3 FTSE 100 passive income stocks I’d buy now

Roland Head has found three FTSE 100 stocks that could provide a 6.7% passive income in 2022, including one share from his own portfolio.

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When markets are wobbly, receiving regular dividends from my stocks makes it much easier for me to ignore any short-term share price slumps. This is one reason why my stock market portfolio is designed to deliver a reliable passive income.

The three FTSE 100 stocks I’m going to look at today offer an average dividend yield of 6.7%. That’s well above the lead index average of around 4%. Dividend payouts are never guaranteed, of course, but my research suggests these payouts should be pretty safe in 2022.

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A ‘sleeper’ 7% dividend yield

Life insurer Phoenix Group (LSE: PHNX) isn’t a household name. Much of the company’s business comes from buying books of insurance policies from other companies, and running them to completion.

However, Phoenix is also expanding into the retail market, trading under the Standard Life brand. I think this expansion is needed to maintain growth, but I also think it’s the main risk facing shareholders at the moment. Phoenix is expanding away from its specialist niche into a tough market where it must compete with bigger rivals.

The future is always uncertain in investing and Phoenix’s cash-generative business model may not work this well forever. But I’ve followed this company for a number of years and have not been disappointed yet.

City analysts expect Phoenix’s dividend to be covered 1.6 times by earnings in 2022. I think that’s a decent margin of safety. With the stock yielding 7.3% at current levels, I view this as a classic passive income share for my portfolio.

A ‘back-to-the-office’ buy?

As many workers start to head back to the office, I think we’ll see quality office property start to recover in value. I rate FTSE 100 REIT Landsec (LSE: LAND) as one of the top commercial property landlords, thanks to its portfolio of modern, well-located central London offices. Landsec’s portfolio also includes some of the UK’s biggest shopping centres, including Bluewater in Kent.

There’s still some uncertainty about long-term demand for both office and retail space. Both could decline over time, but I think the quality and location of Landsec’s offer means it should perform better than some smaller rivals.

Landsec shares currently trade at a 20% discount to their book value of 1,012p and offer a 4.5% dividend yield. I think this could be an attractive entry point. I’d be happy to buy the shares for my portfolio today.

This sin stock could provide an 8% passive income

My final pick is tobacco group Imperial Brands (LSE: IMB). Naturally this business won’t win any awards for political correctness. But the reality is that it’s very profitable and generates huge amounts of surplus cash each year.

The market doesn’t like tobacco stocks and there are also concerns about the long-term outlook. Global cigarette sales are falling yearly, so Imperial and its rivals must keep fighting for a bigger slice of a shrinking pie.

This situation has left Imperial Brands trading on just seven times forecast earnings, with a well-covered dividend yield of 8.2%. I think this is probably too cheap. I’ve certainly not found many other opportunities recently to lock in an 8% passive income.

I already hold Imperial shares in my portfolio. If I didn’t, they’d be on my list to buy today.

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Roland Head owns Imperial Brands. The Motley Fool UK has recommended Imperial Brands and Landsec. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.

Should you invest the value of your investment may rise or fall and your Capital is at Risk. Before investing your individual circumstances should be considered, so you should consider taking independent financial advice.

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