3 Dividend Stocks to Buy Hand Over Fist

These are dividend stocks I’ll continue to buy again and again in the years to come, even with shares dropping, as they have been on the TSX today.

Amy Legate-Wolfe

Author Bio

Amy became interested in investing in 2018 after having her first daughter. After receiving a masters degree in journalism from Western University, she became frustrated that the finance industry remained a confusing place for Canadians like her: new parents, millennials, and other young people who needed to understand their finances. Now, Amy focuses on tech companies and renewable energy for growth opportunities, coupling that with long-term investing strategies and equities. She also provides investors with a daily newsletter, Canada Stock Digest, for daily market updates. Her work can also be found at Canada's National Observer, where she writes on the business side of climate action. Before joining Motley Fool Canada, Amy wrote for major news organizations including HuffPost, CTVNews.ca, and CBC. When she’s not researching investing strategies, Amy’s time is pretty much monopolized by her two wild daughters, but in what little spare time she has she loves to do yoga, go on walks with her dog, and travel with her husband.

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Favorite Investment Quote

“October: This is one of the particularly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February.” – Mark Twain

Published July 30, 2022 1:15 pm EDT

Dividend stocks have become incredibly popular on the TSX today. Investors went through pretty severe losses after new generations got into growth stocks. Then the market correction happened, and we’re still going through it. As of writing, the TSX is still down by 10.6% year to date.

So, it’s no wonder we’re seeking out dividend stocks. But even these stocks are down on the TSX today, which is why it’s such a great opportunity. Without further ado, here are the three I’d buy hand over fist.

woman analyze data — Image source: Getty Images

NorthWest Healthcare REIT

Shares of NorthWest Healthcare Properties REIT (TSX:NWH.UN) fell after investors moved their funds away with the ease of pandemic restrictions. I was not one of those investors. There is enormous potential for healthcare stocks, especially dividend stocks like NorthWest that continue to grow at an astounding rate.

The company has hit record high in revenue quarter after quarter. It’s now expanded its properties into the United States, where healthcare is privatized. Furthermore, while shares are down 3.78% year to date, those shares are also still up 68% in the last five years alone.

Finally, you can now lock in this company as one of your dividend stocks with a 6.22% dividend yield while it trades at 7.12 times earnings.

CIBC

Another strong option on the TSX today is Canadian Imperial Bank of Commerce (TSX: CM)(NYSE: CM). The Big Six banks haven’t been doing well with interest rates rising and inflation to boot. Canadians aren’t taking loans out like they used to. However, the Big Six are all dividend stocks that have provisions for loan losses. Each have come back downturn after downturn within a year. Even during the Great Recession in 2009.

The bank recently went through a stock split, making it more affordable for investors to pick up even a few shares. It offers the highest dividend yield based on price per share. Finally, it’s been expanding its business and improving its customer satisfaction for the last year or so, with shares growing 185% in the last decade along.

Yet today, shares are down 12% year to date, and it trades at a valuable 8.97 times earnings. So, investors can lock in a 5.27% dividend yield on the TSX today.

Brookfield Renewable

Finally, Brookfield Renewable Partners (TSX: BEP.UN)(NYSE: BEP) is my favourite long-term hold for dividend stocks. Brookfield is in the clean energy business and has been since the 1880s. But its newer renewable energy stock has been around for over two decades as well. In that time, it’s grown 3,554%!

Yet I’m certain growth will continue at an astounding rate with the world shifting to clean energy. Brookfield continues to make deals with countries across the world, including Europe, which is going through a major shift to clean energy. Countries simply don’t want to rely on outside sources for energy. And that makes it a great time to consider this company among dividend stocks.

With clean energy assets in every category and a growing business, Brookfield is one of my favourite dividend stocks on the TSX today. Shares are actually up by 5.2% year to date, and it offers a 3.49% dividend yield. All this to say that this is one to seriously consider for the next few decades.