3 Magnificent Dividend Stocks to Buy in January and Forget About for a Decade

Here are three of the top dividend stocks long-term investors may want to consider in this current market, especially if rates come down.

| More on:
A worker gives a business presentation.

Source: Getty Images

One week into January 2024, investors are already looking for the best dividend stocks to earn a steady passive income over a long time. If you are interested, we have made a list you can follow.

Below are three dividend stocks where you can invest right away and let your wealth grow for almost a decade. 

Enbridge

Along with its subsidiaries, Enbridge (TSX:ENB) functions as an energy generator and distributing company. This firm functions through five major segments. These are gas transmission and midstream, energy services, renewable power generation, liquid pipeline, and gas distribution. 

The power company is looking into expanding its presence in the renewable power generation sector by adding holdings in North America. This company’s stocks received a 14% boost since early October. Recently, the stock has been trading in a sideways fashion, though in recent months, it has been trending in the right direction.

Enbridge aims to achieve a 3% distributable cash flow. Furthermore, Enbridge also signed an agreement to purchase three U.S. natural gas utilities for US$14 billion.

Looking ahead to a fruitful 2024, with new projects and acquisitions along with falling interest rates, this company announced a dividend raise of 3.1% for this year. This means retirees and long-term investors can choose ENB stocks for capital growth in the long run. 

CAPREIT

Canadian Apartment Properties Real Estate Investment Trust (TSX:CAR.UN) is Canada’s prominent publicly traded provider of rental housing. To September 2023, this company owned 64,500 residential facilities, including townhouses, houses, apartment suites, and manufactured home family suites. These properties are scattered around the Netherlands and Canada, making up investment properties worth US$16.5 billion. 

In its latest report of December 2023, this company announced acquisitions of rental properties in Canada for an aggregate value of US$90.5 million. Recently, CAPREIT purchased a 12-story rental apartment that holds nearly 114 top-notch residential suites. These acquisitions open up the potential for CAR.UN stock to offer significant returns to investors in 2024 and beyond. 

Scotiabank

Bank of Nova Scotia (TSX:BNS) is among the most popular Canadian banks for investors to consider. Outside of its domestic market, the company offers financial services in the U.S., Colombia, Peru, Mexico, Chile, and many other countries globally. Additionally, this lender offers financial products like savings accounts, debit and credit cards, loans, investment insurance, and much more. 

Indeed, as an individual bank stock, Scotiabank has been a relatively strong performer after a rough 2023. Analysts believe that Bank of Nova Scotia might encounter more gains in 2024, which is a silver lining for present shareholders as they keep holding these stocks. 

Currently, BNS stock offers a robust 6.6% dividend yield and thus can be a great pick for investors to purchase in this current environment.

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 Chris MacDonald has positions in Enbridge. The Motley Fool recommends Bank Of Nova Scotia and Enbridge. The Motley Fool has a disclosure policy.

More on Dividend Stocks

data analytics, chart and graph icons with female hands typing on laptop in background
Dividend Stocks

Down by 25%: Is Canadian Tire Stock a Buy in February 2024?

Take a closer look at this Canadian retail stock if you are looking for low-cost additions to your self-directed portfolio…

Read more »

stock research, analyze data
Dividend Stocks

Is it Too Late to Buy Dollarama Stock?

Dollarama (TSX:DOL) stock is up almost 200% from its 2020 lows. Is it still a buy?

Read more »

Golden crown on a red velvet background
Dividend Stocks

Cash Kings: The Top 2 Canadian Stocks That Pay Monthly

Two Canadian stocks are cash kings to income investors for their generous dividends and monthly payouts.

Read more »

A close up image of Canadian $20 Dollar bills
Dividend Stocks

2 No-Brainer Stocks to Buy Right Now for Less Than $20

Cheap TSX stocks such as Savaria have the potential to deliver steady gains to long-term shareholders in 2024.

Read more »

grow dividends
Dividend Stocks

TFSA Passive Income: 2 Dividend Stocks to Double Up on Right Now

These top TSX dividend stocks are on sale.

Read more »

Aircraft wing plane
Dividend Stocks

Is Bombardier Stock a Buy After Missing its Earnings Estimates?

After going past its earnings estimates, Bombardier stock looks like an excellent holding right now.

Read more »

Businessperson's Hand Putting Coin In Piggybank
Dividend Stocks

RRSP Ready: 2 Stellar Stocks for Your Annual Contribution

Two high-yield stocks are ideal options if you plan to maximize your annual RRSP contribution limits and reduce taxable income.

Read more »

grow dividends
Dividend Stocks

3 Stocks That Could Be Easy Wealth Builders

Long-term investors would be wise to have these three Canadian stocks on their radar.

Read more »