This Canadian bank has been paying dividends for over 30 years (and its yield is almost 6%)

The Canadian Dividend Aristocrats

This articles data is as of writing on Jan 2025

Have you ever wondered if there’s a group of Canadian stocks that consistently deliver reliable returns, year after year?

When it comes to stability and income generation, few sectors can match the track record of Canadian banks. These financial institutions have been paying dividends for over a century and have established themselves as some of the most reliable dividend payers in the market.

The U.S. has its Dividend Aristocrats—stocks that have increased their dividends for 25 consecutive years.

We might as well take this term and use it for our own ‘Canadian Dividend Aristocrats’.

This stock has been paying dividends for over 30 years, and its dividend yield is currently at 5.93%.

Bank of Nova Scotia (TSX:BNS)

The Bank of Nova Scotia (TSX:BNS) is one of Canada’s largest and most reliable financial institutions, boasting an impressive streak of over 30 consecutive years of dividend payments. Known for its commitment to returning capital to shareholders, the bank has been a pillar of stability for income-focused investors.

How has Bank of Nova Scotia been performing lately?

Over the past year, Bank of Nova Scotia’s stock is up 9.53%, demonstrating solid growth despite market volatility. What truly sets BNS stock apart, though, is its dividend yield. Currently sitting at 5.93%, it holds the highest yield at the time of writing among Canada’s major banks, outpacing even Royal Bank of Canada (3.41%) and Toronto-Dominion Bank (4.79%).

The Ex Dividend Date for the next BNS stock dividend is October 2 2024.

Scotiabank continues to enhance its growth through several key initiatives. The recent appointment of a new president, Jean-François Courville, signals a focus on expanding its presence in Quebec with more localized leadership.

Additionally, Scotiabank’s partnership with ZayZoon to offer an Earned Wage Access solution demonstrates its commitment to innovating in the payroll space, improving financial flexibility for Canadian workers. Meanwhile, its involvement in asset management through September 2024 cash distributions for Scotia ETFs further strengthens its investment portfolio.

Returns Summary vs Benchmarks:

• YTD Return:
  • BNS: 14.48%
  • S&P/TSX Composite Index: 13.87%
• 1-Year Return:
  • BNS: 17.02%
  • S&P/TSX Composite Index: 16.46%

Theres is nothing quite like receiving consistent, stable income from your investments – and we think BNY is one of these that delivers stability, and prides itself in its consistency over time.

The numbers say it all.