3 Rock-Solid Dividend Stocks to Buy Today

Pembina Pipeline Corp. (TSX:PPL)(NYSE:PBA), Laurentian Bank of Canada (TSX:LB), and Great-West Lifeco Inc. (TSX:GWO) can provide the yield that your portfolio needs. Which should you buy?

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One of the most well-known facts about investing is that dividend-paying stocks far outperform non-dividend-paying stocks over the long term when investors participate in a dividend reinvestment program. It is for this reason that I think every long-term investor should own at least one dividend-paying stock, and depending on your age, investment goals, and risk tolerance, maybe even a diversified portfolio full of them.

With this in mind, let’s take a look at three high-yielding stocks that you could add to your portfolio today.

1. Pembina Pipeline Corp.

Pembina Pipeline Corp. (TSX:PPL)(NYSE:PBA) is one of the leading transportation and midstream service providers to North America’s energy industry. It pays a monthly dividend of $0.1525 per share, or $1.83 per share annually, giving its stock a 6.1% yield at today’s levels.

Investors must also note that Pembina has raised its annual dividend payment for four consecutive years, and its 5.2% increase in May puts it on pace for 2016 to mark the fifth consecutive year with an increase.

2. Laurentian Bank of Canada

Laurentian Bank of Canada (TSX:LB) is one of the largest financial institutions in eastern Canada with approximately $39.7 billion in total assets. It pays a quarterly dividend of $0.58 per share, or $2.32 per share annually, giving its stock a 4.7% yield at today’s levels.

Investors must also note that Laurentian Bank has raised its annual dividend payment for eight consecutive years, and its two increases in 2015, including a 3.7% increase in June and a 3.6% increase in December, puts it on pace for 2016 to mark the ninth consecutive year with an increase.

3. Great-West Lifeco Inc.

Great-West Lifeco Inc. (TSX:GWO) is one of the world’s leading providers of financial products and services, including life and health insurance. It pays a quarterly dividend of $0.326 per share, or $1.304 per share annually, giving its stock a 3.7% yield at today’s levels.

It is also important for investors to note that Great-West Lifeco raised its dividend by 6% in February, but that this was only its first increase since September 2008, so it should not been considered a dividend-growth play like Pembina Pipeline or Laurentian Bank just yet.

Should you add yield to your portfolio?

Pembina Pipeline, Laurentian Bank, and Great-West Lifeco are three of the top dividend plays in their respective industries. Foolish investors should take a closer look and strongly consider making one of them a core holding today.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Joseph Solitro has no position in any stocks mentioned.

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