3 Dirt-Cheap Dividend Stocks Up 10% or More in 2022

These dividend stocks prove you can have it all, getting growth over 10% in 2022, and passive income on top of that on the TSX today.

| More on:
Money growing in soil , Business success concept.

Image source: Getty Images

Can you have it all right now? This market correction would certainly have you think otherwise. The TSX today remains down by 10.6% year-to-date. So it’s no wonder many Canadians are seeking out dividend stocks.

But what if I told you that you could have it all? You could have those dividend stocks, and see them rise higher and higher in 2022 and beyond. Furthermore, they remain dirt cheap at current levels.

Let me give you three stellar options.

Loblaw

Loblaw (TSX:L) is one of the first dividend stocks you should absolutely consider on the TSX today. The company recently reported its earnings and everything was up across the board. Well, except e-commerce, but that’s to be expected as Canadians return to in-store sales.

The company continues to create partnerships through its PC Optimum programs, and keep Canadians choosing its stores. That includes low-cost models like No Frills during a time of inflation. What’s more, shares are up 15% year-to-date. All while trading at 20 times earnings as of writing, and 3.4 times book value.

Loblaw is a dividend stock offering a yield of 1.36%. A $5,000 investment could bring in about $70 per year.

Northland Power

Renewable power companies may be a great long-term investment among dividend stocks. But when it comes to Northland Power (TSX:NPI) you could see even more growth sooner than later. Shares of Northland are already up by 11.4% year-to-date. Yet the stock trades at just 3.2 times book value.

The company also offers a diverse range of clean energy assets, from wind and solar to hydropower and clean-burning natural gas. Further, it operates around the world, from North America and Europe to Latin America and Asia.

If you pick Northland Power as one of your dividend stocks, you will get a yield of 2.93%. A $5,000 investment could bring in $144 annually.

Winpak

Finally, maybe the best winner of this year is Winpak (TSX:WPK). The packaging company to the food and healthcare industry proved that even during a market correction on the TSX today it can still bolster growth. And yet it continues to trade in value territory among dividend stocks, at just 2 times book value.

Shares of Winpak are up a whopping 20.8% year-to-date. This growth comes from quarter-after-quarter of estimate-beating earnings. And once the downturn in the markets reverses and consumers start spending again, Winpak earnings are bound to reach even higher.

Today you can pick up this dividend stock at a yield of 0.27%. Not high, I’ll grant you. However, it’s still a solid choice given its growth. A $5,000 investment would bring in $13.40 annually.

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 Amy Legate-Wolfe has positions in LOBLAW CO. The Motley Fool has no position in any of the stocks mentioned.

More on Dividend Stocks

Two seniors float in a pool.
Dividend Stocks

TFSA: How to Earn $1,890 in Annual Tax-Free Income

Plunk these investments into your TFSA to earn passive income and avoid the taxman.

Read more »

Engineers walk through a facility.
Dividend Stocks

1 TSX Stock I Wouldn’t Touch With a 10-Foot Pole

AtkinsRéalis (TSX:ATRL) is one TSX stock I'd never invest in.

Read more »

edit Woman in skates works on laptop
Dividend Stocks

3 No-Brainer Stocks to Buy Under $30

These three stocks all offer a huge deal for investors looking for dividends, as well as growth that will last.

Read more »

You Should Know This
Dividend Stocks

How to Convert a $300 Monthly Investment Into $338 in Monthly Income

If you want a certain amount in monthly passive income, invest a similar amount today and leave the rest to…

Read more »

Increasing yield
Dividend Stocks

3 Income Stocks With Big Yields to Consider in April 2024

If you haven’t yet made your March investments, here are three income stocks to buy the dip and lock in…

Read more »

Senior Man Sitting On Sofa At Home With Pet Labrador Dog
Dividend Stocks

RRSP Investors: Don’t Miss Out on This Contribution Hack!

This hack has so many benefits for you -- not just when you put it in your RRSP but for…

Read more »

A red umbrella stands higher than a crowd of black umbrellas.
Dividend Stocks

Passive Income: 2 Safe Dividend Stocks to Own for the Next 10 Years

Dividend stocks such as Manulife and Fortis can help you generate a stable and recurring passive-income stream.

Read more »

Young woman sat at laptop by a window
Dividend Stocks

3 Dividend Stocks Everyone Should Own for the Long Haul

For investors looking for top-tier dividend stocks to buy and hold for the long term, here are three of my…

Read more »