One of the keys to success in investing is owning dividend-paying stocks, because as history has shown, they outperform non-dividend-paying stocks over the long term. With this in mind, let’s take a look at three top dividend stocks from different industries that you could buy right now.
1. Power Corporation of Canada
Power Corporation of Canada (TSX:POW) is a diversified international management and holding company with interests in companies in the financial services, communications, and other business sectors. Its principal subsidiaries include Power Financial Corp., Power Energy, and Square Victoria Communications Group.
It pays a quarterly dividend of $0.335 per share, or $1.34 per share annually, which gives its stock a yield of about 4.5% at today’s levels.
Investors must also note that Power Corporation’s two dividend hikes since the start of 2015, including its 7.3% hike in May 2015 and its 7.6% hike last month, have it on pace for 2016 to mark the second consecutive year in which it has raised its annual dividend payment.
2. Veresen Inc.
Veresen Inc. (TSX:VSN) is one of North America’s largest owners of natural gas and natural gas liquids infrastructure, including pipelines, processing facilities, and fractionation plants. It also owns and operates power-generation facilities, including gas-fired, wind, waste-heat, and hydroelectric facilities.
It pays a monthly dividend of $0.0833 per share, or $1.00 per share annually, which gives its stock a yield of about 9.9% at today’s levels.
Investors must also note that Veresen has maintained its current annual dividend rate since 2007, and I think its consistent generation of distributable cash, including $1.06 per share in fiscal 2015 and $0.27 per share in the first quarter of 2016, will allow it to continue to maintain this rate going forward.
3. Tricon Capital Group Inc.
Tricon Capital Group Inc. (TSX:TCN) is a principal investor and asset manager focused on the residential real estate industry in Canada and the United States, and it currently has approximately $3.6 billion in assets under management.
It pays a quarterly dividend of $0.065 per share, or $0.26 per share annually, which gives its stock a yield of about 3% at today’s levels.
Investors must also note that Tricon’s 8.3% dividend hike in March has it on pace for 2016 to mark the first year in which it has raised its annual dividend payment since it began paying a dividend in 2010.
