2024 Monthly Dividend Stocks List

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5/1/24, 4:49 PM 2024 Monthly Dividend Stocks List | See All 79 Now | Yields Up To 24.

9%

Sure Dividend
HIGH-QUALITY DIVIDEND STOCKS, LONG-TERM PLAN

2024 Monthly Dividend Stocks


List | See All 79 Now | Yields Up
To 16.5%
Updated on April 3rd, 2024 by Bob Ciura
Spreadsheet data updated daily

Monthly dividend stocks are securities that pay a dividend every month
instead of quarterly or annually.

This research report focuses on all 79 individual monthly paying securities. It


includes the following resources.

Resource #1: The Monthly Dividend Stock Spreadsheet List

Click here to instantly download your free


spreadsheet of all 79 monthly dividend stocks
now, along with important investing metrics.

This list contains important metrics, including: dividend yields, payout ratios,
dividend growth rates, 52-week highs and lows, betas, and more.

Note: We strive to maintain an accurate list of all monthly dividend payers.


There’s no universal source we are aware of for monthly dividend stocks; we
curate this list manually. If you know of any stocks that pay monthly
dividends that are not on our list, please email support@suredividend.com.

Resource #2: The Monthly Dividend Stocks In Focus Series


The Monthly Dividend Stocks In Focus series is where we analyze all monthly
paying dividend stocks. This resource links to stand-alone analysis on each of
these securities.

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Resource #3: The 10 Best Monthly Dividend Stocks


This research report analyzes the 10 best monthly dividend stocks as ranked
by expected total return.

Resource #4: Other Monthly Dividend Stock Research


– Monthly dividend stock performance through March 2024
– Why monthly dividends matter
– The dangers of investing in monthly dividend stocks
– Final thoughts and other income investing resources

The Monthly Dividend Stocks In Focus Series


You can see detailed analysis on monthly dividend securities we cover by
clicking the links below. We’ve included our most recent Sure Analysis
Research Database report update in brackets as well, where applicable.

1. Agree Realty (ADC) | [See Newest Sure Analysis Report]


2. AGNC Investment (AGNC) | [See Newest Sure Analysis Report]
3. Atrium Mortgage Investment Corporation (AMIVF)
4. Apple Hospitality REIT, Inc. (APLE) | [See Newest Sure Analysis Report]
5. ARMOUR Residential REIT (ARR) | [See Newest Sure Analysis Report]
6. A&W Revenue Royalties Income Fund (AWRRF)
7. Banco Bradesco S.A. (BBD) | [See Newest Sure Analysis Report]
8. Diversified Royalty Corp. (BEVFF)
9. Boston Pizza Royalties Income Fund (BPZZF)
10. Bridgemarq Real Estate Services (BREUF)
11. BSR Real Estate Investment Trust (BSRTF)
12. Canadian Apartment Properties REIT (CDPYF)
13. ChemTrade Logistics Income Fund (CGIFF)
14. Chesswood Group Limited (CHWWF)
15. Choice Properties REIT (PPRQF) | [See Newest Sure Analysis Report]
16. Cross Timbers Royalty Trust (CRT) | [See Newest Sure Analysis Report]
17. CT Real Estate Investment Trust (CTRRF)
18. SmartCentres Real Estate Investment Trust (CWYUF)
19. Dream Industrial REIT (DREUF) | [See Newest Sure Analysis Report]
20. Dream Office REIT (DRETF) | [See Newest Sure Analysis Report]
21. Dynex Capital (DX) | [See Newest Sure Analysis Report]
22. Ellington Residential Mortgage REIT (EARN) | [See Newest Sure Analysis
Report]
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23. Ellington Financial (EFC) | [See Newest Sure Analysis Report]


24. EPR Properties (EPR) | [See Newest Sure Analysis Report]
25. Exchange Income Corporation (EIFZF) | [See Newest Sure Analysis
Report]
26. Extendicare Inc. (EXETF)
27. Flagship Communities REIT (MHCUF)
28. First National Financial Corporation (FNLIF)
29. Freehold Royalties Ltd. (FRHLF)
30. Firm Capital Property Trust (FRMUF)
31. Fortitude Gold (FTCO) | [See Newest Sure Analysis Report]
32. Generation Income Properties (GIPR) | [See Newest Sure Analysis Report]
33. Gladstone Capital Corporation (GLAD) | [See Newest Sure Analysis Report]
34. Gladstone Commercial Corporation (GOOD) | [See Newest Sure Analysis
Report]
35. Gladstone Investment Corporation (GAIN) | [See Newest Sure Analysis
Report]
36. Gladstone Land Corporation (LAND) | [See Newest Sure Analysis Report]
37. Global Water Resources (GWRS) | [See Newest Sure Analysis Report]
38. Granite Real Estate Investment Trust (GRP.U) | [Historical Reports]
39. H&R Real Estate Investment Trust (HRUFF)
40. Horizon Technology Finance (HRZN) | [See Newest Sure Analysis Report]
41. Hugoton Royalty Trust (HGTXU) | [See Newest Sure Analysis Report]
42. Itaú Unibanco (ITUB) | [See Newest Sure Analysis Report]
43. The Keg Royalties Income Fund (KRIUF)
44. LTC Properties (LTC) | [See Newest Sure Analysis Report]
45. Sienna Senior Living (LWSCF)
46. Main Street Capital (MAIN) | [See Newest Sure Analysis Report]
47. Modiv Inc. (MDV) | [See Newest Sure Analysis Report]
48. Mullen Group Ltd. (MLLGF)
49. Northland Power Inc. (NPIFF)
50. NorthWest Healthcare Properties REIT (NWHUF)
51. Orchid Island Capital (ORC) | [See Newest Sure Analysis Report]
52. Oxford Square Capital (OXSQ) | [See Newest Sure Analysis Report]
53. Permian Basin Royalty Trust (PBT) | [See Newest Sure Analysis Report]
54. Phillips Edison & Company (PECO) | [See Newest Sure Analysis Report]
55. Pennant Park Floating Rate (PFLT) | [See Newest Sure Analysis Report]
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56. Peyto Exploration & Development Corp. (PEYUF)


57. Pine Cliff Energy Ltd. (PIFYF)
58. Primaris REIT (PMREF)
59. Paramount Resources Ltd. (PRMRF)
60. PermRock Royalty Trust (PRT) | [See Newest Sure Analysis Report]
61. Prospect Capital Corporation (PSEC) | [See Newest Sure Analysis Report]
62. Permianville Royalty Trust (PVL)
63. Pizza Pizza Royalty Corp. (PZRIF)
64. Realty Income (O) | [See Newest Sure Analysis Report]
65. RioCan Real Estate Investment Trust (RIOCF)
66. Richards Packaging Income Fund (RPKIF)
67. Sabine Royalty Trust (SBR) | [See Newest Sure Analysis Report]
68. Stellus Capital Investment Corp. (SCM) | [See Newest Sure Analysis
Report]
69. Savaria Corp. (SISXF)
70. San Juan Basin Royalty Trust (SJT) | [See Newest Sure Analysis Report]
71. SL Green Realty Corp. (SLG) | [See Newest Sure Analysis Report]
72. Whitecap Resources Inc. (SPGYF)
73. Slate Grocery REIT (SRRTF)
74. Stag Industrial (STAG) | [See Newest Sure Analysis Report]
75. Timbercreek Financial Corp. (TBCRF)
76. Tamarack Valley Energy (TNEYF)
77. TransAlta Renewables (TRSWF) | [See Newest Sure Analysis Report]
78. U.S. Global Investors (GROW) | [See Newest Sure Analysis Report]
79. Whitestone REIT (WSR) | [See Newest Sure Analysis Report]

The 10 Best Monthly Dividend Stocks


This research report examines the 10 monthly dividend stocks from our Sure
Analysis Research Database with the highest 5-year forward expected total
returns. We currently cover nearly 80 monthly dividend stocks every quarter
in the Sure Analysis Research Database.

Use the table below to quickly jump to analysis on any of the top 10 best
monthly dividend stocks as ranked by expected total returns.

Table of Contents

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You can instantly jump to any specific section of the article by using the links
below:

Monthly Dividend Stock #10: AGNC Investment Corp. (AGNC)


Monthly Dividend Stock #9: Gladstone Commercial (GOOD)
Monthly Dividend Stock #8: Horizon Technology Finance (HRZN)
Monthly Dividend Stock #7: Ellington Financial (EFC)
Monthly Dividend Stock #6: Stellus Capital (SCM)
Monthly Dividend Stock #5: EPR Properties (EPR)
Monthly Dividend Stock #4: LTC Properties (LTC)
Monthly Dividend Stock #3: Agree Realty (ADC)
Monthly Dividend Stock #2: Itau Unibanco (ITUB)
Monthly Dividend Stock #1: Ellington Residential Mortgage REIT (EARN)

Monthly Dividend Stock #10: AGNC Investment


Corp. (AGNC)
5-Year Expected Total Return: 10.5%
Dividend Yield: 14.8%

American Capital Agency Corp is a mortgage real estate investment trust that
invests primarily in agency mortgage–backed securities (or MBS) on a
leveraged basis.

The firm’s asset portfolio is comprised of residential mortgage pass–through


securities, collateralized mortgage obligations (or CMO), and non–agency
MBS. Many of these are guaranteed by government–sponsored enterprises.

AGNC Investment Corp. announced its fourth quarter 2023 financial results
on January 22, 2024, reporting a comprehensive income of $1.00 per
common share, including $0.57 net income and $0.43 other comprehensive
income per share.

The quarter saw a $0.60 net spread and dollar roll income per common share
and ended with a tangible net book value of $8.70 per share. The quarter’s
dividends were declared at $0.36 per share, contributing to a 12.1% economic
return on tangible common equity. The investment portfolio was valued at
$60.2 billion, with a leverage of 7.0x tangible net book value.

Click here to download our most recent Sure Analysis report on


AGNC Investment Corp (AGNC) (preview of page 1 of 3 shown below):

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Monthly Dividend Stock #9: Gladstone


Commercial (GOOD)
5-Year Expected Total Return: 10.6%
Dividend Yield: 8.9%

Gladstone Commercial Corporation is a real estate investment trust, or REIT,


that specializes in single-tenant and anchored multi-tenant net leased
industrial and office properties across the U.S. The trust targets primary and
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secondary markets that possess favorable economic growth trends, growing


populations, strong employment, and robust growth trends.

The trust’s stated goal is to pay shareholders monthly distributions, which it


has done for more than 17 consecutive years. Gladstone owns over 100
properties in 24 states that are leased to about 100 unique tenants.

Gladstone posted fourth quarter and full-year earnings on February 21st,


2024, and results were weaker than expected. Total revenue was $35.9
million, missing consensus by $0.9 million, and down $0.6 million from the
third quarter. The trust’s management team saw its total assets fall by 3%
year-over-year to $1.13 billion, and off about 1% quarter-over -quarter. 
Click here to download our most recent Sure Analysis report on
GOOD (preview of page 1 of 3 shown below):

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Monthly Dividend Stock #8: Horizon


Technology Finance (HRZN)
5-Year Expected Total Return: 11.8%
Dividend Yield: 10.7%

Horizon Technology Finance Corp. is a BDC that provides venture capital to


small and medium–sized companies in the technology, life sciences, and
healthcare–IT sectors.
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The company has generated attractive risk–adjusted returns through directly


originated senior secured loans and additional capital appreciation through
warrants, featuring a last–nine–month annualized portfolio yield of 14.7%.

On August 1st, 2023, Horizon released its Q2 results for the period ending
June 30th, 2023. For the quarter, total investment income grew 51.3% year-
over-year to $28.1 million, primarily due to growth in interest income on
investments resulting from an increase in the average size of the debt
investment portfolio and an increase in the base rate for most of the
company’s variable rate debt investments.

Click here to download our most recent Sure Analysis report on


HRZN (preview of page 1 of 3 shown below):

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Monthly Dividend Stock #7: Ellington Financial


(EFC)
5-Year Expected Total Return: 11.0%
Dividend Yield: 13.7%

Ellington Financial Inc. acquires and manages mortgage, consumer,


corporate, and other related financial assets in the United States. The
company acquires and manages residential mortgage–backed securities
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(RMBS) backed by prime jumbo, Alt–A, manufactured housing, and subprime


residential mortgage loans.

Additionally, it manages RMBS, for which the U.S. government guarantees the
principal and interest payments. It also provides collateralized loan
obligations, mortgage–related and non–mortgage–related derivatives, equity
investments in mortgage originators and other strategic investments.

On February 27th, 2024, Ellington Financial reported its Q4 results for the
period ending December 31st, 2023. Due to the company’s business model,
Ellington doesn’t report any revenues. Instead, it records only income. For the
quarter, gross interest income came in at $98.7 million, up 2.6% quarter-over-
quarter.

Ellington’s strong numbers from its residential transition loan portfolio and
its Agency and non-agency MBS didn’t offset dilution and expenses related to
the merger with Arlington Asset and net losses from Longbridge and other
positions, leading to a small negative economic return overall for the quarter.

Click here to download our most recent Sure Analysis report on


Ellington Financial (EFC) (preview of page 1 of 3 shown below):

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Monthly Dividend Stock #6: Stellus Capital


(SCM)
5-Year Expected Total Return: 11.2%
Dividend Yield: 12.2%

Stellus Capital Management provides capital solutions to companies with $5


million to $50 million of EBITDA and does so with a variety of instruments,
the majority of which are debt. Stellus provides first lien, second lien,
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mezzanine, convertible debt, and equity investments to a diverse group of


customers, generally at high yields, in the US and Canada.

Stellus posted fourth quarter and full-year earnings on March 4th, 2024, and
results were somewhat mixed. The BDC posted fiscal year adjusted NII of
$1.92, which beat estimates by 19 cents. Total investment income, which is
akin to revenue, was up 41% year-over-year to $106 million, and missed
estimates by over $5 million. Stellus noted that its loan portfolio is yielding
11.9% as of the end of the year.

Click here to download our most recent Sure Analysis report on


Stellus (preview of page 1 of 3 shown below):

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Monthly Dividend Stock #5: EPR Properties


(EPR)
5-Year Expected Total Return: 11.5%
Dividend Yield: 8.4%

EPR Properties is a specialty real estate investment trust, or REIT, that invests
in properties in specific market segments that require industry knowledge to
operate effectively. It selects properties it believes have strong return potential
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in Entertainment, Recreation, and Education. The portfolio includes about $7


billion in investments across 300+ locations in 44 states, including over 250
tenants.

EPR posted fourth quarter and full-year earnings on February 28th, 2024, and
results were slightly better than expected. The trust posted funds-from-
operations per-share of $1.16, which was in line with estimates. FFO-per-
share was down, however, from $1.47 in Q3 and from $1.25 in last year’s Q4.
However, revenue was down nearly 4% year-over-year to $172 million. That
was still $16 million better than expected.

Click here to download our most recent Sure Analysis report on


EPR (preview of page 1 of 3 shown below):

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Monthly Dividend Stock #4: LTC Properties


(LTC)
5-Year Expected Total Return: 11.8%
Dividend Yield: 7.2%

LTC Properties is a REIT that invests in senior housing and skilled nursing
properties. Its portfolio consists of approximately 50% senior housing and

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50% skilled nursing properties. The REIT owns 208 investments in 27 states
with 29 operating partners.

In mid-February, LTC reported (2/15/24) financial results for the fourth


quarter of fiscal 2023. Funds from operations (FFO) per share dipped -8%
over the prior year’s quarter, from $0.72 to $0.66, and missed the analysts’
consensus by $0.02.

The decrease in FFO per share resulted from lower rental income due to the
sale of some properties, which more than offset higher interest income. LTC
reduced its leverage ratio (Net Debt to EBITDA) from 6.0x in the previous
quarter to 5.5x.

Click here to download our most recent Sure Analysis report on


LTC (preview of page 1 of 3 shown below):

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Monthly Dividend Stock #3: Agree Realty (ADC)


5-Year Expected Total Return: 13.3%
Dividend Yield: 5.3%

Agree Realty Corp. (ADC) is an integrated real estate investment trust (REIT)
focused on ownership, acquisition, development, and retail property
management. Richard Agree founded Agree Development Company in 1971,
which is the predecessor to Agree Realty Corporation. Agree has developed
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over 40 community shopping centers throughout the Midwestern and


Southeastern United States.

On October 24th, 2023, Agree Realty Corp. reported third quarter results for
Fiscal Year (FY)2023. The company revealed significant investment activity
and positive performance metrics. The company invested $411 million in 98
retail net lease properties and completed eight development projects totaling
over $41 million in committed capital. Adjusted Funds from Operations
(AFFO) per share rose by 4.2% to $1.00.

Click here to download our most recent Sure Analysis report on


Agree Realty Corp. (ADC) (preview of page 1 of 3 shown below):

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Monthly Dividend Stock #2: Itau Unibanco


(ITUB)
5-Year Expected Total Return: 14.0%
Dividend Yield: 6.2%

Itaú Unibanco Holding S.A. is headquartered in Sao Paulo, Brazil. The bank
has operations across South America and other places like the United States,
Portugal, Switzerland, China, Japan, etc.
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On February 5th, 2024, Itaú Unibanco reported fourth-quarter results for


2023. In the fourth quarter of 2023, the company achieved a commendable
4.0% increase in the recurring managerial result, reaching $1.9 billion. This
positive momentum extended to the return on equity, standing at 21.2% on a
consolidated basis and further elevating to 22.2% in Brazil. The loan portfolio
exhibited a 1.1% increase on a consolidated scale, with a more pronounced
uptick of 1.8% in Brazil.

Notably, the credit card portfolio surged by 6.1%, particularly towards the end
of the year, with a substantial 10.4% growth in internal channels. Despite a
marginal decline of 0.2% in personal loans, the margin with clients
experienced a notable 2.9% increase, concluding the quarter at $5.3 billion.

Click here to download our most recent Sure Analysis report on


ITUB (preview of page 1 of 3 shown below):

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Monthly Dividend Stock #1: Ellington


Residential Mortgage REIT (EARN)
5-Year Expected Total Return: 14.0%
Dividend Yield: 13.7%

Ellington Residential Mortgage REIT acquires, invests in, and manages


residential mortgage and real estate related assets. Ellington focuses primarily

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on residential mortgage-backed securities, specifically those backed by a U.S.


Government agency or U.S. government–sponsored enterprise.

Agency MBS are created and backed by government agencies or enterprises,


while non-agency MBS are not guaranteed by the government.

On November 7th, 2023, Ellington Financial reported its Q3 results for the
period ending September 30th, 2023. Due to the company’s business model,
Ellington doesn’t report any revenues. Instead, it records only income. For the
quarter, gross interest income came in at $96.2 million, up 9.2% quarter-over-
quarter.

Adjusted (previously referred to as “core”) EPS came in at $0.33, five cents


lower versus Q2-2023. The decline was mainly due to higher professional fees.

Click here to download our most recent Sure Analysis report


on EARN (preview of page 1 of 3 shown below):

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Other Monthly Dividend Stock Resources


Each separate monthly dividend stock has its own unique characteristics. The
resources below will give you a better understanding of monthly dividend
stock investing.

The following research reports will help you generate more monthly dividend
stock investment ideas.

20 Highest Yielding Monthly Dividend Stocks


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10 Cheapest Monthly Dividend Stocks


10 Safest Monthly Dividend Stocks

Monthly Dividend Stock Performance Through March 2024


In March 2024, a basket of the monthly dividend stocks above generated
positive returns of 3.0%. For comparison, the Russell 2000 ETF (IWM)
generated positive returns of 3.5% for the month.

Notes: Data for performance is from Ycharts. Canadian company


performance may be in the company’s home currency.

Monthly dividend stocks under-performed the Russell 2000 last month. We


will update our performance section monthly to track future monthly dividend
stock returns.

In March 2024, the 3 best-performing monthly dividend stocks (including


dividends) were:

Fortitude Gold (FTCO), up 23.9%


Generation Income Properties (GIPR), up 22.9%
Ellington Residential REIT (EARN), up 17.5%

The 3 worst-performing monthly dividend stocks (including dividends) in the


month were:

Pinecliff Energy (PIFYF), down 11.9%


Chesswood Group (CHWWF), down 12.2%
Cross Timbers Royalty Trust (CRT), down 23.6%

Why Monthly Dividends Matter


Monthly dividend payments are beneficial for one group of investors in
particular; retirees who rely on dividend stocks for income.

With that said, monthly dividend stocks are better under all circumstances
(everything else being equal), because they allow for returns to be
compounded on a more frequent basis. More frequent compounding results in
better total returns, particularly over long periods of time.

Consider the following performance comparison:

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Over the long run, monthly compounding generates slightly higher returns
over quarterly compounding. Every little bit helps.

With that said, it might not be practical to manually re-invest dividend


payments on a monthly basis. It is more feasible to combine monthly dividend
stocks with a dividend reinvestment plan to dollar cost average into your
favorite dividend stocks.

The last benefit of monthly dividend stocks is that they allow investors to have
– on average – more cash on hand to make opportunistic purchases. A
monthly dividend payment is more likely to put cash in your account when
you need it versus a quarterly dividend.

Case-in-point: Investors who bought a broad basket of stocks at the bottom


of the 2008-2009 financial crisis are likely sitting on triple-digit total returns
from those purchases today.

The Dangers of Investing In Monthly Dividend Stocks


Monthly dividend stocks have characteristics that make them appealing to do-
it-yourself investors looking for a steady stream of income. Typically, these are
retirees and people planning for retirement.

Investors should note many monthly dividend stocks are highly


speculative. On average, monthly dividend stocks tend to have elevated
payout ratios. An elevated payout ratio means there’s less margin for error to
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continue paying the dividend if business results suffer a temporary (or


permanent) decline.

As a result, we have real concerns that many monthly dividend payers will not
be able to continue paying rising dividends in the event of a recession.

Additionally, a high payout ratio means that a company is retaining little


money to invest for future growth. This can lead management teams to
aggressively leverage their balance sheet, fueling growth with debt. High debt
and a high payout ratio is perhaps the most dangerous combination around
for a potential future dividend reduction.

With that said, there are a handful of high-quality monthly dividend payers
around. Chief among them is Realty Income (O). Realty Income has paid
increasing dividends (on an annual basis) every year since 1994.

The Realty Income example shows that there are high-quality monthly
dividend payers around, but they are the exception rather than the norm. We
suggest investors do ample due diligence before buying into any monthly
dividend payer.

Final Thoughts & Other Income Investing


Resources
Financial freedom is achieved when your passive investment income exceeds
your expenses. But the sequence and timing of your passive income
investment payments can matter.

Monthly payments make matching portfolio income with expenses easier.


Most personal expenses recur monthly whereas most dividend stocks pay
quarterly. Investing in monthly dividend stocks matches the frequency of
portfolio income payments with the normal frequency of personal expenses.

Additionally, many monthly dividend payers offer investors high yields. The
combination of a monthly dividend payment and a high yield should be
especially appealing to income investors.

But not all monthly dividend payers offer the safety that income investors
need. A monthly dividend is better than a quarterly dividend, but not if that
monthly dividend is reduced soon after you invest. The high payout ratios and
shorter histories of most monthly dividend securities mean they tend to have
elevated risk levels.

Because of this, we advise investors to look for high-quality monthly dividend


payers with reasonable payout ratios, trading at fair or better prices.
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5/1/24, 4:49 PM 2024 Monthly Dividend Stocks List | See All 79 Now | Yields Up To 24.9%

Click here to instantly download your free


spreadsheet of all 79 monthly dividend stocks
now, along with important investing metrics.

Additionally, see the resources below for more compelling investment ideas
for dividend growth stocks and/or high-yield investment securities.

Dividend Kings: 50+ years of rising dividends


Dividend Aristocrats: 25+ years of rising dividends and in the S&P 500
High Dividend Stocks: 5%+ dividend yields

Thanks for reading this article. Please send any feedback, corrections, or
questions to support@suredividend.com.

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