The market is filled with great dividend stocks to consider adding to any well-diversified portfolio. Among those dividend earners are a handful of TSX stocks set to go ex-dividend in July.
Here’s a look at several of those stocks going ex-dividend in July, and why they belong in your portfolio.
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July is banking season
First and foremost, it’s worth noting that some of the market titans are going ex-dividend in July. This includes Canada’s big bank stocks, which can be seen as an opportunity for long-term investors.
Specifically, Bank of Montreal (TSX: BMO) is the big bank to take a closer look at towards the end of the month.
BMO is the oldest of the big banks, and as a result, is often viewed as a stable cornerstone of any portfolio. As an income stock, BMO has been paying out dividends for nearly two centuries without fail.
This makes the bank an insane option for income-seekers as well as those looking for a defensive pick that can provide stable results.
As of the time of writing, BMO pays out a dividend of 4.3%. Even better, BMO continues to invest in growth and provide annual upticks to that dividend.
The bank’s foray deep into the U.S. market through the acquisition of Bank of the West is a perfect example of this. That deal made BMO one of the largest banks in the U.S. market, with a presence in 32 state markets.
BMO is set to go ex-dividend this July 30th.
Invest in Canada’s retailer before August
Another great option that is going ex-dividend in July is Canadian Tire Corporation (TSX: CTC.A). Canadian Tire is known as Canada’s retailer, encompassing a growing network of retailers under different banners.
In addition to the company’s namesake, that list covers everything from automotive suppliers and clothing to party supplies and financial services.
That strong (and diversified) brand portfolio helps Canadian Tire to generate ample revenue that helps it to both invest in growth and pay a very handsome dividend.
Earlier this year, Canadian Tire announced it was acquiring the assets of the Hudson’s Bay brand. This includes various IP assets such as branding, slogans, and designs. Some of those assets are deeply popular, and most are historically significant parts of Canadian retail history.
Turning to income, Canadian Tire offers a quarterly dividend that, as of the time of writing, pays out a generous 3.8% yield.
Canadian Tire will go ex-dividend on July 31.
How about a monthly income earner?
One final option that is set to go ex-dividend in July for investors to consider is RioCan Real Estate (TSX: REI.UN). RioCan is one of the largest REITs in Canada, with a portfolio of nearly 200 properties located across Canada’s major metro markets.
Many of those properties are commercial retail, but in recent years, RioCan has shifted more towards including mixed-use residential properties as well. These mixed-use properties add an element of diversification to what’s already an impressive portfolio.
The residential properties are located in metro markets along transit corridors. This places them in an advantageous position for those seeking accommodations in metro markets.
Furthermore, the residential properties comprise towers that sit atop several floors of in-demand retail. The result is that RioCan has a recurring source of revenue that is both defensive and growing.
In terms of income, RioCan provides a juicy distribution that currently pays out an impressive 6.5% yield. And much like a landlord collecting rent, that distribution pays out on a monthly cadence.
RioCan will go ex-dividend on July 31.
Buy these stocks before they go ex-dividend in July
The stocks mentioned above are great investments to include in any well-diversified portfolio. Not only do they offer growth and some defensive appeal, but also a tasty dividend, which is set to go ex-dividend in July.
In my opinion, they are great assets to own now. Buy them, hold them, and watch your future income begin to grow.
