:CTC.A)

Canadian Tire Corporation Limited will dole out a quarterly dividend of C$ 1.3 apiece on March 1, 2022, against an ex-dividend date of January 28, 2022.

The retailer posted a YoY increase of 4.3 per cent in its total retail sales to C$ 188.8 million in Q3 FY2021.

The retail stock, which held a five year average dividend growth rate of 16.51 per cent, closed at C$ 182.81 apiece on December 29 and surged by nearly 10 per cent in the last one year.

Bottom line

Dividend income can be an added bonus when investing money in quality stocks. Such stocks can render financial flexibility to investors by maintaining a stable dividend payout ratio.

Also read: 5 Canadian stocks to buy for the New Year

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