TSX Dividend Stocks: 2 With Solid Yields

Looking to buy some TSX dividend stocks? There are many great options out there, but these two heavyweights are worth another look.

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There are many TSX dividend stocks offering solid long-term value to investors. In particular, many blue-chip stocks are trading at decent prices for those focused on the long run.

Of course, there are likely to still be bumps in the road ahead, and stocks could sink lower yet. However, long-term investors focused on dividend investing should just be concerned with finding stocks offering long-term total return potential.

Moreover, stocks with dividend stability should be high on the shopping list for investors. Many TSX dividend stocks have been forced to cut their payouts this year due to a rough economy.

Today, we’ll look at two TSX stocks poised to deliver solid dividends going forward.

Telus

Telus (TSX:T)(NYSE:TU) participates in the Canadian telecom industry through its subsidiary, Telus Communications. It’s considered one of the Big Three in the Canadian industry.

As such, it typically offers investors respectable growth and a reliable dividend. While 2020 has been a challenge for most stocks, and Telus is no different, it’s basically back to trading at prices it started the year at.

As of this writing, Telus is trading at $25.56 and yielding 4.87%. With its position in the telecom space, which is rolling out new 5G technology this year, it’s poised to deliver decent growth in the long run.

Telus also dabbles in other areas to provide itself with a wide moat of cash flow options. For instance, it’s on the cutting edge in digital healthcare solutions through its Telus Health division.

All in all, Telus is a solid blue-chip TSX dividend stock that provides investors with stable payouts. It’s still committed to growing its dividend over the next five years, and investors should be attracted by that.

With a yield nearing 5%, long-term dividend investors can capture some solid long-term return potential with this telecom giant.

Scotiabank

Bank of Nova Scotia (TSX:BNS)(NYSE:BNS) is one of the major Canadian banks. Like its peers, it has had a rocky 2020 due to the overall health of the economy coupled with sinking interest rates and increased loan loss provisions.

Scotiabank in particular is exposed to risk with its internationally diverse position. It relies on some commodity-based economies in Central America to help drive some of its growth. Obviously, this economy isn’t ideal for that.

However, that exposure is what gives Scotiabank great growth potential in the long run. These untapped markets can be a way for this TSX dividend stock to gain an edge.

Of course, as a major Canadian bank, this stock is known for its rock-solid dividend. As of this writing, it’s trading at $68.21 and yielding 5.28%.

With a phenomenal track record for maintaining its dividend, and given its robust cash flow, investors can feel comfortable with this stock’s payout.

In general, you can’t really go wrong by dividend investing with the major Canadian banks. Scotiabank just might be a more interesting option for those looking to capitalize on some higher growth opportunities.

TSX dividend stock strategy

Both these TSX dividend stocks can provide enormous value over the long run. For dividend investors, these are likely to be very familiar names.

If you’re looking to add some extra dividend stocks to your portfolio, be sure to give these stocks consideration.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Jared Seguin has no position in any of the stocks mentioned. The Motley Fool recommends BANK OF NOVA SCOTIA.

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