Business & Investment

Three Top TSX Income Picks to Buy Today

Summer is just around the corner. It seems like the best time for investors to add new to their portfolio. Today I would like to talk about the three stocks of TSX. I currently believe this is a great option for income investors.

Fortis

For investors approaching or retiring, there is no better option. Fortis (TSX: FTS)(NYSE: FTS) just now.Indeed, this company Excellent track record Regarding dividend growth. Fortis has consistently increased its dividends for almost 50 years. Indeed, it is difficult to find a track record of such dividend growth.

Therefore, this stock is a staple of income investors. At the time of writing, the dividend yield is over 3.6%, which is very attractive, especially considering where the bond yield is currently. In addition, Fortis’ regulated utilities guarantee a great deal of stability to investors as of today. Therefore, this stock is a great option for individuals seeking a high quality income choice.

Embridge

Regarding income stocks Embridge (TSX: ENB)(NYSE: ENB)I’ve been on my radar for quite some time. Currently, the company’s dividend yield is over 7%, which investors cannot ignore. In addition, Embridge’s management has promised to increase its dividend by about 3% over the next few years.

This Calgary-based pipeline operator has favorable long-term contracts with some of the country’s leading oil producers, providing great stability for long-term investors. In addition, it minimizes exposure to Enbridge’s commodity prices.

There is no doubt that the company will continue to generate 1 ton of cash flow in the long run, which will bring great profits to investors. Yes, the growth of this stock has slowed recently due to unfavorable political conditions. But I’m convinced that Embridge is still the top pick for investors looking for reliable income today.

Scotiabank

For investors seeking income play in the banking industry, I believe: Nova Scotiabank (TSX: BNS)(NYSE: BNS) An excellent choice. The company has high exposure to emerging markets and is risky but at the same time rewarding. Indeed, this stock has the potential to generate oversized returns in the long run.

Recently, Canada’s third-largest bank has made numerous acquisitions to strengthen its international presence. In addition, these acquisitions have allowed the company to diversify its operations in other countries. Undoubtedly, Scotiabank’s strong foothold in Mexico, the Caribbean and South American countries is bullish for long-term investors.

Yes, the company recently shut down some non-core businesses. As a result, some investors have become cautious these days. That said, these cost-cutting measures will prove to be beneficial to the company as they will free up more capital. In fact, Scotiabank can use these funds to make more acquisitions, which strengthens its top line. At the time of writing, Scotiabank’s dividend yield is 4.5%, which is very attractive.

Like these top-paying picks? Here are some of the high-growth plays to consider today:

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This article represents the opinion of a writer who may disagree with the “official” recommendation position of the Motley Fool Premium Services or Advisors. We are Motley! Asking investment treatises, even our own, can help you think critically about your investment and make decisions to be smarter, happier, and richer. As a result, we may publish articles that may not match recommendations, rankings, or other content.

Stupid contributor Chris Macdonald There are no positions in any of the listed stocks. Motley Fool owns and recommends a stake in Enbridge. Motley Fool recommends BANK OF NOVA SCOTIA and FORTIS INC.

Three Top TSX Income Picks to Buy Today

https://www.fool.ca/2021/05/16/3-top-tsx-income-picks-to-buy-today/ Three Top TSX Income Picks to Buy Today

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