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This Top Housing Dividend Stock Yields Up to 6%
Canada housing took a hit due to the COVID-19 pandemic in the spring. Activity virtually ground to a halt, but there has been a huge change in the summer. Home sales in June surged compared to the rates we saw in May. In July, this trend continued. Toronto home sales surged 29.5% year-over-year, setting a new sales record for the month.
In these conditions, I’m even more bullish than usual on Genworth MI Canada (TSX:MIC). This company operates as a private residential mortgage insurer in Canada. Shares of Genworth have dropped 27% in 2020 as of close on August 7. The stock has increased 15% over the past three months.
Genworth released its second quarter 2020 results on August 5. Total Premiums written increased 17% year-over-year to $227 million and net income climbed 3% from the prior quarter to $98 million. New insurance written from transactional insurance fell 10% to $4.8 billion due to lower mortgage originations. However, the company should benefit from the continued strength in Canada’s housing market.
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Shares of Genworth last possessed a price-to-earnings ratio of 7.7 and a price-to-book value of 0.8. This puts the stock in very attractive territory at the time of this writing. In Q2 2020, the board of directors announced a quarterly dividend of $0.54 per share. This represents a tasty 6% yield. Genworth is undervalued, reliable, and boasts a strong yield.
