If you’re searching for great dividend stocks that you can buy right now and hold for years, then I’ve got three that should be on your radar. Let’s take a closer look at each, so you can determine which would be the best fit for your portfolio.
Acadian Timber Corp. (TSX:ADN)
Acadian is one of the leading suppliers of primary forest products in eastern Canada and the northeastern U.S., and it’s the third-largest timberland operator in New Brunswick and Maine with a total of about 2.4 million acres of land under management.
Acadian currently pays a quarterly dividend of $0.275 per share, representing $1.10 per share annually, giving it a lavish 5.6% yield.
In addition to being a high yielder, Acadian is an up-and-coming dividend-growth star, as 2017 marked the third straight year in which it had raised its annual dividend payment.
Foolish investors must also note that the company has a long-term payout target of 95% of its free cash flow, so I think its strong growth, including its 12.8% year-over-year increase to $0.88 per share in the first nine months of 2017, will allow it to announce another dividend hike when it releases its fourth-quarter earnings results next month.
Bank of Nova Scotia is Canada’s third-largest bank in terms of total assets with approximately $915.27 billion as of October 31, 2017. It provides a full range of financial products to customers in Canada and around the world.
Bank of Nova Scotia currently pays a quarterly dividend of $0.79 per share, representing $3.16 per share annually, which gives it a beautiful 3.9% yield.
Like Acadian, Bank of Nova Scotia offers dividend growth in addition to its high yield, but it’s a proven star rather than an up-and-comer; fiscal 2017 marked the seventh consecutive year in which it had raised its annual dividend payment, and its recent hikes, including its 3.9% hike on August 29, have it positioned for fiscal 2018 to mark the eighth consecutive year with an increase.
It’s also important to note that the financial titan has a target dividend-payout range of 40-50% of its adjusted net income attributable to common shareholders, so I think its very strong growth, including its 8.1% year-over-year increase to $6.54 per share in fiscal 2017, will allow its streak of annual dividend increases to continue for many years to come.
Plaza Retail REIT (TSX:PLZ.UN)
Plaza is one of Canada’s largest owners and managers of retail real estate, which includes strip plazas, stand-alone small box retail outlets, and enclosed shopping centres. Its portfolio currently consists of 297 properties located across eight provinces that total approximately 7.7 million square feet.
Plaza currently pays a monthly distribution of $0.0233 per unit, representing $0.28 per unit annually, which gives it a rich 6.55% yield.
On top of being a high yielder, Plaza has one of the best reputations for distribution growth in the real estate industry; 2017 marked the 14th straight year in which the REIT had raised its annual distribution, and its 3.7% hike that took effect this month has it on track for 2018 to mark the 15th straight year with an increase.
I also think the REIT’s consistently strong financial performance, including its 12.7% year-over-year increase in adjusted funds from operations to $0.249 per unit in the first nine months of 2017, will allow its streak of annual distribution increases to continue in 2019 and beyond.
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Fool contributor Joseph Solitro has no position in any stocks mentioned. Acadian Timber is a recommendation of Stock Advisor Canada.