2 Dividend Stocks to Double up on Right Now

These two dividend stocks don’t just offer a nice dividend, but huge growth. With one potentially being a major winner in 2024.

| More on:
Target. Stand out from the crowd

Image source: Getty Images

Canadians looking for dividend stocks may be a bit too focused on one point right now: the dividend yield. While finding a high dividend yield can be great, it’s not so great if that dividend yield doesn’t come with high returns.

In fact, a high dividend yield can be a sign of bad things to come. If it’s too high, the company can’t keep up with dividend payments. This can lead to a cut in the dividend. This is why, instead of the yield, investors should look at a combination of high yield and a strong payout ratio. A dividend-payout ratio between 30% and 80% is ideal, as companies have enough cash to pay out the dividend and still have room to grow it.

With that in mind, today we’re going to look at two dividend stocks investors will want to double up on right now. They offer a strong dividend yield, stable payout ratio, and returns to boot.


First up, we have goeasy (TSX:GSY), which has a dividend yield of 2.65% as of writing, a 26.5% payout ratio, and enormous returns of 94% in the last year alone. This comes after years of proving its worth to investors, with low and high interest rates proving positive for the stock.

The company is a Canadian financial services company that specializes in non-prime leasing and lending. The stock offers a range of financial products and services to consumers who may have difficulty accessing traditional bank loans or credit due to factors such as poor credit history or limited income. 

goeasy stock operates through two main segments: easyfinancial and easyhome. easyfinancial provides personal loans, secured loans, and unsecured loans to individuals, while easyhome offers furniture, electronics, appliances, and other household items through lease-to-own agreements.

In the past few years, goeasy stock has experienced significant earnings growth in recent years. This has led to a history of increasing its dividend payouts, which can be attractive to income investors and contribute to a higher stock price. Even higher interest rates have been beneficial, with consumers looking for the best rate! Overall, goeasy stock is certainly one of the best dividend stocks to double up on right now.


If you’re looking for a rebound company, then I would look to Cargojet (TSX:CJT). While it’s not a growth stock, it still has a stable and growing dividend as well as a strong payout ratio. Cargojet stock is up almost 10% in the last year and even more since earnings. Its dividend yield is 1.09%, with a payout ratio of just 54%.

The Canadian cargo airline operates an extensive network of domestic and international cargo services, primarily within Canada but also to destinations in the United States and other countries. Cargojet specializes in time-sensitive cargo shipments, including overnight delivery services, which was highly beneficial during the pandemic.

However, the surge of e-commerce has driven demand for air cargo transportation, potentially benefiting Cargojet. What’s more, the company continues to expand its fleet, destinations, and operations. This includes through major partnerships, such as with Amazon and DHL. So, again, if you’re looking for major growth, certainly consider Cargojet stock as one of the dividend stocks to buy as well — especially for a rebound.

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 Cargojet and Goeasy. The Motley Fool has positions in and recommends Cargojet. The Motley Fool has a disclosure policy.

More on Dividend Stocks

Golden crown on a red velvet background
Dividend Stocks

Is a Dividend Cut Coming for This 8.92%-Yielding Stock?

BCE stock (TSX:BCE) recently increased its dividend by 3%, but investors may be in for a cut if the company…

Read more »

financial freedom sign
Dividend Stocks

How Long Would it Take to Turn $95,000 Into $1 Million With TSX Dividend Stocks?

Long-term investing in resilient dividend stocks can help you convert $95,000 into $1 million. Here's how.

Read more »

woman analyze data
Dividend Stocks

2 Undervalued Stocks I’d Buy in May

Undervalued TSX stocks such as goeasy and Dollarama have already delivered game-changing returns to shareholders.

Read more »

Dividend Stocks

3 Dividend Stocks That Pay Me More Than $170 Per Month

These three monthly-paying dividend stocks are ideal to earn a stable passive income.

Read more »

A plant grows from coins.
Dividend Stocks

Better Dividend Deals: High Yield vs. Growth Potential

Are you wondering which dividend stock to buy? Here’s a parametre to ponder: higher dividend yield or higher dividend growth?

Read more »

Retirees sip their morning coffee outside.
Dividend Stocks

Here’s the Average CPP Disability Benefit in 2024

If you have dividend stocks like Fortis Inc (TSX:FTS) in your TFSA, you can withdraw your proceeds to help cover…

Read more »

top TSX stocks to buy
Dividend Stocks

Dividend Royalty: 5 Fabulous Stocks to Buy Now for Decades of Passive Income

These five companies offer strong returns.

Read more »

calculate and analyze stock
Dividend Stocks

A Dividend Giant I’d Buy Over TC Energy Stock

TC Energy is a blue-chip dividend stock that is positioned to grow its payouts in the near term. But is…

Read more »