If you’re one of the many investors looking for passive income these days, there are quite a few stocks to consider.
If you want passive income that lasts, you need to look at stocks that have already been producing income for a long time. Today, we’re going to look at three passive-income stocks that have been around for 20 years already and have 20 years more in the future.
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goeasy
Despite becoming quite the growth stock in the last few years, goeasy (TSX:GSY) has been around as a successful stock for decades. The company started out focusing on household appliances and furniture, loaning them out. However, this later expanded to loans as well. And that’s what saw huge growth in the pandemic, and even up to today.
goeasy stock has now seen massive growth even during this downturn. Shares are up 42% in the last year yet are still down compared to all-time highs. This could bring in even more growth, and should — especially as it continues to produce record results in loan originations quarter after quarter.
With more growth on the way, the passive income stock is a surefire way to continue making returns and dividends in the next 20 years. You can now bring in a dividend yield at 2.53% on the TSX today.
Granite REIT
Another sector that’s seen huge growth in the last few years is the industrial sector. This is where warehouses, assembly lines, and shipping all come from, and the demand for these properties continues to be high. Yet there are fewer companies that have been around in this sector compared to Granite REIT (TSX:GRT.UN).
Granite stock has been around for 20 years now, expanding its properties across North America. The company continues to see an increase in earnings and properties again and again, even with higher interest rates.
Yet now, the company looks like a steal. Shares are up 8% in the last year; however, they’ve grown 21% in just the last two months. That’s likely to continue in the near future, so you can currently grab a dividend yield at 4.33% among passive income stocks.
Royal Bank
Finally, the Big Six banks have been around for over 100 years in most cases, and Royal Bank of Canada (TSX:RY) is no exception. The thing is, there is still growth to be had from Canada’s largest bank by market capitalization. This comes as it looks to be all but assured the bank will acquire HSBC in the near future.
This will add an even larger income stream for Royal Bank stock, one that will certainly help as we continue through this downturn. Moreover, it will help support the company’s already long history as a Dividend Arisotcrat.
For now, shares are already nearing 52-week highs, up 4% in the last year but up a whopping 24% since November. So, it might be the best time to grab onto a 4.13% dividend yield from this passive-income stock before the yield drops lower.
