Now may not be the time to go all-in on a stock. In fact, that really is never a great idea. However, just because you shouldn’t be making a large investment during a volatile market doesn’t mean you shouldn’t invest at all in TSX stocks.
In fact, now is a great time to invest in safe stocks that offer ultra-high dividend yields. The market is down, but these companies are bound to come roaring back.
So, which TSX stocks should investors seek out today? Let’s take a look.
Sienna Senior Living
Sienna Senior Living (TSX:SIA) is a solid choice that produces monthly passive income. It’s had a hard few years as a senior living provider. The pandemic led to a tragic increase in deaths at long-term-care homes. This then led to a decrease in share price, one the company is still working back from.
Yet it’s then a great time to buy up the stock while it’s still down amidst this market turmoil. Sienna stock trades at 1.831 times book value as of writing and offers a substantial 8.54% dividend yield. Again, this comes out monthly, providing even a small investment with regular income.
Furthermore, should shares reach 52-week highs once more, you could have major returns. You can see what that might look like in the table below from a $1,000 investment.
| COMPANY | RECENT PRICE | NUMBER OF SHARES | DIVIDEND (ANNUAL) | TOTAL PAYOUT (ANNUAL) | FREQUENCY | TOTAL PORTFOLIO |
| SIA — Now | $11 | 91 | $0.94 | $85.54 | Monthly | $1,000 |
| SIA — Highs | $15.64 | 91 | $0.94 | $85.54 | Monthly | $1,423.24 |
Once shares reach 52-week highs once more, you could have returns of $423.24, along with dividends of $85.54 per year! That comes to $7.13 per month.
Slate Grocery REIT
Another solid choice is Slate Grocery REIT (TSX:SGR.UN), which offers investors the stability of grocery-anchored real estate. The company did well during the pandemic and have continued to do well, even in this inflationary environment.
Yet even with its bottom line remaining strong, shares of Slate stock have gone down. Slate stock currently trades at just 4.78 times earnings as of writing, and 0.818 times book value. You can therefore bring in an ultra-high dividend yield at 8.69%. And just like with Sienna stock, this comes out every month.
Shares of this stock are down 17% in the last year alone, so if those shares rebounded to 52-week highs you could also be in for major returns. Again, here is what that would look like in the table below from a $1,000 investment.
| COMPANY | RECENT PRICE | NUMBER OF SHARES | DIVIDEND (ANNUAL) | TOTAL PAYOUT (ANNUAL) | FREQUENCY | TOTAL PORTFOLIO |
| SGR.UN — Now | $13.50 | 74 | $1.17 | $86.58 | Monthly | $1,000 |
| SGR.UN — Highs | $16.53 | 74 | $1.17 | $86.58 | Monthly | $1,223.22 |
Again, you now have a solid return of $223.22, along with monthly income at $86.58 per year. That comes out at a nice little $7.22 each and every month.
Bottom line
So, don’t think that just because you can only make a small investment, you won’t get paid. With these two ultra-high TSX stocks, you could create returns that will help you on your way to financial freedom.
