10 Best Canadian Dividend Stocks to Buy For Income Investors

6. The Toronto-Dominion Bank (NYSE:TD)

Number of Hedge Fund Holders: 23

The Toronto-Dominion Bank (NYSE:TD) is a Canadian multinational banking and financial services company that offers a wide range of services to its consumers. Despite the challenges faced in recent years, TD continues to be a highly profitable bank. The company also maintains a strong capital position, which provides it with the ability to weather economic uncertainty or pursue strategic acquisitions in new markets. In the past six months, the stock is up by nearly 3%.

In the fourth quarter of 2024, The Toronto-Dominion Bank (NYSE:TD) reported revenue of C$14.9 billion, which showed a growth from C$14.1 billion in the same period last year. A significant development for the company this quarter was the resolution of its US AML matters, providing crucial clarity to its stakeholders. Remediation remains the top priority, and the company continues to make significant strides in addressing the issues. The company’s Canadian Personal and Commercial Banking segment reported a net income of C$1.8 billion, marking a 9% increase from the same period last year, driven by higher revenue.

On December 5, The Toronto-Dominion Bank (NYSE:TD) announced a 2.9% increase in its quarterly dividend to C$1.05 per share. This marked the company’s tenth consecutive year of dividend growth. With a dividend yield of 5.37% as of January 10, TD is one of the best dividend Canadian stocks on our list.

Insider Monkey’s database of Q3 2024 indicated that 23 hedge funds held stakes in The Toronto-Dominion Bank (NYSE:TD), up from 22 in the previous quarter. These stakes have a consolidated value of over $540.5 million. With more than 3.6 million shares, Arrowstreet Capital was the company’s largest stakeholder in Q3.