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Top 7 Canadian Bank Stocks that Pay Dividends

Melisa R. H.Melisa R. H. Posted On December 18, 2018
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Canadian Banks are good quality blue chip stocks and are under-valued right now. They also offer above-average dividend yields. As the interest goes up, the stock tends to appreciate. Here’s the best Canadian banks that pay dividends.

Royal Bank of Canada (RY-T)

Royal Bank (RY-T) — Stockchase
Royal Bank (RY-T) — Stockchase

(A Top Pick Apr 09/20, Up 38%) He would buy it again. It is a corner stone of his portfolio. They have a dominant position and are well capitalized. They will have relatively easy comparisons this year because they took big credit losses last year. You can buy it any day.

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Toronto Dominion (TD-T)

Toronto Dominion (TD-T) — Stockchase
Toronto Dominion (TD-T) — Stockchase

Likes banks in general. TD is on the upper end of price. Likes the good price momentum, reasonable multiple, and return of reserves. The rising yield curve is good for the banks. Mortgage rates have started to go back up again. Payout ratio is good, earnings are good. US exposure is a positive right now.…

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Bank of Nova Scotia (BNS-T)

Bank of Nova Scotia (BNS-T) — Stockchase
Bank of Nova Scotia (BNS-T) — Stockchase

In a transformation to digital by investing in wealth business acuiqistions. International exposure is being retooled too. Likes it in general since banks have tail winds like yield curve steepening, ability to buy back stocks again, etc. One of the cheaper banks. The wealth business is showing good returns. Good value and volatility measures. (Analysts’…

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Bank of Motnreal (BMO-T)

Bank of Montreal (BMO-T) — Stockchase
Bank of Montreal (BMO-T) — Stockchase

Boring but you don't need to make things harder than they need to be. Banks have been trading below their historical multiple. They tend to do well in recovery, higher interest rates and steepening yield curve. Banks haven't been able to increase dividends or buy back stocks but this should change soon. BMO has good…

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Canadian Imperial Bank of Commerce (CM-T)

Canadian Imperial Bank of Commerce (CM-T) — Stockchase
Canadian Imperial Bank of Commerce (CM-T) — Stockchase

It's a lot more competitively priced than Royal. It trades at 1.4x book and pays a safe dividend over 4.5%. He expects growth in the coming years. The banks have been unable to raise dividends, but that's likely to change if the recovery takes hold.

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National Bank of Canada (NA-T)

National Bank of Canada (NA-T) — Stockchase
National Bank of Canada (NA-T) — Stockchase

Thinks of best business first, and then country second. His clients own National Bank, TD, RY, and JPM. Best banks with the best management teams. Jaime Dimon at JPM is the very best. In Canada, his favourite is always National, with smart acquisitions and growing in wealth management. All Canadian banks are under-levered. You have…

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Laurentian Bank of Canada (LB-T)

Laurentian Bank (LB-T) — Stockchase
Laurentian Bank (LB-T) — Stockchase

An outlier in Canadian banking, a small regional player. They're cleaning house among management and trimming costs, but that's tricky because they're hemmed into one region, Quebec. LB is trying to go entirely virtual; LB has a lot of physical branches and moving hard to virtual. This dramatic change has effected their business. New managers…

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Canadian Western Bank (CWB-T)

Canadian Western Bank (CWB-T) — Stockchase
Canadian Western Bank (CWB-T) — Stockchase

Fine as a holding. But the majors are cheap enough, and they'll move first. Slightly higher losses coming to CWB because of the oil patch. It's a hold. Wouldn't worry about the dividend too much, but he'd prefer one of the majors at this stage.

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