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5 Top Dividend Stocks to Buy in August

Are you looking for great income stocks to buy in August? Here are five solid stocks that have dividend yields over 4%.

Brookfield Renewable Partners LP (TSX:BEP.UN)(NYSE:BEP)

If renewable energy interests you, then you will be interested in Brookfield Renewable Partners. This company is one of the world’s largest renewable power-generating companies with facilities across North America, Latin America, and Europe.

Brookfield Renewable pays a quarterly dividend in U.S. dollars, which now amounts to US$0.49 per share for a yield of 6.2%. The five-year dividend-growth rate is 6.3%.

The renewable energy company is targeting 5-9% annual growth in cash distributions.

Earnings are expected to grow very fast; indeed, they are expected to grow by 266.7% for the current year and at an average annual rate of 105% for the next five years.

The stock has a five-year compound annual growth rate of return (CAGR) of 12.5%.

TC Pipelines LP (TSX:TRP)(NYSE:TRP)

TC is one of North America’s largest energy infrastructure companies with operations in natural gas, oil, and power industries.

The energy company has been increasing its dividend for 18 consecutive years. The dividend is paid quarterly and now amounts to $0.69 per share for a yield of 4.6%. The five-year dividend-growth rate is 8.4%.

TC is targeting annual dividend growth at the upper end of 8-10% through 2020, with an anticipated additional 8-10% growth in 2021.

Earnings are expected to grow by 7.1% for the current year and at an average annual rate of 6.9% for the next five years.

The stock’s five-year CAGR is 8.2%.

Emera Inc. (TSX:EMA)

Emera is an energy and services company that invests in electricity generation, transmission, and distribution as well as gas transmission and utility energy services.

The company pays a quarterly dividend that now amounts to $0.565 per share for a yield of 5.2%. The five-year dividend-growth rate is 10%.

Emera has an 8% annual dividend-growth target through 2020.

Earnings are expected to grow by 14.2% for the current year and at an average annual rate of 7.2% for the next five years.

Emera’ stock has a five-year CAGR of 8.7%.

Bank of Nova Scotia (TSX:BNS)(NYSE:BNS)

Scotiabank is Canada’s third-largest bank and is considered the most international, serving about 12 million customers in over 50 countries.

Like other banks, Scotiabank has a strong dividend track record: it has paid dividends to shareholders every year since its foundation in 1832 and has increased it in 43 of the last 45 years.

The dividend is paid quarterly and now amounts to $0.82 per share for a yield of 4.2%. The five-year dividend-growth rate is 6.4%.

Scotiabank has a mid-term annual dividend-growth forecast of 7%.

Earnings are expected to grow by 7.2% for the current year and at an average annual rate of 8.5% for the next five years.

The stock has a five-year CAGR of 9.1%.

Enercare Inc. (TSX:ECI)

Enercare is Canada’s largest home and commercial services and energy solutions companies. The company provides water heaters, furnaces, air conditioners, and other HVAC rental products, plumbing services, electrical services, protection plans, and related services to more than 1.2 million customers.

The company pays a monthly dividend that now amounts to $0.0832 per share for a yield of 5.2%. The five-year dividend-growth rate is 7.9%.

Earnings are expected to grow by 41.5% for the current year and by 17.3% next year.

Enercare’s stock has a five-year CAGR of 19.1%.

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Fool contributor Stephanie Bedard-Chateauneuf has no position in any of the stocks mentioned. Brookfield Renewable Partners is a recommendation of Dividend Investor Canada.

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