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5 best monthly dividend stocks
Here's the best monthly dividend stock — plus 4 more monthly dividend stocks to watch.
If you’re looking for a steady stream of investment income, monthly dividend stocks could be a great addition to your portfolio. To help you get started, we found the best monthly dividend stock — plus 4 other dividend stocks that pay monthly.
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How did we pick the best monthly dividend stocks?
We looked for stocks that pay monthly dividends and identified those with the highest dividend yield. To avoid smaller, more speculative stocks, you filtered out stocks with a market cap of less than $2 billion.
We don’t guarantee the performance or returns of any investment Our methodology may filter out some good stocks, so the decision to include or exclude a stock from our list does not indicate whether it’s a good or bad investment. Consider this list a starting point for your own research
Best monthly dividend stock: AGNC Investment Corp. (Nasdaq: AGNC)
AGNC Investment Corp. is a real estate investment trust (REIT) in the United States. The company invests in residential mortgage pass-through securities and collateralized mortgage obligations for which the principal and interest payments are guaranteed by the US government.
- Dividend yield: 14.20%
- Payout ratio: 45.48%
- Price-to-earnings (P/E) ratio: 3.23
4 more monthly dividend stocks to watch
Prospect Capital Corporation (PSEC)
Prospect Capital is a business development company that makes debt and equity investments in US middle market businesses. The majority of its investments are loans secured by a first lien or other secured debt. As of September 30, 2022, 86% of its total investment income was from interest income on loans.
- Dividend yield: 9.93%
- Payout ratio: 76.96%
- Price-to-earnings (P/E) ratio: 13.22
SL Green Realty Corp. (NYSE: SLG)
An S&P 500 company and Manhattan’s largest office landlord, SL Green Realty is a fully integrated real estate investment trust (REIT) that primarily focuses on acquiring, managing and maximizing value of Manhattan commercial properties. As of September 30, 2022, it holds interests in 62 buildings totaling 33.6 million square feet including 3.5 million square feet securing debt and preferred equity investments.
- Dividend yield: 8.94%
- Payout ratio: -262.31%
- Price-to-earnings (P/E) ratio: 8.20
Calamos Strategic Total Return Fund (Nasdaq: CSQ)
Calamos Strategic Total Return Fund is a closed-ended balanced mutual fund that invests in public equity and fixed income markets in the US. The fund primarily invests in common and preferred stocks of companies across all market capitalizations, convertible securities and high yield corporate bonds with an average credit rating of BB as rated by S&P.
- Dividend yield: 8.77%
- Payout ratio: Unknown
- Price-to-earnings (P/E) ratio: 2.11
Eaton Vance Tax-Managed Global Diversified Equity Income Fund (NYSE: EXG)
Eaton Vance Tax-Managed Global Diversified Equity Income Fund is a closed-ended equity mutual fund that invests in public equity markets globally. It primarily invests in dividend-paying stocks, but it also invests through derivatives. The fund benchmarks its portfolio’s performance against the MSCI World Index.
- Dividend yield: 8.50%
- Payout ratio: Unknown
- Price-to-earnings (P/E) ratio: 2.56
How to invest in monthly dividend stocks
Investing in monthly dividend stocks is straightforward. Although the exact steps may vary between platforms, here’s how it generally works:
- Compare investment platforms. Compare features, fees, account types and the types of securities you can trade.
- Sign up for an account. Provide details like your name, contact information, basic employment and financial information, government-issued photo ID and your Social Insurance Number (SIN). Submit your application. It may take 1-2 business days to get approved.
- Fund your account. Most platforms let you transfer money into your investment account via linked bank account, Interac e-Transfer or wire transfer. There may be a minimum deposit to open an account.
- Search for stocks. Use your platform’s stock screener to search for stocks by ticker symbol (for example, “AGNC”) or company name. You can also search for stocks that meet specific financial criteria.
- Buy stock. Submit a market order to buy at the current market price or place a limit order to buy when the stock price is more favourable.
Related How to buy stocks
What you should know before buying the best monthly dividend stocks
Our list of the best monthly dividend stocks is not personal financial advice. It does not take into consideration your personal goals and circumstances. Do your own research, and speak with an investment professional if in doubt.
Remember that past performance does not guarantee future results. All investments — including dividend stocks that pay monthly — come with risk and can increase or decrease in value.
Dive deeper How do dividends work?
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Frequently asked questions
Disclaimer: This information should not be interpreted as an endorsement of futures, stocks, ETFs, CFDs, options or any specific provider, service or offering. It should not be relied upon as investment advice or construed as providing recommendations of any kind. Futures, stocks, ETFs and options trading involves substantial risk of loss and therefore are not appropriate for all investors. Trading CFDs and forex on leverage comes with a higher risk of losing money rapidly. Past performance is not an indication of future results. Consider your own circumstances, and obtain your own advice, before making any trades.
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