There’s no shortage of great stocks on the market to consider for your portfolio. Some stocks can even provide stellar growth and a juicy income for years. That includes some options investors can buy in 2024 and hold for a decade or even more!
Are you curious about where to start? Here are two options for every investor to buy in 2024 and hold for a long time.
Stocks to buy and hold: You can’t go wrong with this stock!
Some of the things that Investors look for in stocks to buy in 2024 and hold for a long time are growth and income-producing capabilities. Fortunately, there’s no need to sacrifice one for the other when it comes to this first stock.
That stock is Bank of Montreal (TSX:BMO), the oldest of Canada’s big banks. The big banks are notorious for generating a stable revenue stream, investing in growth, and providing a very juicy dividend.
As one of the solid investments to buy in 2024 and hold for a decade or more, BMO will excel in any well-diversified portfolio.
Part of the appeal of this bank stock comes from its stable domestic arm, which generates the bulk of its revenue. In the most recent quarter, BMO’s Canadian segment reported net income of $921 million, representing just over two-thirds of the bank’s total earnings of $1,292 million during the quarter.
That’s not to say BMO can’t offer growth. Following the acquisition of Bank of the West last year, BMO continues to see strong growth from its U.S.-based business. That deal expanded BMO’s presence in the U.S. market to 32 states, making it one of the larger banks in the lucrative U.S. market.
As an income investment, BMO has provided a juicy dividend to investors for nearly two centuries without fail. That’s an incredible amount of time that provides unmatchable stability for investors.
As of the time of writing, BMO’s quarterly dividend offers investors a very tasty 4.77% yield. For investors looking to buy in 2024 and hold BMO stock, a $30,000 investment will provide an income of just over $1,425.
Keep in mind that prospective investors who are not ready to draw on that income just yet can opt to reinvest those dividends until needed. This will provide additional growth over the longer term.
Forget holding for a decade: How about 50 years of increases?
As defensive as BMO is, there’s one more stock investors will want to buy in 2024 and hold for decades. That stock is Fortis (TSX:FTS).
Fortis is one of the largest utility stocks in North America. Utilities generate a stable and recurring revenue stream that is backed by long-term, regulated contracts. Those contracts often span several decades in duration.
In the case of Fortis, the company has operating regions across the U.S., Canada and the Caribbean that provide a reliable revenue stream. That reliability means that the company can invest in growth and pay out a handsome dividend.
Fortis’s dividend currently boasts a yield of 4.46%. Using that same $30,000 example from above, prospective investors can expect to generate an income of just shy of $1,330.
But that’s not even the best part. Fortis has provided investors with annual upticks to that dividend for an incredible 50 consecutive years.
