3 Reliable High-Yield Dividend Stocks to Buy With $10,000 Now and Hold Forever

Key Points

• Realty Income is a net lease REIT with a 5.3% yield.

• Asset manager T. Rowe Price has a 4.9% yield and a very sticky business.

• Canadian banking giant Bank of Nova Scotia has a 4.9% yield and has been paying dividends since 1833.

• 10 stocks we like better than Realty Income ›

The S&P 500 (SNPINDEX: ^GSPC) index has a tiny little average yield of around 1.2% today. That's probably not enough income to support most investors' retirement goals, particularly if they aim to rely largely on the distributions their portfolios churn out rather than on funds freed up by selling shares.

If you're looking for high-yield investments, consider reliable dividend payers Realty Income (NYSE: O), T. Rowe Price (NASDAQ: TROW), and Bank of Nova Scotia (NYSE: BNS).

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1. Realty Income's goal is reliability

Realty Income has trademarked the nickname "The Monthly Dividend Company." That speaks not just to the unusual frequency of its payouts, but also to the company's commitment to being a reliable dividend payer. Management has increased those payouts annually for 30 consecutive years at this point.

As a business, Realty Income is the 800-pound gorilla in the net lease niche of the real estate investment trust (REIT) sector. Its globally diversified portfolio is focused on retail properties, but also includes industrial assets. Because the company is so large (it owns more than 15,600 properties), its growth rate is slow. However, management has been working to find new areas to invest in; recently, it introduced an institutional asset management operation and made a push into the data center space.

Realty Income isn't an exciting business and likely never will be, but given its lofty 5.3% dividend yield at current share prices, that probably won't bother most income investors. A $10,000 investment will buy you around 166 shares now.

Image source: Getty Images.

2. T. Rowe Price has sticky customers

With a strong foundation in the mutual fund arena, T. Rowe Price has an attractive asset-management business. Once customers have opened up an account with an asset manager, they are usually loath to go to the trouble of moving their money, which makes it a highly reliable business. That said, the asset-management business is changing as low-cost exchange-traded funds (ETFs) slowly eat away at the volume of assets held in mutual funds.

T. Rowe Price's assets under management have been under pressure. It earns fees based on the amount of money it manages, so this is a long-term problem. However, T. Rowe Price is bringing out ETFs, and it's working to expand in areas where there is increasing demand, like private market investments. It just inked a partnership with Goldman Sachs to further that effort. And it will have plenty of time to adjust to the changing world around it, thanks to its sticky customer base and its debt-free balance sheet.

T. Rowe Price stock carries a bit more risk than Realty Income, but its 4.9% dividend yield is good compensation for that risk. This asset manager has increased its dividend annually for 39 straight years. With $10,000, you can buy around 96 shares.

3. Bank of Nova Scotia has paid dividends for a long time

Bank of Nova Scotia doesn't have a streak of annual dividend increases to crow about. (Indeed, technically, its "streak" is one whole year long). But it has a pretty impressive dividend history just the same: It has paid dividends every year since 1833. It is one of the largest financial institutions in Canada, and has material operations in South America, as well.

Canadian banks are generally fairly conservative businesses thanks to the country's strict bank regulations. So it makes sense that Bank of Nova Scotia has been a reliable dividend stock. That said, it is in the middle of a material business overhaul right now, as it shifts its growth focus from South America back to North America. Essentially, it tried to skip over the U.S. market, but management has since come to realize that, despite the U.S. financial market being quite mature, it will likely provide more growth opportunities than the economically and politically volatile markets of South America.

As it works on what is a fairly low-risk turnaround, thanks to its Canadian conservatism, you can collect a lofty 4.9% dividend yield. A $10,000 investment will let you buy around 155 shares.

Long-term options for income investors

Realty Income, T. Rowe Price, and Bank of Nova Scotia are fairly boring businesses, though the last two are, admittedly, dealing with some company-specific issues. All of these high yielders, however, have proven to be reliable dividend payers over many, many years. If you are looking for high-yield stocks you can comfortably buy and hold for the long term, you should consider them.

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Reuben Gregg Brewer has positions in Bank Of Nova Scotia and Realty Income. The Motley Fool has positions in and recommends Goldman Sachs Group, Realty Income, and T. Rowe Price Group. The Motley Fool recommends Bank Of Nova Scotia. The Motley Fool has a disclosure policy.