The S&P/TSX Composite Index plunged 323 points on Tuesday, August 30. Every segment on the TSX
finished the day in the red. Canadians should look to target dependable dividend aristocrats in this
choppy market. Today, I want to take a snapshot of two of my favourites.
Manulife Financial (TSX:MFC)(NYSE:MFC) is a Toronto-based company that offers financial and
insurance services in Canada and to a global customer base. The growth of the middle class in Asia has
provided fertile ground for growth for the insurance industry. Shares of Manulife have dropped 8.2% in
2022 as of close on August 30.
In Q2 2022, the company delivered core earnings of $1.6 billion – down 9% from the previous year.
Meanwhile, Global Wealth and Asset Management (“Global WAM”) net inflows fell to $1.7 billion
compared to $8.6 billion in the prior year. This stock possesses a favourable price-to-earnings ratio of
5.9. It offers a quarterly dividend of $0.33 per share. That represents a strong 5.7% yield. Manulife has
delivered dividend-growth for eight consecutive years.
Canadian Western Bank (TSX:CWB) is a regional bank stock that has plunged 31% in the year-to-date
period. That has represented the bulk of its losses compared to the same time in 2021. The stock last
had an attractive P/E ratio of 6.6. It offers a quarterly dividend of $0.31 per share, representing a very
solid 4.9% yield. Canadian Western Bank has achieved dividend-growth for 30 straight years.
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