4 Dividend Kings to Hold in Your TFSA

The S&P/TSX Composite Index rose 12 points on May 15. The index has continued to rally since the middle of April, and optimism appears to be high ahead of bank earnings. It is tempting to hunt for growth during this period, but investors should also be stashing stocks that yield income in an increasingly volatile market.

Let’s look at four of the top dividend plays on the market today.

Brookfield Infrastructure Partners LP (TSX:BIP.UN)(NYSE:BIP)

Brookfield Infrastructure Partners owns and operates utilities, transport, and other businesses around the world. Its stock dropped 1.93% on May 15, and shares are down 13.2% in 2018 so far. The company released its first-quarter results on May 2.

Net income climbed to $209 million compared to $16 million in the prior year, and funds from operations rose to $333 million in comparison to $261 million in Q1 2017. The sale of its Chilean transmission business worked to boost liquidity, and cash from investing activities rose over $1 billion in Q1. The board of directors announced a quarterly dividend of $0.47 per share, representing a 4.6% dividend yield. The company has delivered dividend growth for 10 consecutive years.

Telus Corporation (TSX:T)(NYSE:TU)

Telus Corporation is a Vancouver-based telecommunications company. Shares have dropped 4.2% in 2018 as of close on May 15. The company released strong first-quarter results on May 10.

The company saw cash flow soar 104% year over year to $443 million and posted revenue and EBITDA growth of 6% and 5.2%, respectively. Telus added 76,000 new postpaid wireless, internet, and TV customers in the quarter. The company also hiked its quarterly dividend to $0.525 per share, representing a 4.3% dividend yield. Telus has delivered dividend growth for 15 consecutive years.

Canadian Utilities Limited (TSX:CU)

Canadian Utilities is a Calgary-based company engaged in transmission and distribution of electricity and natural gas. Utilities have been battered in 2018 so far due to a number of headwinds. Canadian Utilities stock has plunged 15.8% in 2018 thus far. The company released its first-quarter results on April 26.

Adjusted earnings at Canadian Utilities fell to $181 million, or $0.67 per share, compared to $213 million, or $0.79 per share, in the prior year. The company has projected investment of $4.5 billion from 2018 to 2020. It also declared a quarterly dividend of $0.393 per share, representing a 4.7% dividend yield. Canadian Utilities has delivered 46 consecutive years of dividend growth, trumping every other stock on the TSX.

Laurentian Bank of Canada (TSX:LB)

Laurentian Bank of Canada is a Montreal-based regional bank. Shares have plunged 12.4% in 2018 so far, as the company has faced a controversy concerning its mortgage underwriting processes. Leadership expects the internal review to wrap up in the near term. Shares have climbed 4.4% month over month.

In the first quarter, Laurentian saw adjusted net income climb 20% from Q1 2017 and loans to business customers grew 22%. The stock offers a quarterly dividend of $0.63 per share, representing a 5% dividend yield.

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Fool contributor Ambrose O'Callaghan has no position in any of the stocks mentioned. Brookfield Infrastructure Partners is a recommendation of Stock Advisor Canada.

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