Dividend-paying stocks that combine healthy balance sheets with hefty yields can provide investors with steady incomes, cushion against market downturns, and grow investments at a healthy clip.
In November 2024, the top-performing dividend-payers included three Italian stocks at the top: banks Banca Monte dei Paschi di Siena BMPS and Banco BPM BAMI, and oil and gas equipment and services company Tenaris TEN.
To find the month’s 10 best-performing income-focused stocks, we screened the Morningstar Eurozone Index─which measures the performance of the eurozone’s broad regional markets, targeting the top 97% of stocks by market capitalization─for companies with a forward dividend yield of at least 1.5%, excluding real estate investment trusts.
The Best-Performing Eurozone Dividend Stocks of November 2024
1. Banca Monte dei Paschi di Siena BMPS
2. Banco BPM BAMI
3. Tenaris TEN
4. Thyssenkrupp TKA
5. SCOR SCR
6. Titan Cement International TITC
7. Heidelberg Materials HEI
8. Salzgitter SZG
9. Tokmanni Group TOKMAN
10. Fresenius Medical Care FME
Best-Performing Dividend Stocks in the Eurozone
Source: Morningstar Direct.
How Have Dividend Stocks Performed?
The Morningstar Eurozone Dividend Yield Focus Index, which tracks the performance of high-quality, dividend-paying stocks listed in Europe, was roughly flat over the past month, but has risen 10.4% over the past year.
1-Year Performance for Dividend Stocks
Source: Morningstar Direct.
The overall eurozone stock market, as measured by the Morningstar Eurozone Index, was roughly flat on the month, but has risen 12.0% on the year.
Yields and Metrics for November’s Best-Performing Dividend Stocks
Banca Monte dei Paschi di Siena
Italian bank Banca Monte dei Paschi di Siena rose 23.6% in November and gained 107.4% over the past 12 months. Trading at EUR 6.22 per share, its stock has a forward dividend yield of 4.02%. Banca Monte dei Paschi di Siena pays investors a trailing 12-month dividend of EUR 0.25 per share. The stock has a quantitative Morningstar Rating of 3 stars.
Banco BPM
Italian bank Banco BPM rose 22.7% in November and gained 60.9% over the past 12 months. At EUR 7.20 per share, its stock has a forward dividend yield of 13.33% and a trailing 12-month dividend of EUR 0.56 per share. It has a quantitative Morningstar Rating of 3 stars.
Tenaris
Italian oil and gas equipment and services company Tenaris gained 21.6% in November and rose 19.3% over the past 12 months. The stock’s EUR 18.16 price gives it a forward dividend yield of 3.43%. Tenaris pays investors a trailing 12-month dividend of EUR 0.54 per share. With a fair value estimate of EUR 17 per share and no economic moat, the stock is fairly valued and has a Morningstar Rating of 3 stars.
Thyssenkrupp
German metal fabrication firm Thyssenkrupp rose 20.9% in November and lost 41.8% over the past 12 months. Trading at EUR 3.87 per share, Thyssenkrupp stock has a forward dividend yield of 3.87% and a trailing 12-month dividend of EUR 0.15 per share. It has a quantitative Morningstar Rating of 3 stars.
SCOR
French reinsurance company SCOR gained 19.3% in November and fell 12.3% over the past 12 months. Trading at EUR 23.56 per share, its forward dividend yield is 7.64%. SCOR pays investors a trailing 12-month dividend of EUR 1.80 per share. The stock, which has no economic moat, is trading at a 26% discount to its fair value estimate of EUR 31.65 per share, leaving it moderately undervalued. It has a Morningstar Rating of 4 stars.
Titan Cement International
Belgian building materials firm Titan Cement gained 19.2% in November and rose 101.4% over the past 12 months. At EUR 38.75 per share, Titan Cement stock has a forward dividend yield of 2.19% and a trailing 12-month dividend of EUR 0.85 per share. It has a quantitative Morningstar Rating of 3 stars.
Heidelberg Materials
German building materials firm Heidelberg Materials rose 18.0% in November and gained 63.6% over the past 12 months. Trading at EUR 119.40 per share, Heidelberg stock has a forward dividend yield of 2.51% and a trailing 12-month dividend of EUR 3 per share. The stock, which has a narrow economic moat, is moderately overvalued, trading 30% above its fair value estimate of EUR 92 per share. It has a Morningstar Rating of 2 stars.
Salzgitter
German steel firm Salzgitter rose 16.9% in November and lost 38.0% over the past 12 months. Trading at EUR 16.40 per share, Salzgitter stock has a forward dividend yield of 2.74% and pays investors a trailing 12-month dividend of EUR 0.45 per share. The stock has a quantitative Morningstar Rating of 3 stars.
Tokmanni Group
Finnish discount store Tokmanni gained 16.4% in November and fell 2.6% over the past 12 months. The stock’s EUR 12.04 price gives it a forward dividend yield of 6.43%. Tokmanni pays investors a trailing 12-month dividend of EUR 0.76 per share. The stock has a quantitative Morningstar Rating of 4 stars.
Fresenius Medical Care
German medical care facilities firm Fresenius rose 15.8% in November and gained 13.7% over the past 12 months. At EUR 41.60 per share, Fresenius has a forward dividend yield of 2.86% and a trailing 12-month dividend of EUR 1.19 per share. The stock, which has a narrow economic moat, is moderately undervalued, trading 31% below its fair value estimate of EUR 60 per share. It has a Morningstar Rating of 4 stars.
What Is the Morningstar Eurozone Index?
The Morningstar Eurozone Index measures the performance of the eurozone’s broad regional markets, targeting the top 97% of stocks by market capitalization. The index does not incorporate environmental, social, or governance criteria.
What Is the Morningstar Eurozone Dividend Yield Focus Index?
The Morningstar Eurozone Dividend Yield Focus Index captures the performance of a portfolio of high-quality, dividend-paying securities.
It’s a subset of the Morningstar Eurozone index (which represents 97% of the equity market capitalization) that includes only stocks that pay dividends. The stocks are screened for economic moat and financial strength compared to others in their sector. Real estate investment trusts are excluded.
From there, the 25 highest-yielding stocks are included in the index, weighted by the dollar value of the dividends. See the full rulebook here.
The Best Dividend Stock Leaders: More Ideas to Consider
Investors who would like to uncover more top-performing or cheap dividend stocks to research further can do the following:
• Review the full list of Dividend stocks included in the Morningstar Eurozone Dividend Yield Focus index. Those dividend stocks with Morningstar Ratings of 4 or 5 stars are undervalued, according to our metrics.
• Read our monthly analysis of the latest dividend moves among the top FTSE 100 dividend payers.
• Use our Morningstar Screener tool to find the best dividend stocks according to your specific criteria. You can search for stocks based on their dividend yields, valuation measures such as price/earnings, and more.
• Use Morningstar Portfolio Manager to build a watchlist of the best dividend stocks and create a view that allows you to easily follow the valuations, ratings, and dividend yields of the stocks in your list.
• When it comes to buying stocks, it’s more than just dividends. Read here how valuations and competitive advantages—known as economic moats—matter when it comes to a stock’s potential for outperformance.
• Read Morningstar’s Guide to Stock Investing to learn how our approach to investing can inform your stock-picking process.
Companies that are not formally covered by a Morningstar analyst are statistically matched to analyst-rated companies, allowing our models to calculate a quantitative star rating.
This article was compiled by Bella Albrecht, edited by Lauren Solberg, and reviewed by Sunniva Kolostyak.
This article was generated with the help of automation and reviewed by Morningstar editors. Learn more about Morningstar’s use of automation.
The author or authors do not own shares in any securities mentioned in this article. Find out about Morningstar's editorial policies.
