The S&P/TSX Composite Index was down 41 factors in early afternoon buying and selling on June 7. A Canadian Dividend Aristocrat is a inventory that has delivered at the least 5 consecutive years of dividend progress. Right this moment, I wish to zero in on three Canadian shares that qualify as Dividend Aristocrats at this stage in 2023. Let’s dive in.

This Dividend Aristocrat has delivered over 20 straight years of revenue progress

TC Power (TSX:TRP) is the primary Canadian inventory I’d goal for its spectacular dividend-growth streak. Shares of this vitality inventory have dropped 1% month over month on the time of this writing. The inventory is up 4.2% thus far in 2023.

This firm launched its first-quarter fiscal 2023 earnings on April 28. TC Power reported internet revenue of $1.3 billion, or $1.29 per frequent share — up from $0.4 billion, or $0.36 per frequent share, within the earlier yr. In the meantime, the corporate reaffirmed its comparable earnings earlier than curiosity, taxes, depreciation, and amortization (EBITDA) progress charge, which it expects to be 5-7% greater than the prior yr.

Shares of this Canadian inventory presently possess a middling price-to-earnings (P/E) ratio of 34. This inventory presently presents a quarterly dividend of $0.93 per share. That represents a tasty 6.6% yield. TC Power has delivered 22 straight years of dividend progress.

Right here’s a high Canadian inventory within the telecom house you’ll be able to belief for the lengthy haul

BCE (TSX:BCE) is a Montreal-based communications firm that gives wi-fi, wireline, web, and tv companies to residential, enterprise, and wholesale prospects in Canada. Its shares have dropped 4.7% month over month as of early afternoon buying and selling on June 7. The inventory is up 1.6% within the year-to-date interval.

Buyers bought to see BCE’s first-quarter fiscal 2023 outcomes on Might 4. The corporate delivered working income progress of three.5% to $6.05 billion. In the meantime, adjusted internet earnings dipped 4.8% yr over yr to $772 million. BCE reported adjusted earnings earlier than curiosity, taxes, depreciation, and amortization (EBITDA) of $2.53 billion — down 1.8% in comparison with the primary quarter of fiscal 2022. Regardless of the dip in earnings, BCE nonetheless achieved robust internet subscriber additions, gadget internet activations, and better wi-fi service income.

This Canadian inventory final had a strong P/E ratio of 21. BCE presently pays out a quarterly distribution of $0.968 per share, which represents a really robust 6.3% yield. The inventory has achieved dividend progress for 14 consecutive years.

Scotiabank: A high Canadian inventory that can also be a Dividend Aristocrat

Scotiabank (TSX:BNS) is the third Canadian inventory that qualifies as a Dividend Aristocrat that I wish to concentrate on right now. This high Canadian financial institution has seen its inventory dip 1.4% over the previous month. Its shares are nonetheless up 1.7% within the year-to-date interval. Buyers can see how risky this financial institution inventory has been by enjoying with the interactive worth chart under.

Within the second quarter of 2023, Scotiabank reported adjusted internet revenue of $2.17 billion — down from $2.76 billion within the second quarter of fiscal 2022. Shares of this financial institution inventory presently possess a gorgeous P/E ratio of 9.8. In the meantime, it presents a quarterly dividend of $1.06 per share, representing a 6.3% yield. Scotiabank has delivered 12 straight years of dividend progress.