There’s no shortage of great income-producing stocks on the market right now. Here’s an income alert for investors looking at growing their income stream – several great dividend stocks have raised their dividends!
Here’s a look at some recent dividend stock upticks to consider for your income-producing portfolio.
Telus
Canada’s telecoms represent a great income-earning opportunity for investors and Telus (TSX: T) may be the telecom for your portfolio.
Telus generates a reliable revenue stream backed by its subscription-based offerings including wireless, TV, internet, and wireline segments. These are incredibly defensive segments that have grown in importance in recent years.
So why is Telus one of the stocks to put on your income alert shortlist?
Apart from the juicy, if not insane 6.9% yield on offer, Telus has adhered to a semi-annual dividend bump going back for nearly two decades. And that second increase is expected to come before the end of the year.
Bank of Montreal
Another stock to put on income alert is Bank of Montreal (TSX: BMO). The oldest of Canada’s big banks has been paying out dividends for nearly two centuries without fail and continues to impress investors.
Back in July, BMO announced an annual uptick in its quarterly dividend, bringing it to an impressive $1.55 per share. Given the current share price, this translates into a yield of 5.1%, making it one of the better-paying dividends on the market.
Prospective investors should note that BMO isn’t just an income stock. The bank stock generates a reliable and recurring revenue stream and continues to invest in growth initiatives. That growth is focused on the U.S. market, where the bank enjoys a growing market share.
In other words, BMO can provide income and growth lasting for decades.
Extra! More increases coming soon!
In addition to the stocks noted above that have already increased their dividends, there’s a handful of market gems that are expected to announce an increase later this year. This is yet another income alert for investors to consider.
Metro (TSX: MRU) is one of Canada’s largest grocers, with a sprawling network that is focused on both Ontario and Quebec. In addition to its grocery arm, the company also operates one of the largest pharmacy networks.
Grocers are incredibly defensive stocks owing to the necessity of what they offer. This translates into a growing source of revenue that leaves room for a respectable dividend and growth.
As an income investment, Metro provides investors with a tasty quarterly dividend. As of the time of writing, the yield works out to 1.6%, which isn’t the highest return. That being said, Metro has seen stellar growth over the years, surging over 40% in the past five-year period.
With three decades of annual increases, Metro is expected to continue that tradition by announcing an increase later this year, payable in early 2025.
Fortis (TSX: FTS) is one of the largest utility stocks in North America. The company generates a reliable revenue that is backed by regulated contracts. Not only does this make Fortis one of the most defensive picks on the market, but also allows the company to invest in growth and pay out a tasty dividend.
Fortis has provided a whopping 50 consecutive years of increases and is expected to announce its next annual increase later this year. As of the time of writing, Fortis boasts a yield of 3.9%
Given the defensive appeal of Fortis, the stock should be viewed as a must-have for any well-diversified portfolio.
