Retirees who will be dependent on income in their portfolios should be targeting high-yield dividend stocks. Fortunately, there are many solid options available on the S&P/TSX Index. Let’s take a look at five today that can generate solid income for those entering or are already in retirement.
RioCan Real Estate Investment Trust
RioCan Real Estate Investment Trust (TSX: REI.UN) is the largest real estate investment trust in Canada. Shares of RioCan REIT have declined 9.7% in 2017 as of close on September 25. RioCan released its second-quarter results on August 3 and saw revenues increase 3.6% and operating income climb 8.5%. The stock has suffered due to fears surrounding the Canadian real estate market and the Bank of Canada moving quicker than expected on interest rate hikes.
The stock boasts a dividend of $0.12 per share, representing a dividend yield of 5.9%.
Hydro One Ltd.
Hydro One Ltd. (TSX: H) stock has fallen 3.8% in 2017 and 13.1% year over year. The company posted disappointing second-quarter results that saw earnings hurt by a mild summer and delay in the receipt of a transmission rate decision. Hydro One made headlines with the $6.7 billion acquisition of U.S. utility Avista Corp. which, when it closes, will net Hydro One several hundred thousand new customers.
Hydro One offers investors a wide economic moat and a dividend of $0.22 per share, representing a dividend yield of 3.9%.
Keg Royalties Income Fund
Shares of Keg Royalties Income Fund (TSX: KEG.UN) have dropped 4.9% in 2017 and 5.4% year over year. The stock tracks the performance of The Keg Restaurant + Bar chains. The company released its second-quarter results on August 9. Gross sales were up 6.3% and same-store sales climbed 6.5%. Restaurants have seen slower growth in 2017, but strong economic performance in Canada usually bodes well for consumer staples.
The Keg Royalties Income Fund boasts a dividend of $0.09 per share with a dividend yield of 5.5%.
Toronto-Dominion Bank
Toronto-Dominion Bank (TSX: TD)(NYSE: TD) stock has erupted in September — up 7% since releasing its third-quarter results on August 31. Shares have now almost totally recovered after a CBC story in March resulted in the largest single-day drop since 2009. Third-quarter results were the best of the big banks with a 13% increase in profit and net income growing 14% in both U.S. and Canadian retail banking divisions.
TD Bank offers a dividend of $0.60 per share, representing a dividend yield of 3.4%.
Sienna Senior Living Inc.
Sienna Senior Living Inc. (TSX: SIA) is a residential care company based in Canada. The stock has experienced impressive growth of 11% in 2017. The company released its second-quarter results on August 9. Net operating income climbed 2.8%, and it acquired a 68-suite retirement complex in Kingston, Ontario. As the Canadian population ages, Sienna Senior Living has the potential for big long-term growth.
The stock offers a dividend of $0.08 per share, representing a dividend yield of 5%.
