Three New Stock Purchases

Oct 2019 div

 

Hi everyone! Today I’m back to share with you my last three purchases I made last week. All three buys were for my TFSA account. After a slow April I have picked up my pace for buying stocks here in May. I must admit I have been trying to time the market a bit hoping the stock market will go lower, but I’m getting to the point where I could spend the remaining cash I have by the end of May and be content with it. If my stocks continue to drop then so be it. Not sure how you guys feel about it but that is where my head is at currently.

Let’s get to the buys shall we.

#1 Bank of Montreal

Another purchase of Bank of Montreal (ticker: BMO) the bank over the last three months has fallen by 34.37% and is offering investors a yield of 6.41%. I think this is a good time to buy shares of this bank (IMO).

On May 13th I purchased another 5 shares @ $64.51 per share. I currently now hold 10 shares in my TFSA at an average cost of $66.12. BMO pays a quarterly dividend of $1.06 and with this purchase my forward dividend income will increase by $5.30 quarterly and $21.20 annually.

#2 Fortis

I made my first purchase of Fortis (ticker: FTS) in my TFSA on May 13th. Fortis may be in my opinion the best utility stock in Canada currently. The company has raised it’s dividend for 46 consecutive years. Fortis is a key stock to have in any portfolio as it has a great business, not too many people are going to be turning the power off in their homes.

I bought 5 shares @ $51.85 per share. Over the last three months Fortis share price has dropped 12.55% as a utility company it has held up beater than other stocks in different sectors. Fortis provides it’s shareholders with a nice yield of 4.52% Fortis pays a quarterly dividend of $0.4775 and with this purchase my income will increase by $2.39 quarterly and $9.56 annually.

#3 Bank of Nova Scotia

My third and final purchase of last week was Bank of Nova Scotia (ticker: BNS) I decided to add onto my current position of Bank of Nova Scotia after I seen the stock trading near $50. BNS has fallen 30.8% over the past three months, the stock has a current P/E (Price to Earnings Ratio) of 7.45 and offers investors a yield of 6.99%.

I bought 5 shares of the bank with this purchase @ $50.20 per share. Bank of Nova Scotia pays a quarterly dividend of $0.90 and with the buy I increase my income by $4.50 per quarter and $18 annually.

So last week I spent $832.80 and I will earn $48.76 in forward dividend income. Even with all of these purchases in May I still have some cash left to spend. I don’t think I will make any purchases this week. I am going to wait and see what the Canadian banks report when they release their quarterly earnings beginning on May 26th with Bank of Nova Scotia.

Thank for reading!

Matthew

10 thoughts on “Three New Stock Purchases

  1. Yes, I’m much the same. Trying to time the market over the last couple of days and just giving up in frustration. Better to just go ahead and buy any of these three great Canadian companies whenever you have the money available to purchase.

    Good to hear your thoughts on this Matthew.

    Liked by 1 person

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