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Global stock markets went through unprecedented times as the COVID-19 pandemic outbroke in March 2020. The S&P/TSX Financial Index tumbled sharply by nearly 40 per cent between February and March. The central bank was left in limbo to weigh the uncertain damage caused by the pandemic to the nation’s balance sheets.
Stock markets have since rebounded from their March losses. This recovery has been propelled by a massive revival sentiment, central bank stimulus aid, promising developments on the COVID-19 vaccine front, and the results of the US presidential election.
In this year-ender article, we will take a glance at the top Canadian Financial Stocks in 2020:
Manulife Financial Corp. (TSX:MFC)
This life insurer kept paying a consistent quarterly dividend of C$ 0.28 per stock throughout the year. The financial stock offers a return on equity of 10.49 per cent and a current dividend yield of 4.838 per cent. Manulife stocks have advanced by nearly 24 per cent in the last 6 months.
Sun Life Financial Inc. (TSX:SLF)
Sun Life, one of the leading life insurance firms of Canada, has provided a stable quarterly dividend of C$ 0.55 in the last five quarters. The stock also offers a double-digit return on equity of 10.59 per cent. The financial company also reported a 10 per cent surge in its net income year-over-year in Q3 2020. The stocks grew 13 per cent in the last six months and are often among the most active stocks on the TSX.
Bank of Nova Scotia (TSX:BNS)
The global bank of Canada has defied the COVID-19 pandemic and maintained its strong quarterly dividend of C$ 0.90 for the last six quarters. BNS stocks have returned almost 46 per cent growth since its March lows.
E-L Financial Corporation Ltd. (TSX:ELF)
The financial firm has distributed a quarterly cash dividend of C$ 1.25 per stock, with a whopping 46 per cent dividend growth in the last five years. Its current earnings per share stand at C$ 75.66. The stock is up 13 per cent in the last six months.
goeasy Ltd. (TSX:GSY)
The credit service provider is one of the rarest financial stocks that has increased by over 22 per cent year-to-date (YTD). Its present return on equity stands at 20.71 per cent.
National Bank of Canada (TSX:NA)
This bank stock has nearly touched its last year’s peak despite the ongoing financial crisis. The bank pays a steady quarterly dividend of C$ 0.71, with a current dividend yield of nearly 4 per cent.
Senvest Capital Inc. (TSX:SEC)
The asset management stock has breached its 2019 mark and added over 33 per cent growth in the last six months. The firm posted a net income attributable to its unitholders of C$ 10.83 per share in Q3 2020 against $7.86 in Q3 2019.
Royal Bank of Canada (TSX:RY)
Royal Bank holds a quarterly dividend of C$ 1.08 per stock with a dividend yield of 4 per cent. The lender stock is trading in green year-to-date.
Toronto-Dominion Bank (TSX:TD)
The giant bank stocks deliver a return on equity of 13.54 per cent. The bank has distributed a quarterly cash dividend of C$ 0.79 throughout 2020.
Bank of Montreal (TSX:BMO)
BMO has provided a cash dividend of C$ 1.06 per share in 2020 with a current dividend yield of 4.342 per cent. Its stock offers a double-digit return on equity, as per data available on the TMX portal.
