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Aging Demographics Should Encourage You to Buy This Dividend Stock

One of the biggest challenges of the 21st century will be the aging population across the developed world. Statistics Canada recently projected that Canadian seniors, those 65 and older, would make up nearly one quarter of the total population by 2030. This will present a significant challenge to the health care system as well as social planners. Fortunately, there are private companies that are stepping up to the plate to lend a hand.

Extendicare (TSX:EXE) is a Markham-based company that provides care and services for seniors across Canada. Shares of this TSX stock have dropped 5.5% in 2022 as of close on October 27. The stock is down 2.6% in the year-over-year period.

The company released its second quarter fiscal 2022 results on August 9. It completed its sale of the retirement living segment which netted Extendicare approximately $128 million. Meanwhile, revenue climbed 5.3% year-over-year to $296 million. That was powered by long-term care (LTC) enhancements and home health care billing rate growth.

Adjusted EBITDA increased $1.6 million year-over-year to $17.1 million. It benefited from a $1.4 million year-over-year increase in net operating income (NOI). Meanwhile, in the first six months of 2022, the company posted revenue growth of 4.5% to $602 million.

Shares of this TSX stock currently possess a very favourable price-to-earnings ratio of 8.6. Better yet, it offers a monthly dividend of $0.04 per share. That represents a tasty 6.8% yield.