3 TSX Stocks With High Dividend Yields

Investing in dividend stocks can help you achieve financial independence. By investing in stocks that can generate higher yields, investors could speed up that process and snowball their portfolios more quickly. However, it’s generally not a good idea to simply focus on dividend yield. There are other aspects of a stock that investors should consider as well.

In this article, I’ll discuss three blue-chip dividend stocks with high dividend yields that you should consider buying today.

Start with a company that raises its dividend every year

Fortis (TSX:FTS)(NYSE:FTS) is the first stock that Canadians should consider adding to their portfolio. This company provides regulated gas and electric utilities to more than three million customers in Canada, the United States, and the Caribbean. In 2021, the company reported $9.4 billion in revenue, making it one of the larger utility companies in North America.

Fortis is well known for its excellent history of increasing its dividends. The company has managed to increase its distribution in each of the past 48 years. That gives Fortis the second-longest active dividend-growth streak in Canada. Fortis also plans to continue raising its dividend through to at least 2025 at a compound annual growth rate (CAGR) of 6%. Those characteristics and an attractive forward dividend yield of 3.64% make Fortis a must-have in your portfolio.

A company that dominates two industries

Telus (TSX:T)(NYSE:TU) is another stock that investors should consider buying today. This is one of Canada’s three large telecom companies. Alongside BCE, it operates the largest telecom network. Its coverage area accounts for 99% of the Canadian population. In addition to its strong telecom business, Telus has emerged as an important player in the healthcare industry. It offers a suite of professional and personal healthcare solutions. Of which, MyCare, may be the most intriguing. Through the app, users can connect with doctors for no fee.

A Canadian Dividend Aristocrat, Telus has managed to increase its distribution in each of the past 18 years. The company aims to maintain a payout ratio of 60-75% of free cash flow. With a forward dividend yield of 4.50%, this two-industry behemoth is a company investors should strongly consider buying today.

Paying dividends for nearly two centuries

Finally, investors should consider buying shares of Bank of Nova Scotia (TSX:BNS)(NYSE:BNS). This is Canada’s third-largest bank in terms of assets under management, revenue, and market cap. Bank of Nova Scotia separates itself from its peers by focusing on international growth. In fact, known as Canada’s most international bank, Bank of Nova Scotia operates 2,000 branches and offices across 50 countries.

Bank of Nova Scotia first started paying its shareholders a dividend on July 1, 1833. Since then, the company has never missed a dividend payment. That represents 189 years of continued dividend distributions. In addition to that long history of paying shareholders reliably, Bank of Nova Scotia offers a very attractive dividend yield. It currently has a forward dividend yield of 5.38%.

The post 3 TSX Stocks With High Dividend Yields appeared first on The Motley Fool Canada.

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Fool contributor Jed Lloren has positions in BANK OF NOVA SCOTIA. The Motley Fool recommends BANK OF NOVA SCOTIA, FORTIS INC, and TELUS CORPORATION.