Dividend stocks are very popular among investors that desire to build a passive source of income. However, I believe that growth investors should be interested in dividend stocks as well. These stocks could provide stability in a volatile growth portfolio, as dividend stocks have been found to experience less-severe losses during downturns. In addition, there are some dividend stocks that are innovative companies and beat the broader market by a wide margin. Here are three dividend stocks that growth investors should buy today.
One of the Big Five banks
The first dividend stock that growth investors should consider buying is Bank of Nova Scotia (TSX:BNS)(NYSE:BNS). One of the Big Five banks, this company is often turned to by investors for its high yield and reliable dividend. However, what interests me about this company is its growth potential. Generally, the Big Five banks are very focused on North American customers. However, Bank of Nova Scotia differentiates itself by establishing a major presence within the Pacific Alliance.
It’s been forecasted that the economy within the Pacific Alliance will grow at a faster rate than that of Canada and the U.S. over the coming years. This is due to a rapidly growing middle class in Chile, Columbia, Mexico, and Peru. If that happens, then Bank of Nova Scotia could see its international business take off. That could result in much greater earnings and a higher stock price.
A play on telehealth
There’s no denying that the industry has been heavily relied upon over the past two years, thanks to the COVID-19 pandemic. However, we remain in the very early stages. The telehealth industry is expected to grow at a CAGR of 32.1% from 2021 to 2028. That means that the companies that establish leadership positions in this industry could see major growth over the coming years. In Canada, there are a few companies that operate in this industry. However, Telus (TSX:T)(NYSE:TU) is one that stands out for me.
Of course, many Canadians know Telus as a large telecom provider. However, its Telus Health business segment is very intriguing. There are two distinct services that Telus Health offers. The first is its professional healthcare services. Here, Telus offers a range of products that can be used by healthcare providers such as EMR software, billing, and more. Second, Telus Health offers MyCare. This is a mobile app that the public can use to contact doctors, mental health counsellors, and dieticians from their phone.
This stock has been a reliable compounder of wealth
Companies that manage to outperform the market for over two decades should be on your radar. That’s exactly what we have with Brookfield Asset Management (TSX:BAM.A)(NYSE:BAM). Since its IPO in 1995, Brookfield Asset Management has been able to more than double the returns generated by the TSX.
Operating a portfolio worth more than $625 billion, Brookfield is one of the largest alternative asset management firms in the world. Through its subsidiaries, it has exposure to the infrastructure, real estate, utility, and private equity markets. One catalyst that could drive Brookfield stock higher in the coming years is its partnership with Tesla. The two companies are planning to develop a large-scale sustainable neighbourhood in the United States. This is an interesting project that comes at a crucial time.