3 Dividend Stocks To Potentially Add To Your Watchlist Right Now
Even while the stock market appears to be recovering on news of positive earnings today, dividend stocks remain a viable play. For the most part, this is likely due to numerous factors dampening the current growth story in stocks. From the upcoming interest rate hikes and soaring inflation to bond yields holding above 2-year highs, this is apparent. Because of all this, some investors could be overlooking the current earnings season for more defensive stocks. Notably, this would be where the top dividend stocks in the stock market today come into play.
Overall, dividend stocks, in theory, offer investors a more predictable source of income. This is, mostly, in the form of quarterly dividend payouts per share. In this space, investors will likely be eyeing massive companies that have long and strong dividend-paying histories. For example, we could look at the likes of 3M (NYSE: MMM). The multinational conglomerate currently boasts an annual dividend yield of 3.32%. This is after increasing its dividend consistently for the past 62 years. Not to mention, there is the fact that the company’s offerings play crucial roles in vital industries worldwide. After considering 3M’s dividends alongside the relevance of its products, I could understand the appeal.
If that wasn’t enough, there are also some dividend-paying firms making plays now as well. Evidently, Intel (NASDAQ: INTC) and ASML (NASDAQ: ASML) are bolstering their current partnership. So much so that Intel will be buying the first unit of ASML’s latest chip manufacturing system. All in all, there is no shortage of dividend stocks for investors to consider now. As such, here are three to check out in the stock market today.
Top Dividend Stocks To Buy [Or Sell] This Week
Bank of America Corporation
Bank of America is a multinational investment bank and financial services company. In fact, it is one of the world’s leading financial institutions, serving individual consumers and small and middle-market businesses. Its services include a full range of banking, investment, asset management, and other financial and risk management products and services. Impressively, it serves approximately 66 million consumer and small business clients with over 4,000 retail financial centers and approximately 17,000 ATMs.
Today, the company reported its fourth-quarter financials. Diving in, net income for the quarter rose to $7 billion, or $0.82 per diluted share. This reflects strong operating leverage as revenues grew faster than expenses. Revenue for the quarter was $22.1 billion, increasing by 10% year-over-year. A significant chunk of this quarter’s income was from its Consumer Banking segment, at $3.1 billion. This comes after deposit balances were up 16% to more than $1 trillion. Consumer investment assets were also up to $63 billion or 20% to a record $369 billion.
The company also recently reported a dividend of $0.256 last week. “Our fourth-quarter results were driven by strong organic growth, record levels of digital engagement, and an improving economy. We grew loans by $51 billion and added $100 billion of deposits during the quarter, further strengthening our position as the leader in retail deposits,” says CEO Brian Moynihan. Given this piece of news, is BAC stock worth investing in right now?
Following that, we have Morgan Stanley, a multinational investment bank and financial services company. It also provides a wide range of investment banking, securities, wealth management, and investment management services. With offices in more than 41 countries, the company continues to serve millions all over the world.
Today, the company also reported its fourth-quarter financials. Diving in, net revenues for the quarter were $14.5 billion. Net income for the quarter was $3.7 billion or $2.01 per diluted share. Notably, its Wealth Management segment reported a revenue of $6.3 billion, up by 10% from a year ago. This reflects higher asset levels driven by market appreciation and strong positive fee-based flows. The company says it has been an outstanding year for the firm as it delivered record net revenues of $60 billion and Wealth Management grew client assets by nearly $1 trillion to $4.9 trillion this year.
Last month, the company announced a dividend of $0.70 per share. It also presented a strategic update for the year 2022. In it, Morgan Stanley says that it has significant growth opportunities in the workplace as it continues to build new relationships and grow unvested assets. It continues to expand its grounds with the necessary fundamentals in place. All things considered, is MS stock a top dividend stock to consider buying?
Procter & Gamble Company
Topping off our list today is the Procter & Gamble Company or PG for short. In a nutshell, it is a multinational consumer goods company. Through its vast portfolio of consumer goods, the company operates across 70 countries worldwide. Among its more notable brands are Ambi Pur, Bounty, Febreze, Gillette, Head & Shoulders, Oral-B, SK-II, Vicks, and Tide.
Due to its core offerings falling under the consumer staples sector, I could see investors eyeing PG stock now. This could especially be the case as the company posted solid figures in its latest quarterly earnings report. In essence, PG posted earnings of $1.66 per share, just above consensus estimates of $1.65. Furthermore, the company also raked in a total revenue of $20.95 billion, exceeding forecasts of $20.34 billion. Also, the company’s organic revenue jumped by 6% for the quarter from increased prices on select products.
In summary, CEO Jon Moeller notes that PG delivered “very strong top-line growth,” while making sequential progress despite cost headwinds. As a result of all this, the company is raising its earnings outlook for the fiscal year. With PG’s current momentum in mind, would you consider adding PG stock to your portfolio?
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