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Highlights
- The financial sector constitutes about 32 per cent of the S&P/TSX Composite Index, and thereby plays a crucial role in the economic growth and development of Canada.
- The S&P/TSX Capped Financial Index has grown by over 30 per cent in 2021, which is significantly more than the 21 per cent year-to-date growth of the Canadian benchmark index.
- A financial stock mentioned here rocketed by over 389 per cent year-to-date.
The financial sector constitutes about 32 per cent of the S&P/TSX Composite Index, and thereby plays a crucial role in the economic growth and development of Canada.
The S&P/TSX Capped Financial Index has grown by over 30 per cent in 2021, which is significantly more than the 21 per cent year-to-date growth of the Canadian benchmark index.
Keeping this in mind, let us discuss some of the top TSX-listed financial stocks of 2021.
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1. Trisura Group Ltd (TSX:TSU)
Trisura Group recorded a year-over-year (YoY) surge of 145.7 per cent in its net income of C$ 16.1 million in Q3 FY2021.
Its third-quarter earnings per share (EPS) were C$ 0.38 apiece in 2021, up from C$ 0.16 in the same period a year ago.
The Toronto-headquartered speciality insurance provider saw its stock close at C$ 46.77 apiece on December 24. The insurance stock zoomed by nearly 111 per cent year-to-date (YTD).
2. ECN Capital Corp (TSX:ECN)
ECN Capital Corp, which provides financial solutions and advisory services, posted a net income of C$ 20.8 million in Q3 FY2021, as compared to C$ 5.6 million in Q3 2020.
Stocks of ECN stock closed at C$ 5.3 apiece on December 24.
Also read: 5 top Canadian communication stocks of 2021
3. goeasy Ltd (TSX:GSY)
goeasy Ltd reported a net income of C$ 63.5 million in the third quarter of FY2021, up from C$ 33.1 million in Q3 2020.
The non-prime consumer lender is set to pay a quarterly dividend of C$ 0.66 per share on January 14 next year.
The Mississauga-headquartered company saw its scrips close at C$ 176.4 apiece on December 24. GSY stock swelled by about 80 per cent YTD.
4. CI Financial Corp (TSX:CIX)
CI Financial Corp, on December 15, announced that it is set to acquire Columbia Pacific Wealth Management and invest in Columbia Pacific Advisors to strategically strengthen its businesses.
The Canadian asset manager posted a total revenue of C$ 661.3 million in the third quarter of fiscal 2021 against C$ 509.5 million in Q3 2020.
It is scheduled for a quarterly dividend payment of C$ 0.18 apiece on April 14, 2022.
5. Sprott Inc (TSX:SII)
Sprott Inc recorded total revenue of US$ 33.29 million in Q3 FY2021, up from US$ 30.73 million generated a year ago.
The Toronto-based financial service company, which provides alternative asset management solutions, posted a net income of US$ 8.71 million in the latest quarter.
SII stock closed at C$ 57.8 apiece on December 24 and delivered a YTD return of almost 52 per cent.
Bottom line
Quality financial stocks generally exhibit consistent growth and can build notable wealth for investors in the long run. However, traders should be aware of the prevailing and near-future economic situations to evade losses.
Also read: 5 best Canadian utility stocks of 2021 under $100
