3 Super Dividend Stocks That Yield at Least 7.8%

Canadians looking to build passive income should scoop up dividend stocks like Slate Grocery REIT (TSX:SGR.UN) and others.

| More on:
Growing plant shoots on coins

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s premium investing services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn more

When this decade kicked off, I’d discussed three ways Canadians could look to build their passive-income empire. In the months that followed, the world would be plunged into a historic crisis that would change the nature of work for huge swaths of the population. This has further illustrated how useful a passive-income stream can be for Canadian investors. Today, I want to look at three dividend stocks that provide tasty yields. This is a good start for those looking to churn out passive income in their portfolios going forward.

Why you should buy this high-yield dividend stock on the dip

Chemtrade Logistics (TSX:CHE.UN) is an Ontario-based Income Fund that offers industrial chemicals and services in North and South America. Its shares have climbed 18% in 2021 as of close on June 23. The dividend stock is up 25% from the prior year.

The income fund released its first-quarter 2021 results on May 10. Revenue fell $54.5 million compared to the prior year, primarily due to lower sales volumes of regen acid, merchant sulphuric acid, and the Ultrapure segment. However, its net loss shrank to $20.4 million compared to a $97.9 million net loss in the first quarter of 2020. The company is still in recovery mode after taking a major hit due to the pandemic.

Fortunately, this dividend stock still offers a monthly dividend of $0.05 per share. That represents an attractive 8.6% yield.

A super REIT with a super yield

In March, I’d discussed why REITs were a solid option for passive-income investors. Slate Grocery (TSX:SGR.UN) is still one of my favourite REITs, especially as it offers some defence with its exposure to the food retail space. Its shares have increased 13% in 2021. The dividend stock has climbed 39% year over year.

In Q1 2021, Slate announced a $390 million acquisition of a high-quality, grocery-anchored portfolio comprising 25 properties and 3.1 million square feet in major metro markets across the United States. Rental revenue rose 1.3% year over year to $32.4 million. Meanwhile, net income soared 944% to $60.7 million.

This dividend stock last paid out a monthly distribution of $0.072 per share, which represents an 8.1% yield. I’m still bullish on this REIT that has expanded its footprint in food retail.

One more dividend stock to snatch in June

Fiera Capital (TSX:FSZ) is a Montreal-based employee owned investment manager. Its shares have dropped 2% in the year-to-date period. This dividend stock is still up 13% year over year.

The company unveiled its first-quarter 2021 results on May 6. Adjusted net earnings rose to $37.5 million — up from $20.5 million in Q1 2020. Meanwhile, adjusted EBITDA came in at $47.5 million compared to $43.5 million in the prior year. Fiera is well positioned to benefit from a Canadian economy that is poised to rebound, as the vaccine rollout has caught up to its more successful peers. The next few months should see strong economic growth across various sectors.

Fiera declared a quarterly dividend of $0.21 in the first quarter of 2021. This represents a tasty 7.8% yield.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Ambrose O'Callaghan has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned.

More on Investing

A small flower grows out of a concrete crack.
Investing

3 Top Stocks You Can Still Buy for Under $20 a Share

Canopy Growth stock (TSX:WEED)(NASDAQ:CGC) and these two others are incredible investments to consider as we continue to move out of…

Read more »

Automated vehicles
Tech Stocks

Want to Be a Millionaire? This 1 Canadian Stock Could Soon See a Blistering Rally

If you can take the risk of buying falling shares of some companies with a solid growth outlook, they could…

Read more »

Oil pipes in an oil field
Energy Stocks

3 Top Stocks for Commodity Exposure

Top stocks like Teck Resources have been hit lately, but most commodity markets remain strong and ready for the next…

Read more »

Happy couple being attended by office worker at office
Dividend Stocks

BCE Stock: A Great Pick to Boost Your RRSP Retirement Fund

BCE (TSX:BCE)(NYSE:BCE) stock is a dirt-cheap telecom stock with a huge dividend yield to keep RRSP investors happy.

Read more »

Money growing in soil , Business success concept.
Dividend Stocks

Want Easy Passive Income? These 2 Canadian Dividend Aristocrats Deliver

Passive income stars like Slate Grocery REIT (TSX:SGR.U) should be on your watch list.

Read more »

stock data
Stocks for Beginners

Are You Starting a Stock Portfolio? If Yes, Keep It Safe and Simple

First-time investors should keep their stock portfolios safe and simple by holding time-tested, income-producing assets.

Read more »

Simple life style relaxation with Asian working business woman healthy lifestyle take it easy resting in comfort hotel or home living room having free time with peace of mind and self health balance
Stocks for Beginners

New Investors: Follow the KISS Model With These 3 TSX Stocks

These TSX stocks keep it super simple for new investors. You'll need each of these services over the next decade…

Read more »

stock research, analyze data
Dividend Stocks

RRSP Investors: 1 Cheap TSX Dividend Stock to Buy Now and Own for 35 Years

RRSP investors can still find top TSX dividend stocks to buy at discounted prices.

Read more »