Adding to GWO, IGM, BNS; Plus CM

Shopping can be a bit addictive.

I decided to increase my position in Great-West Life (GWO) because the current price is where I originally bought it. I think this company has strong growth prospects in the future and pays a good dividend (6.3%). It compares favorably with Manulife, which I like and own a lot of.

While increasing that position, I decided to increase IGM Financial (IGM). This company also pays a high dividend (6.36%) and has an ex-dividend date coming up in a few days. I thought I’d park some money there and capture that dividend in the meantime.

Bank of Nova Scotia (BNS) is a bit underweight in my portfolio, and I decided to double-up on that. 5.14% dividend, which is good for a bank. And also has an ex-dividend date coming up in a couple of weeks.

And I bought another Canadian bank as a complement to BNS. I bought CIBC (CM). It has a decent future growth estimate, a 4.92% dividend, and the ex-dividend date is also coming this week.

I don’t want to go too heavy on financials going into recession (50% chance), but I think these Canadian banks have strong balance sheets. They are undervalued and have room to increase their dividend.

All in all, I reduced my cash position by about 2% today. Not a massive spend, but I feel good about the market. I’m now 41% invested, and 59% cash.