The S&P/TSX Composite Index climbed 65 points on March 23. Canadian and North American markets have broadly bounced back in the second half of this month. Despite this bounce back, there are still some top TSX stocks that are discounted. Today, I want to look at two that are well worth snatching up before we move into the month of April. Let’s jump in.
This discounted TSX stock is also one of the most reliable dividend payers on the market
Great-West Lifeco (TSX: GWO) is a Winnipeg-based financial services holding company that is engaged in the insurance and investment services sectors. Shares of this TSX stock have dropped 5.3% in 2022 as of close on March 22. The stock is still up 7.6% in the year-over-year period. Back in January, I’d suggested that investors should get in on this top dividend stock. I’m still bullish on this stock going forward.
This company released its fourth-quarter and full-year 2021 earnings on February 9, 2022. It reached and surpassed several of its guidance targets that it set earlier in the year. Great-West delivered base earnings-per-share (EPS) growth of 21.9% compared to its annual objective of 8-10%. For the full year, the company delivered base earnings of $3.26 billion — up from $2.66 billion in 2020. It achieved net earnings growth in its Canadian, United States, and European divisions.
Shares of this TSX stock possesses a price-to-earnings (P/E) ratio of 10 as of close on March 22. That puts Great-West in favourable value territory at the time of this writing. Moreover, it has an RSI of 31. This means the stock is just outside of oversold levels. Better yet, it offers a quarterly dividend of $0.49 per share. That represents a strong 5.4% yield. This is a great opportunity for Canadian investors to add a top dividend payer at a discount.
Canadians may want to target this reeling TSX stock that was a top performer in the 2010s
Boyd Group Services (TSX: BYD) is another company that is based in Winnipeg. It operates non-franchised collision repair centres in the United States and Canada. This TSX stock has plunged 27% so far this year. Its shares have plummeted 36% compared to the same time in 2021. Back in February, I’d discussed why Boyd Group was worth monitoring after it hit a 52-week low.
Investors can expect to see this company’s final batch of 2021 earnings this morning. However, at the time of this writing, I’m still awaiting the release of its most recent results. In Q3 2021, the company delivered sales growth of 28% to $490 million. Moreover, gross profit jumped 19% to $215 million, while adjusted EBITDA dropped 18% to $51.5 million.
This TSX stock was one of the top performers on the TSX over the course of the 2010s. It is still worth targeting after its sharp March dip. The stock currently possesses an RSI of 29, which puts its shares in technically oversold territory. Boyd Group stock offers a quarterly dividend of $0.144 per share, representing a modest 0.3% yield.
