3 Stocks That Hiked Their Dividends This Week

Stantec Inc. (TSX:STN)(NYSE:STN), Chartwell Retirement Residences (TSX:CSH.UN), and Magna International Inc. (TSX:MG)(NYSE:MGA) recently announced dividend hikes. Does one of them belong in your portfolio?

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As dividend investors, it’s our goal to build a portfolio of stocks with high and safe yields that have the ability to grow their dividends over time. One way to find a great dividend stock is to look for those that recently announced increases, so with this in mind, let’s take a look at three that did so this week.

1. Stantec Inc.

Stantec Inc. (TSX:STN)(NYSE:STN) is one of the world’s leading providers of comprehensive professional services in the area of infrastructure and facilities.

In its fourth-quarter earnings report on February 25, it announced a 7.1% increase to its dividend to $0.1125 per share quarterly, or $0.45 per share annually, and this gives its stock a yield of about 1.55% at today’s levels.

Investors must also note that Stantec has raised its annual dividend payment for three consecutive years, and this increase puts it on pace for 2016 to mark the fourth consecutive year with an increase.

2. Chartwell Retirement Residences

Chartwell Retirement Residences (TSX:CSH.UN) is the largest owner and operator of senior housing communities in Canada.

In its fourth-quarter earnings report on February 25, it announced a 2% increase to its distribution to $0.046818 per share monthly, or $0.561816 per share annually, and this is effective for its March distribution and gives its stock a yield of about 4.3% at today’s levels.

Investors must note that Chartwell raised its distribution by 2% for its March distribution in 2015 as well, so the increase it just announced puts it on pace for 2016 to mark the second consecutive year in which it has raised its annual distribution.

3. Magna International Inc.

Magna International Inc. (TSX:MG)(NYSE:MGA) is one of the world’s leading providers of automotive parts, accessories, and related services.

In its fourth-quarter earnings report on February 26, it announced a 13.6% increase to its dividend to US$0.25 per share quarterly, or US$1.00 per share annually, and this gives its stock a yield of about 2.7% at today’s levels.

Investors must also note that Magna has raised its annual dividend payment for six consecutive years, and this increase puts it on pace for 2016 to mark the seventh consecutive year with an increase.

Does one of these stocks belong in your portfolio?

Stantec, Chartwell Retirement Residences, and Magna International recently raised their dividends, and I think all represent attractive long-term investment opportunities today. Foolish investors should take a closer look and strongly consider establishing positions in one or more of them.

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. Magna is a recommendation of Stock Advisor Canada.

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