CIBC also has the largest yield out of any stock on this list at 6.43%.The company has a payout ratio of 57.71%, above its target of a 50% payout ratio.CIBC has a 5-year dividend growth rate of 7.20% and has raised dividends consecutively for 9 years. 1 thought on “Best Canadian Bank Stocks to Buy in 2020” HomeHow November 9, 2019 at 10:42 am The Canadian banks’ stocks mentioned here are good for me, and I will invest in one of these banks. It was the first major Canadian bank to expand into the U.S. market.The company is currently ranked 4th out of Canada’s Big 5 banks in terms of market cap.The company is actively looking to adapt to today’s investment trends, including launching its Smartfolio platform.Smartfolio is a Robo-Advisor platform, and BMO was the first big 5 bank to move into this part of the market, although it now has competition. The second, which is secured against real estate, can go as high as $30,000.The company is also experimenting with secured products that allow customers to rebuild bruised credit.The firm plans to continue its strong growth in 2020 by expanding further in Quebec, creating partnerships with traditional retailers to offer financing solutions, and further expanding its trademark unsecured loan product.Yes, COVID-19’s impact on the economy will impact the business, but consumers are in pretty good shape today thanks to various government stimulus programs.Goeasy is a contrarian pick on this list, as most of the stocks found below are better suited for investors looking for income. If Canada’s economy underperforms, TD Bank still has its U.S. assets to drive revenue.Over the last 5 years the company has a compound annual growth rate of over 10% on its earnings and has a medium-term earnings growth target of around 7-10%, although we’re more likely to see tepid earnings this year because of a weaker Canadian economy and COVID-19.TD has posted the best growth rate of the major Canadian banks over the last 5 years.The company current pays a yield of 5.18%, has raised dividends for 9 straight years and has a 5-year dividend growth just shy of 10%, the best growth rate on this list. Current as of July 31, 2020.© 2020 The Motley Fool Canada, ULC. Remember, shares are off significantly thanks to the poor economy and COVID-19.The company has one of the best dividends in the country, yielding 4.64% at the time of writing. The Big Six Canadian bank stocks have reported their fiscal Q1 2020 results in the last week or so, with the stocks dipping by 4-8%, as shown in the graph below.An industry-wide dip in the banking sector only means one thing: the market lacks confidence about the current economic environment and expects slower economic growth, which would impact bank earnings.Reviewing the recent metrics of the big Canadian banks gives hints on which may be the best ones to buy for 2020 and beyond.One key factor that global economic growth is expected to be slower this year is coronavirus COVID-19.The impacts of the novel coronavirus COVID-19 health emergency are far and wide, spreading across humanity and creating a chain reaction that travels across sectors.Indeed, low energy prices have been further pressured lately triggered by expected lower global demand. The 10 Best Stocks to Buy This Month Renowned Canadian investor Iain Butler just named 10 stocks for Canadians to buy TODAY. But there is good news.Scotiabank is quite cheap, which usually indicates better than average upside potential. Importantly, both are trading at good valuations with Royal Bank being a better deal.If you seek greater value and higher income, TD Bank and CIBC stock should be at the top of your list.That said, if you already hold other big bank stocks, there’s no need to panic and sell them in the correction, as the bank stocks generally outperform the market in income and, in the long run, total returns as well.One little-known Canadian IPO has doubled in value in a matter of months, and renowned Canadian stock picker Iain Butler sees a potential millionaire-maker in waiting...Not to alarm you, but you’re about to miss an important event.Iain Butler and the Stock Advisor Canada team only publish their new “buy alerts” twice a month, and only to an exclusively small group.This is your chance to get in early on what could prove to be very special investment advice.Enter your email address below to get started now, and join the other thousands of Canadians who have already signed up for their chance to get the market-beating advice from Stock Advisor Canada.I consent to receiving information from The Motley Fool via email, direct mail, and occasional special offer phone calls. Deciding on which Canadian bank stock to buy right now depends on what you’re looking for.If you seek the cream of the crop, you should consider Royal Bank or National Bank, which have had stellar earnings recently and are undeniably the quality bank stocks to own. The quantitative makes it easy to compare the banks side by side but the qualitative is where you can assess if the choices made by the CEO and the management teams are the right ones for growth.

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