3 Stocks With Yields of 3-7% to Buy in January

Ready to buy a dividend stock? If so, Acadian Timber Corp. (TSX:ADN), Bank of Nova Scotia (TSX:BNS)(NYSE:BNS), and Plaza Retail REIT (TSX:PLZ.UN) deserve your consideration.

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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 (TSX: BNS)(NYSE: BNS)

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.

Fool contributor Joseph Solitro has no position in any stocks mentioned. Acadian Timber is a recommendation of Stock Advisor Canada.

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