Fortis (TSX:FTS)
St. John’s-based Fortis is a leader in the North American utility industry with assets of over $53 billion and 2019 revenue of $8.8 billion. The company serves customers in five Canadian provinces, nine U.S. states, and three Caribbean countries. The U.S. accounts for more than 60% of its assets, while Canada has more than 25%, and the rest are in the Caribbean.
While picking a dividend stock, one important consideration should be how often you are going to get a raise in your income. More dividends mean you’ll be able to re-invest to buy more shares and multiply your wealth quickly.
With a dividend yield of 3.27% and about 6% expected growth in its annual dividend payouts through 2024, Fortis stock is a solid addition in your TFSA portfolio. With growing dividends, you also need stability in your return. Fortis has done a good job returning cash to its investors. The company has increased its dividend payout for 46 consecutive years.
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