RY 174.39 2.4016% SHOP 149.115 2.5974% TD-PFM 24.63 -0.0811% TD-PFL 24.7 0.2028% TD 78.325 0.1214% ENB 60.6 1.3039% BN 80.4 1.9787% TRI 226.27 0.7525% CNQ 48.285 2.2771% CP 104.53 1.6038% CNR 151.74 1.5459% BMO 132.69 0.9203% BNS 78.845 0.1715% CSU 4600.2002 2.157% CM 91.15 0.474% MFC 45.79 1.6878% ATD 78.38 1.5285% NGT 60.14 0.0499% TRP 70.15 1.977% SU 57.44 0.5954%
Growth Stocks
2024 Growth-to-Value Transition: 2 Top Income Stocks with Potential Rise
After a strong year for tech stocks, investors may be pondering whether the market rally will broaden to reward value plays. While mega-cap technology stocks have shown resilience, there are numerous undervalued value plays in the market. Two such income stocks that appear attractively priced are IGM Financial Inc. (TSX:IAG) and National Bank of Canada (TSX:NA).
IGM Financial Inc. (IAG) is a Canadian insurance company that represents an intriguing value play in the financial sector. With a dividend yield of 3.44% and a modest valuation multiple of 7.7 times trailing price-to-earnings (P/E), IAG stock stands out for its stability and reasonable valuation. Despite a dip of around 6% from its recent highs, the stock's current price of $88 makes it appear undervalued, especially for investors who prioritize factors beyond just yield.
National Bank of Canada (TSX:NA) is another financial stock that might be overlooked in comparison to its yield-heavy peers. With a 4.17% dividend yield and a trailing P/E of 10.7 times, NA stock offers a combination of attractive yield and valuation. Over the last five years, NA stock has gained nearly 70%, highlighting its effectiveness in competing with larger banking rivals. Despite being a smaller player, National Bank has demonstrated resilience, and its stock is just 3.85% away from its all-time high. This suggests that the current valuation may undervalue the company, making it a potential deep-value play.
In summary, IGM Financial Inc. and National Bank of Canada are two undervalued stocks that could appreciate in 2024. While mega-cap tech stocks may continue to be in focus, these value plays present alternative opportunities for investors seeking stability and potential growth in the coming year.
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