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Retirees: 3 Stocks Yielding up to 7.8% to Add Passive Income to Your Portfolio

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If you’re looking for an easy way to build wealth, dividend stocks can do that through both capital appreciation and dividend income. With monthly or quarterly payouts, dividends are a great way to inject your portfolio with a regular stream of cash flow. Below are three stocks that can help you accomplish that while also being solid long-term buys.

Bank of Nova Scotia (TSX:BNS)(NYSE:BNS) is one of the top bank stocks you can invest in on the TSX. With a yield of 4.9%, it’s one of the best payouts you’ll find for a big bank stock, as many pay less than 4%. The company’s dividend has also frequently increased, meaning that there’s a strong chance you’ll be making more on your initial investment if you just hold on to the stock for the long haul.

On top of it all, Scotiabank is also a great growth buy as well. In its most recent quarter, the bank’s net revenues were up over 7% year over year, and over four years they’ve risen by more than 20%.

The stock has had a lacklustre performance so far in 2019, rising just 5% with the TSX easily outperforming the big bank. However, the company is set to release its quarterly results next week, and its share price could rally on a good performance, especially if proves that the economy is still doing well and that fears around slowing mortgage growth are unfounded.

Pattern Energy Group (TSX:PEGI)(NASDAQ:PEGI) is a great investment for investors looking to get behind a renewable energy company that has a long-term vision of making the world more sustainable. The company has a portfolio of wind and solar energy facilities in North America and Japan, which gives it some diversification and many opportunities to grow.

For dividend investors, the stock pays a yield of around 7.8% that will fluctuate since payments are in U.S. dollars. It’s a terrific dividend that has also grown over the years. While the payout may seem a bit high, the company has had strong free cash flow and looks like it is in a good position to be able to continue paying the dividends for the foreseeable future.

The stock has also done very well over the past year, rising more than 28%.

Maple Leaf Foods (TSX:MFI) has the smallest yield on this list with the dividend stock paying investors just 1.8% per year. However, that too could improve over the years, as the company has shown a commitment to raising its dividend as well, with payouts being hiked by more than 11% earlier this year.

However, the bigger opportunity could be in the company’s long-term growth and share price. Although its Lightlife veggie patty might not have nearly the same notoriety that the Beyond Meat patty has, it also has a lot of potential for growth. The company expects its patty to benefit from a broader distribution, which could translate into a much stronger top-line figure.

With sales already up over 10% in its most recent quarter, Maple Leaf Foods could continue to see double-digit growth for a long time if consumers show an appetite for its healthy burger option.

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Fool contributor David Jagielski has no position in any of the stocks mentioned. Bank of Nova Scotia is a recommendation of Stock Advisor Canada.

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