In 2014, Canadians aged 65 or older made up 15.6% of Canada’s population. Fast forward to 2030, and seniors will number over 9.5 million and make up 23% of all Canadians. This means there will be rising demand for services that cater specifically to seniors.
Sienna Senior Living (TSX:SIA) is a Markham-based company that is one of the largest owners of seniors’ housing and the largest licensed long-term care provider in Ontario.
Shares of Sienna had climbed 18.5% in 2019 as of close on March 26. The stock is up 6.2% year over year.
The company is gearing up for expansion down the line, as demand for long-term care facilities and senior residences is poised to soar in the coming decades. At the end of Q4 2018 Sienna announced that integration was on target for 10 high-quality retirement residences. Over 1,000 team members were added to Sienna’s platform.
In 2018 Sienna saw revenue grow to $641 million compared to $557 million in the prior year. Sienna stock is pricey in late March, which is the only downside of income investors. It reached an all-time high in trading on March 26. That means value investors may want to wait for a pullback before buying right now.
Sienna stock last paid out a monthly dividend of $0.0765 per share. This represents an attractive 4.8% yield. The stock may be pricey today, but this is a fantastic dividend stock to stash for the long-term as Sienna’s business is well-positioned to post solid growth going forward.
