If you’re looking to buy on the TSX today, now is the time. You can gain access to some of the best deals around for a steal. These are a deal thanks to a long history of share growth, but have fallen during these last few months or years.
The thing is, there are some strong stocks that really don’t deserve the low share price. And that means you can pick them up in many cases with an ultra-high dividend, knowing full well they’ll recover!
And if there is one super dividend stock I would consider for this on the TSX today, it’s goeasy (TSX:GSY).
Why goeasy stock?
This loan provider stock may be the best option for many investors on the TSX today. The company has been around since 1990, starting out with home appliance and furniture loans before branching out to auto loans, home loans, and many more.
Fast forward to today and the company has now been on the market for decades, showing it can manage through recessions, downturns, and even a pandemic. What’s more, while even the Big Six Banks are floundering, the stock has proven to be superior with loan originations even to these big names.
Goeasy stock continues to report record loan originations quarter after quarter. This has shown that even in this high interest rate environment, the company remains a primary choice for Canadians. And that should only improve as the market and economy recovers as well.
A fall, then rise
What’s more, goeasy stock is still a steal on the TSX today. The company trades at just 13.8 times earnings as of writing, as well as 2.3 times sales. Shares are up 42% in the last year alone, but still down slightly from 52-week highs. Consider all-time highs and that’s even better, down 27% from those highs.
And the stock is sure to reach those levels once more. Which is why it’s a significantly strong buy on the TSX today. You can therefore grab returns while also grabbing hold of a superior dividend yield currently at 2.39% as of writing.
Finally, it’s important to consider that goeasy stock is also a Dividend Aristocrat. That means the company has increased its dividend for the last five years at least! So don’t just look at returns, but what the dividend will get you as well.
It all adds up
So if you’re looking for passive income from a dividend stock, certainly consider goeasy stock. If you were to purchase just 50 shares on the TSX today, here is what that could get you in monthly income.
| COMPANY | RECENT PRICE | NUMBER OF SHARES | DIVIDEND | TOTAL PAYOUT | FREQUENCY | PORTFOLIO TOTAL |
| GSY – now | $159 | 50 | $3.84 | $192 | quarterly | $7,950 |
| GSY – highs | $202 | 50 | $3.84 | $192 | quarterly | $10,100 |
That investment in 50 shares could easily turn into returns of $2,150 with dividends of $192. That’s total passive income of $2,342 coming to $195 each month! So what are you waiting for? Catch goeasy stock on the recovery and look forward to major passive income in the months and years to come.
