Updated on July 2nd, 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 analyzeall monthly paying dividend stocks. This resource links to stand-alone analysis on each of these securities.
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
– 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 the individual monthly dividend securities we cover by clicking the links below:
- Agree Realty (ADC)
- AGNC Investment (AGNC)
- Atrium Mortgage Investment Corporation (AMIVF)
- Apple Hospitality REIT, Inc. (APLE)
- ARMOUR Residential REIT (ARR)
- (AWRRF)
- Banco Bradesco S.A. (BBD)
- Diversified Royalty Corp. (BEVFF)
- Boston Pizza Royalties Income Fund (BPZZF)
- Bridgemarq Real Estate Services (BREUF)
- BSR Real Estate Investment Trust (BSRTF)
- Canadian Apartment Properties REIT (CDPYF)
- ChemTrade Logistics Income Fund (CGIFF)
- Chesswood Group Limited (CHWWF)
- Choice Properties REIT (PPRQF)
- Cross Timbers Royalty Trust (CRT)
- CT Real Estate Investment Trust (CTRRF)
- SmartCentres Real Estate Investment Trust (CWYUF)
- Dream Industrial REIT (DREUF)
- Dream Office REIT (DRETF)
- Dynex Capital (DX)
- Ellington Residential Mortgage REIT (EARN)
- Ellington Financial (EFC)
- EPR Properties (EPR)
- Exchange Income Corporation (EIFZF)
- Extendicare Inc. (EXETF)
- Flagship Communities REIT (MHCUF)
- First National Financial Corporation (FNLIF)
- Freehold Royalties Ltd. (FRHLF)
- Firm Capital Property Trust (FRMUF)
- Fortitude Gold (FTCO)
- Generation Income Properties (GIPR)
- Gladstone Capital Corporation (GLAD)
- Gladstone Commercial Corporation (GOOD)
- Gladstone Investment Corporation (GAIN)
- Gladstone Land Corporation (LAND)
- Global Water Resources (GWRS)
- Granite Real Estate Investment Trust (GRP.U)
- (HRUFF)
- Horizon Technology Finance (HRZN)
- Hugoton Royalty Trust (HGTXU)
- Itaú Unibanco (ITUB)
- The Keg Royalties Income Fund (KRIUF)
- LTC Properties (LTC)
- Sienna Senior Living (LWSCF)
- Main Street Capital (MAIN)
- Modiv Inc. (MDV)
- Mullen Group Ltd. (MLLGF)
- Northland Power Inc. (NPIFF)
- NorthWest Healthcare Properties REIT (NWHUF)
- Orchid Island Capital (ORC)
- Oxford Square Capital (OXSQ)
- Permian Basin Royalty Trust (PBT)
- (PECO)
- Pennant Park Floating Rate (PFLT)
- (PEYUF)
- Pine Cliff Energy Ltd. (PIFYF)
- Primaris REIT (PMREF)
- Paramount Resources Ltd. (PRMRF)
- PermRock Royalty Trust (PRT)
- Prospect Capital Corporation (PSEC)
- Permianville Royalty Trust (PVL)
- Pizza Pizza Royalty Corp. (PZRIF)
- Realty Income (O)
- RioCan Real Estate Investment Trust (RIOCF)
- Richards Packaging Income Fund (RPKIF)
- Sabine Royalty Trust (SBR)
- Stellus Capital Investment Corp. (SCM)
- Savaria Corp. (SISXF)
- San Juan Basin Royalty Trust (SJT)
- SL Green Realty Corp. (SLG)
- Whitecap Resources Inc. (SPGYF)
- Slate Grocery REIT (SRRTF)
- Stag Industrial (STAG)
- Timbercreek Financial Corp. (TBCRF)
- Tamarack Valley Energy (TNEYF)
- TransAlta Renewables (TRSWF)
- U.S. Global Investors (GROW)
- Whitestone REIT (WSR)
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
You can instantly jump to any specific section of the article by using the links below:
- Monthly Dividend Stock #10: Oxford Square Capital (OXSQ)
- Monthly Dividend Stock #9: Prospect Capital (PSEC)
- Monthly Dividend Stock #8: LTC Properties (LTC)
- Monthly Dividend Stock #7: AGNC Investment Corp. (AGNC)
- Monthly Dividend Stock #6: U.S. Global Investors (GROW)
- Monthly Dividend Stock #5: Agree Realty (ADC)
- Monthly Dividend Stock #4: Apple Hospitality REIT (APLE)
- Monthly Dividend Stock #3: EPR Properties (EPR)
- Monthly Dividend Stock #2: Ellington Credit Co. (EARN)
- Monthly Dividend Stock #1: Itau Unibanco (ITUB)
Monthly Dividend Stock #10: Oxford Square Capital (OXSQ)
- 5-Year Expected Total Return: 10.2%
- Dividend Yield: 14.4%
Oxford Square Capital Corp. is a BDC specializing in financing early and middle–stage businesses through loans and CLOs.
The company holds an equally split portfolio of First–Lien, Second–Lien, and CLO equity assets spread across multiple industries, with the highest exposure in software and business services.
Source: Investor Presentation
On May 2nd, 2024, Oxford Square reported its Q1 results for the period ending March 31st, 2024. For the quarter, the company generated approximately $10.7 million of total investment income, down from $12.3 million in the previous quarter.
The weighted average cash distribution yield of its cash income producing CLO equity investments at current also rose sequentially from 13.6% to 13.7%.
Click here to download our most recent Sure Analysis report on OXSQ (preview of page 1 of 3 shown below):
Monthly Dividend Stock #9: Prospect Capital (PSEC)
- 5-Year Expected Total Return: 10.4%
- Dividend Yield: 13.2%
Prospect Capital Corporation is a Business Development Company, or BDC, that provides private debt and private equity to middle–market companies in the U.S.
The company focuses on direct lending to owner–operated companies, as well as sponsor–backed transactions. Prospect invests primarily in first and second lien senior loans and mezzanine debt, with occasional equity investments.
Source: Investor Presentation
Prospect posted third quarter earnings on May 8th, 2024. Net investment income came to $94.4 million, off from just under $97 million in the December quarter, and down from $102.2 million a year ago.
As a percentage of total net investment income, interest income was 91%, slightly lower than prior quarters.
On a per-share basis, NII came to 23 cents, down from 24 cents in the December quarter, and down from 26 cents in the March period a year ago.
NAV declined from $9.48 in the March quarter last year to $8.99, but up slightly from $8.92 in the December quarter.
Click here to download our most recent Sure Analysis report on PSEC (preview of page 1 of 3 shown below):
Monthly Dividend Stock #8: LTC Properties (LTC)
- 5-Year Expected Total Return: 10.5%
- Dividend Yield: 6.6%
LTC Properties is a REIT that invests in senior housing and skilled nursing properties. Its portfolio consists of approximately 50% senior housing and 50% skilled nursing properties.
The REIT owns 195 investments in 26 states, with 31 operating partners.
Source: Investor Presentation
In late April, LTC reported (4/29/24) financial results for the first quarter of fiscal 2024. Funds from operations (FFO) per share grew 4.5% over the prior year’s quarter, from $0.66 to $0.69, and exceeded the analysts’ consensus by $0.05.
The increase in FFO per share resulted from higher rental revenue and higher interest income from mortgage loans, which more than offset increased interest expense amid 16-year high interest rates. LTC maintained its leverage ratio (Net Debt to EBITDA) at 5.5x.
Click here to download our most recent Sure Analysis report on LTC (preview of page 1 of 3 shown below):
Monthly Dividend Stock #7: AGNC Investment Corp. (AGNC)
- 5-Year Expected Total Return: 11.0%
- Dividend Yield: 15.2%
American Capital Agency Corpis amortgagereal estate investment trust that invests primarilyin agency mortgage–backedsecurities(or MBS)on a leveraged basis.
The firm’s asset portfolio is comprisedofresidentialmortgage pass–through securities, collateralized mortgage obligations(orCMO), and non–agency MBS. Many of theseare guaranteed by government–sponsored enterprises.
AGNC Investment’s first-quarter non-GAAP earnings continued their downward trend amid the company’s operation in a higher interest rate environment.
Source: Investor Presentation
The quarter’s earnings excluded an estimated “catch-up” premium amortization benefit. Tangible net book value per common share increased to $8.84, although the economic return on tangible common equity declined.
Click here to download our most recent Sure Analysis report on AGNC Investment Corp (AGNC)(preview of page 1 of 3 shown below):
Monthly Dividend Stock #6: U.S. Global Investors (GROW)
- 5-Year Expected Total Return: 11.1%
- Dividend Yield: 3.5%
U.S. Global Investors is a publicly owned investment manager, primarily providing its services to investment
companies as well as to pooled investment vehicles. It has a tiny market cap of around $40 million.
The company handles equity and fixed income mutual funds, hedge funds for its clients, and exchange traded funds.
It invests in fixed income markets and public equity around the world. To make its equity investments the firm also invests in G.A.R.P. and value stocks.
On February 8th, U.S. Global Investors reported its financial results for the fiscal quarter ending December 31, 2023. The company posted a net income of $1.2 million, marking a significant improvement from the previous quarter’s net loss of $176,000 and reflecting a 45% increase from the same period the previous year.
Click here to download our most recent Sure Analysis report on GROW (preview of page 1 of 3 shown below):
Monthly Dividend Stock #5: Agree Realty (ADC)
- 5-Year Expected Total Return: 11.4%
- Dividend Yield: 4.9%
Agree Realty Corp. (ADC) is an integrated real estate investment trust (REIT) focused on ownership, acquisition, development, and retail property management. Agree has developed over 40 community shopping centers throughout the Midwestern and Southeastern United States.
On April 23rd, 2024, Agree Realty Corp. reported first quarter results. The company invested $140 million in 50 retail net lease properties and initiated four development projects with a total committed capital of $18 million. Net income per share decreased by 2.4% to $0.43, while Core FFO per share increased by 3.5% to $1.01, and AFFO per share rose by 4.6% to $1.03.
A monthly dividend of $0.250 per common share was declared for April, a 2.9% increase year-over-year. The Company ended the quarter with over $920 million in total liquidity and maintained a strong balance sheet.
Click here to download our most recent Sure Analysis report on Agree Realty Corp. (ADC)(preview of page 1 of 3 shown below):
Monthly Dividend Stock #4: Apple Hospitality REIT (APLE)
- 5-Year Expected Total Return: 12.6%
- Dividend Yield: 6.7%
Apple Hospitality REIT is a hotel REIT that owns a portfolio of hotels with tens of thousands of rooms located across dozens of states.
It franchises its properties out to leading brands, including Marriottbranded hotels, Hilton-branded hotels, and Hyatt-branded hotels.
As of December 31, 2023, Apple Hospitality owned 225 hotels with a total of 29,900 guest rooms across 88 markets in 38 states.
Source: Investor Presentation
For the fourth quarter, Apple Hospitality REIT, Inc. reported strong operating performance, with increases in Comparable Hotels Revenue per Available Room (RevPAR) and Average Daily Rate (ADR) for both the fourth quarter and full year of 2023 compared to the same periods in 2022.
Comparable Hotels Occupancy remained steady in the fourth quarter but increased for the full year, outperforming industry averages according to STR data.
Click here to download our most recent Sure Analysis report on APLE (preview of page 1 of 3 shown below):
Monthly Dividend Stock #3: EPR Properties (EPR)
- 5-Year Expected Total Return: 13.4%
- Dividend Yield: 8.3%
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 in Entertainment, Recreation, and Education. The portfolio includes about $7 billion in investments across 350+ locations in 44 states, including over 200 tenants.
Source: Investor Presentation
EPR posted first quarter earnings on May 1st, 2024. The company posted adjusted funds-from-operations of $1.12 per share.
In the year-ago period, adjusted FFO-per-share was $1.30. Revenue was down 2.4% year-over-year to $167 million.
EPR enjoys high occupancy rates, which afford it pricing power and higher margins over time. Recent results seem to indicate that the worst is behind EPR, and the Regal restructuring is a big step forward.
Click here to download our most recent Sure Analysis report on EPR (preview of page 1 of 3 shown below):
Monthly Dividend Stock #2: Ellington Credit Co. (EARN)
- 5-Year Expected Total Return: 16.3%
- Dividend Yield: 14.1%
Ellington Credit Co. acquires, invests in, and manages residential mortgage and real estate related assets. Ellington focuses primarily 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 May 14th, 2024, Ellington Residential reported its first quarter results for the period ending March 31st, 2024. The company generated net income of $4.0 million, or $0.20 per share.
Ellington achieved adjusted distributable earnings of $5.3 million in the quarter, leading to adjusted earnings of $0.27 per share, which covered the dividend paid in the period. Ellington’s net interest margin was 3.03% overall.
Click here to download our most recent Sure Analysis report onEARN (preview of page 1 of 3 shown below):
Monthly Dividend Stock #1: Itau Unibanco (ITUB)
- 5-Year Expected Total Return: 17.9%
- Dividend Yield: 8.8%
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.
On May 6th, 2024, Itaú Unibanco reported first-quarter results for 2023. The company showcased significant financial growth, with a recurring managerial result totaling $1.9 billion, marking a notable 15.8% increase compared to the previous year. This surge was supported by an annualized recurring managerial return on average equity of 21.9%.
Key drivers behind these impressive results included an augmented financial margin with clients, attributed to a larger loan portfolio and improved margins on liabilities, as well as increased commissions, fees, and profits from insurance operations.
Click here to download our most recent Sure Analysis report on ITUB (preview of page 1 of 3 shown below):
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
- 10 Cheapest Monthly Dividend Stocks
- 10 Safest Monthly Dividend Stocks
Monthly Dividend Stock Performance
In June 2024, a basket of the monthly dividend stocks above generated returns of 0.11%. For comparison, the Russell 2000 ETF (IWM) generated negative returns of -1.1% for the month.
Notes: Data for performance is from Ycharts. Canadian company performance may be in the company’s home currency.
Monthly dividend stocks out-performed the Russell 2000 last month. We will update our performance section monthly to track future monthly dividend stock returns.
In June 2024, the 3 best-performing monthly dividend stocks (including dividends) were:
- Timbercreek Financial Corp. (TBCRF), up 30.8%
- The Keg Royalties Income Fund (KRIUF), up 13.8%
- SL Green Realty (SLG), up 7.4%
The 3 worst-performing monthly dividend stocks (including dividends) in the month were:
- Permianville Royalty Trust (PVL), down 24.2%
- Cross Timbers Royalty Trust (CRT), down 24.2%
- Chesswood Group Ltd. (CHWWF), down 53.2%
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 circ*mstances (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:
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 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.
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
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