In this article, we discuss 5 Canadian dividend stocks for steady income. To check out more Canadian dividend payers, click 10 Canadian Dividend Stocks for Steady Income.
5. Russel Metals Inc. (OTC:RUSMF)
Number of Hedge Fund Holders: N/A
Dividend Yield as of April 1: 4.63%
Russel Metals Inc. (OTC:RUSMF) is a Mississauga-based metal distribution company operating in North America. The three segments at Russel Metals Inc. (OTC:RUSMF) include Metals Service Centers, Energy Products, and Steel Distributors. The company provides steel products to multiple industries including machinery and equipment manufacturing, construction, ship building, and natural resources.
On February 10, Russel Metals Inc. (OTC:RUSMF) declared a quarterly per share dividend of C$ 0.38, in line with previous. The dividend was paid to shareholders on March 15. The stock delivers a dividend yield of 4.63% as of April 1.
Stifel analyst Ian Gillies on March 30 maintained a Buy recommendation on Russel Metals Inc. (OTC:RUSMF) and raised the price target on the shares to C$37.25 from C$36.
4. Manulife Financial Corporation (NYSE:MFC)
Number of Hedge Fund Holders: 15
Dividend Yield as of April 1: 4.91%
Manulife Financial Corporation (NYSE:MFC) is headquartered in Toronto, Canada, providing financial products and services to customers in Asia, Canada, the United States, and international markets. The company specializes in asset management, insurance, commercial banking, mortgage, consumer banking, mutual funds, reinsurance, securities underwriting, and wealth management.
Manulife Financial Corporation (NYSE:MFC) delivers a dividend yield of 4.91% as of April 1. The company declared on February 9 a C$0.33 per share quarterly dividend, a 17.9% increase from its prior dividend of C$0.28. The dividend was paid on March 21, to shareholders of the company as of February 23.
On February 14, Desjardins analyst Doug Young maintained a Buy rating on Manulife Financial Corporation (NYSE:MFC) and raised the price target to C$30 from C$29.
Among the hedge funds tracked by Insider Monkey, 15 funds were long Manulife Financial Corporation (NYSE:MFC), compared to 18 funds in the previous quarter. GLG Partners is the largest shareholder of the company, with 8.7 million shares worth close to $168 million.
3. Corus Entertainment Inc. (OTC:CJREF)
Number of Hedge Fund Holders: N/A
Dividend Yield as of April 1: 4.91%
Corus Entertainment Inc. (OTC:CJREF) is a Toronto-based multinational mass media company that operates television networks and radio stations in Canada and internationally.
On January 13, Corus Entertainment Inc. (OTC:CJREF) announced a C$0.06 per share quarterly dividend, in line with previous. The company also declared a Class A quarterly dividend of $0.0588 per share, which was paid to shareholders on March 31. The stock delivers a dividend yield of 4.91% as of April 1.
National Bank analyst Adam Shine reiterated an Outperform recommendation on the shares but lowered the price target on Corus Entertainment Inc. (OTC:CJREF) to C$6.50 from C$8 on March 23.
2. BCE Inc. (NYSE:BCE)
Number of Hedge Fund Holders: 12
Dividend Yield as of April 1: 5.11%
BCE Inc. (NYSE:BCE) is a telecommunications and media company based in Verdun, Canada. The company is involved in providing fixed line and mobile telephony, digital television, radio broadcasting, print, and internet services.
On February 3, BCE Inc. (NYSE:BCE) declared a C$0.92 per share quarterly dividend, a 5.1% increase from its prior dividend of C$0.88. The dividend is payable on April 15, to shareholders of record on March 15. The stock delivers a dividend yield of 5.11% as of April 1.
The investment advisory Argus raised the price target on BCE Inc. (NYSE:BCE) to $60 from $54 and kept a Buy rating on the shares on March 23, citing the stock’s consistent returns and dividend growth. The firm believes these traits warrant a higher than industry average valuation for BCE Inc. (NYSE:BCE).
Among the hedge funds tracked by Insider Monkey, Renaissance Technologies held the largest stake in BCE Inc. (NYSE:BCE), with 789,371 shares worth over $41 million. Overall, 12 hedge funds were bullish on the stock at the end of December 2021.
1. Enbridge Inc. (NYSE:ENB)
Number of Hedge Fund Holders: 21
Dividend Yield as of April 1: 5.82%
Enbridge Inc. (NYSE:ENB) is a Canadian multinational pipeline and oil storage company that transports crude oil, natural gas, and natural gas liquids across the United States and Canada. Enbridge Inc. (NYSE:ENB)’s dividend yield on April 1 came in at 5.82%, making it one of the most notable Canadian dividend stocks for reliable income.
On December 7, Enbridge Inc. (NYSE:ENB) declared a C$0.860 per share quarterly dividend, a 3% increase from its previous dividend of C$0.835. The dividend was distributed to shareholders on March 1.
The company published its Q4 results on February 11, posting GAAP earnings per share of $0.71, exceeding estimates by $0.13. Revenue for the quarter increased 24.68% year-over-year to $9.82 billion, topping market consensus by $3.48 billion.
BMO Capital analyst Ben Pham on February 14 raised the price target on Enbridge Inc. (NYSE:ENB) to C$59 from C$57 and kept an Outperform rating on the shares.
According to the database of Insider Monkey, 21 hedge funds were bullish on Enbridge Inc. (NYSE:ENB) at the end of the fourth quarter of 2021, with collective stakes amounting to more than $550 million. Rajiv Jain’s GQG Partners held the biggest stake in the company, with 9.7 million shares worth $380.2 million.
Here is what ClearBridge Investments Dividend Strategy has to say about Enbridge Inc. (NYSE:ENB) in its Q3 2021 investor letter:
“We are meaningfully overweight energy, particularly within North American energy infrastructure. Enbridge and Williams, our two infrastructure holdings, possess crown jewel infrastructure assets. They each deliver meaningful proportions of the overall energy produced and consumed in North America. Their revenues are backed by long-term contracts with high-quality counterparties and have little direct commodity price exposure. Their growth has been driven by the increasing production of North American energy. The advent of unconventional oil and gas production (oil sand and shale) has made North America a low-cost competitor on a global basis. We expect strong North American production to be an enduring feature of global energy supply for decades to come.”
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