One of the best things about investing is the sheer selection of great dividend stocks to buy. Even better, a decent starting position in those stocks can be purchased for less than $1,000.
Here’s a look at some of the dividend stocks to buy today for those investors looking to start to augment any type of portfolio.
Utility stocks are great anchors
Utility stocks are stellar additions to any portfolio. That’s because they offer stability and a juicy dividend wrapped in a defensive shell. Even better, that dividend often comes with decades of well-established annual upticks.
That’s precisely what those investors seeking dividend stocks to buy will find when considering Canadian Utilities (TSX:CU).
Canadian Utilities is one of the largest utilities in the country. The company has produced a reliable revenue stream and paid out handsome dividends to investors for decades without fail.
In fact, Canadian Utilities is one of just two Dividend Kings in Canada. This means the company has provided 50 consecutive years of increases to shareholders. As of the time of writing, Canadian Utilities offers a tasty yield of 5.27%.
Bank stocks provide solid income
Canada’s big banks are superb income generators. Not only do they boast juicy yields, but they also offer growth and a reliable revenue stream.
Bank of Montreal (TSX:BMO) is a great fit for investors looking for dividend stocks to buy. BMO is the oldest of the big banks and has been paying out dividends without fail for nearly two centuries.
Today, the bank offers a tasty 4.62% yield, making it a solid addition to any portfolio.
Turning to growth, BMO offers investors plenty of long-term potential. In recent years, the bank has expanded further into the U.S. market.
In fact, last year, BMO’s presence in the U.S. market expanded to 32 states, making it one of the largest lenders. Note that this is in addition to BMO’s strong presence in Canada, where it generates a reliable and growing revenue stream.
In other words, BMO is a solid option to buy and forget, even if starting with just $1,000.
Forget real estate and go for this REIT
REITs represent another great option for investors looking for dividend stocks to buy. In particular, investors should look closely at RioCan Real Estate (TSX:REI.UN).
RioCan offers investors an opportunity to invest in a growing number of mixed-use properties. Those properties cater to the demand for both high-traffic retail, as well as residential properties with shorter commute times.
For prospective investors, RioCan is an amazing alternative to owning a single-unit rental property. Not only is the risk spread out across hundreds of units, but the investment comes with a lower upfront cost and no mortgage or property taxes.
Perhaps best of all, RioCan pays out distributions on a monthly cadence, like a landlord collecting rent. As of the time of writing, that distribution earns a tasty 6.06%, making it one of the better-paying dividends.
Buy this telecom, too
Canada’s big telecoms represent another option for investors seeking dividend stocks to buy. Specifically, Telus (TSX:T) offers investors an opportunity to earn a handsome income from a solid and very defensive business.
Unlike its big telecom peers, Telus lacks a media segment. This has helped Telus sidestep many of the issues its peers have dealt with in recent years as interest rates rose.
As of the time of writing, Telus offers investors an insane 7.94% yield, making it one of the better-paying options on the market.
Your dividend stocks to buy list includes this gem
No portfolio of dividend stocks to buy would be complete without mentioning Enbridge (TSX:ENB).
The energy infrastructure behemoth offers one of the juiciest yields on the market, decades of growth and a diversified business that screams potential. And that’s not even mentioning its core pipeline business, which generates the bulk of its revenue.
Enbridge’s diversified business mix includes a growing renewable energy portfolio as well as the largest natural gas utility in North America.
Turning to dividends, Enbridge pays out a juicy 5.84% yield. The company has also provided investors with generous juicy upticks to that dividend for three decades without fail.
That fact alone warrants this stock as one of the best dividend stocks to buy right now.
