The Canadian dividend stocks on our list are high yielding and have outperformed the market so far this year
SmallCapPower | January 24, 2022: Investors should seek to maintain a diversified and relatively balanced portfolio. That means including dividend stocks, as well as stocks that are poised for growth. During times of increased uncertainty, investors can mitigate risk by having a steady income stream from dividend stocks. While a portion of their portfolio depreciates in value, the investor can still receive cash flow. An economic downturn, however, could cause a company to cut its dividend payout. For that reason, we suggest investors look at the Canadian dividend stocks on our list, as these stocks have outperformed the market in 2022 and have a current yield of 3% or greater.
*Share price and other metrics as of January 21, 2022
Royal Bank of Canada (TSX:RY) – $145.31
Banks
Royal Bank is one of the two largest banks in Canada. It is a diversified financial services company, offering personal and commercial banking, wealth-management services, insurance, corporate banking, and capital markets services. The bank is concentrated in Canada, with additional operations in the U.S. and other countries. The bank serves over 16 million clients and has 86,000+ employees worldwide. Founded in 1864 in Halifax, Nova Scotia, it maintains a corporate headquarters in Toronto and its head office in Montreal. In November 2017, RBC was added to the Financial Stability Board’s list of global systemically important banks (SIFI).
- Market Cap: $163.8B
- 7-Day Return: -1.8%
- YTD Return: +7.7%
- 30-Day Average Trading Volume: 2,706,882
- Dividend Yield: 3.3%
Brookfield Infrastructure Corp (TSX:BIPC) – $82.71
Utilities
Brookfield Infrastructure Corp, along with its subsidiaries, is engaged in owning and operating regulated utility investments in Brazil and the United Kingdom. The group’s operations include utilities, transport, energy, and data infrastructure businesses in North and South America, Europe, and the Asia Pacific. The company generates a majority of its revenue from regulated gas transmission operations. Geographically, it generates maximum revenue from Brazil.
- Market Cap: $6.1B
- 7-Day Return: -1.3%
- YTD Return: -4.4%
- 30-Day Average Trading Volume: 78,045
- Dividend Yield: 3.1%
Power Corporation of Canada (TSX:POW) – $41.66
Insurance
Incorporated in 1925, Power Corp. of Canada is a diversified holding company with interests in financial services, communications, and other business sectors through its controlling interests in Power Financial. Power Financial in turn holds controlling interests in Great-West Life (an insurance conglomerate), IGM Financial (Canada’s largest nonbank asset manager), and Pargesa (a holding company with interests in European companies). Power Corp. bought out the remaining shares of Power Financial in February 2020.
- Market Cap: $27.9B
- 7-Day Return: -3.8%
- YTD Return: -1.4%
- 30-Day Average Trading Volume: 1,298,175
- Dividend Yield: 4.8%
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