TSX Nears New High: 3 Dividend Stocks Still Worth the Buy

The TSX recently hit a new market high and seems to be edging towards another one, giving investors a reason to cheer. But it also brings up an important question. Are there still dividend stocks worth buying after such a run? The short answer is yes. In fact, three Canadian names continue to stand out even after the rally. Royal Bank of Canada (TSX:RY), Enbridge (TSX:ENB), and Manulife Financial (TSX:MFC) all offer steady dividends and long-term growth, making them ideal picks for investors.

RBC

Let’s start with the Royal Bank of Canada. This is the largest company on the TSX by market cap and one of the most dependable dividend payers out there. As of now, the dividend stock yields around 3.5%, and that income rolls in like clockwork. In its most recent quarterly results, the bank reported net income of $5.1 billion, up 43% from the same quarter in 2024. Adjusted earnings per share (EPS) came in at $3.12, compared to $2.92 a year earlier. Revenue climbed 10.7% to reach $15.7 billion.

These strong results came on the back of the successful integration of HSBC Canada, which added around 780,000 new clients. Wealth management revenue jumped 48% and capital markets rose 24%, showing just how diversified and powerful the bank’s operations are.

Royal Bank did boost provisions for credit losses, raising them to $1.4 billion. That reflects a cautious approach, given economic uncertainties, and shows the dividend stock is thinking long term. At the same time, it announced a plan to repurchase up to 35 million shares, a move that could increase earnings per share over time.

Enbridge

Next is Enbridge. Known for its massive pipeline network and reliable dividend, this dividend stock continues to deliver even in a high-interest-rate environment. It pays a generous dividend of $0.9425 per share every quarter, which comes out to $3.77 annually. That’s a yield near 6%, making it one of the highest-paying blue-chip stocks in Canada.

What makes Enbridge especially appealing is its ability to maintain that payout through cash flows that come from long-term contracts. Its business isn’t directly tied to oil prices the way that of producers are. That means even when oil prices fall, Enbridge still earns predictable income from transporting it.

In its most recent quarter, Enbridge reported revenue of $18.5 billion, up 68% year over year. Net income came in at $2.4 billion, a 56% increase from the prior year. EPS rose nearly 12% to hit $1.03. These results show that Enbridge is not only holding steady, but continuing to grow. It also raised its dividend earlier this year and reaffirmed its target payout ratio of between 60% and 70% of distributable cash flow.

Manulife

Finally, there’s Manulife Financial. This global insurance and wealth management giant offers a mix of income and long-term potential. While its dividend yield is lower at around 2.1%, the dividend stock provides exposure to fast-growing markets in Asia and steady earnings from its North American operations. In the most recent quarter, net income was $485 million, down from $866 million a year ago. The drop came largely due to market-related losses and higher credit loss provisions related to natural disasters.

Despite the earnings decline, the dividend stock’s core operations remained strong. Fee income in its global wealth and asset management business rose 24%, and insurance sales in Asia increased 50%. With a solid capital base, diversified global exposure, and a long history of dividend payments, Manulife still deserves a place in a portfolio.

Bottom line

All three of these stocks offer something slightly different. Royal Bank delivers dependable income and consistent earnings. Enbridge offers one of the highest dividend yields on the market backed by strong cash flow. Manulife brings global growth exposure and solid long-term value. In fact, $5,000 towards each could bring in $666.98 in annual passive income!

In a market that’s already rallied, it’s smart to focus on quality. These three dividend stocks continue to be worth buying, especially for those thinking about the next 10 or 20 years, not just the next few months.