Welcome to the family: BNS

This week, I welcome BNS to my DRIP family.

I’ve wanted to own BNS for awhile and with the market downturn last week I made a small purchase.  I’ll be setting up my DRIP and OCP within the next few weeks. Although my portfolio is already heavily weighted in the financials, I don’t see BNS as any added risk.

In Canada (and the US for that matter) I always say “if the banks aren’t making money, nobody is”. Needless to say, I feel good about my purchase.  BNS weathered the 2008/2009 financial storm pretty well, and I believe they did so because of their diversification, with operations in the Caribbean, Central America, Latin America and Asia. I also made my purchase based on the following facts: BNS has paid dividends for over 150 years and has raised their dividend almost every year for the past 35+. Few dividend stocks can make those claims.

BNS recently closed over $47; and is paying $0.49/share; yielding ~ 4.1%.

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