Sure Dividend

Updated on September 1st, 2023 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 83 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 83 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.

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 August 2023
– 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]
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. Keyera Corp. (KEYUF)
44. The Keg Royalties Income Fund (KRIUF)
45. LTC Properties (LTC) | [See Newest Sure Analysis Report]
46. Sienna Senior Living (LWSCF)
47. Main Street Capital (MAIN) | [See Newest Sure Analysis Report]
48. Modiv Inc. (MDV)
49. Mullen Group Ltd. (MLLGF)
50. Northland Power Inc. (NPIFF)
51. NorthWest Healthcare Properties REIT (NWHUF)
52. Orchid Island Capital (ORC) | [See Newest Sure Analysis Report]
53. Oxford Square Capital (OXSQ) | [See Newest Sure Analysis Report]
54. Permian Basin Royalty Trust (PBT) | [See Newest Sure Analysis Report]
55. Phillips Edison & Company (PECO) | [See Newest Sure Analysis Report]
56. Pennant Park Floating Rate (PFLT) | [See Newest Sure Analysis Report]
57. Peyto Exploration & Development Corp. (PEYUF)
58. Pine Cliff Energy Ltd. (PIFYF)
59. Primaris REIT (PMREF)
60. Paramount Resources Ltd. (PRMRF)
61. PermRock Royalty Trust (PRT) | [See Newest Sure Analysis Report]
62. Prospect Capital Corporation (PSEC) | [See Newest Sure Analysis Report]
63. Permianville Royalty Trust (PVL)
64. Pizza Pizza Royalty Corp. (PZRIF)
65. Realty Income (O) | [See Newest Sure Analysis Report]
66. RioCan Real Estate Investment Trust (RIOCF)
67. Richards Packaging Income Fund (RPKIF)
68. Sabine Royalty Trust (SBR) | [See Newest Sure Analysis Report]
69. Stellus Capital Investment Corp. (SCM) | [See Newest Sure Analysis Report]
70. Savaria Corp. (SISXF)
71. San Juan Basin Royalty Trust (SJT) | [See Newest Sure Analysis Report]
72. SL Green Realty Corp. (SLG) | [See Newest Sure Analysis Report]
73. SLR Investment Corp. (SLRC) | [See Newest Sure Analysis Report]
74. Whitecap Resources Inc. (SPGYF)
75. Slate Grocery REIT (SRRTF)
76. Stag Industrial (STAG) | [See Newest Sure Analysis Report]
77. Timbercreek Financial Corp. (TBCRF)
78. Tamarack Valley Energy (TNEYF)
79. TransAlta Renewables (TRSWF) | [See Newest Sure Analysis Report]
80. U.S. Global Investors (GROW) | [See Newest Sure Analysis Report]
81. Whitestone REIT (WSR) | [See Newest Sure Analysis Report]

The list above shows that monthly paying dividend stocks tend to fall into one or more of the following categories:

• Small cap or mid-cap companies
• REITs
• BDCs

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 more than 40 monthly dividend stocks every quarter in the Sure Analysis Research Database.

Click here to read the full research report now. Or, 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.

• Best Monthly Dividend Stock #10: Ellington Financial (EFC)
• Best Monthly Dividend Stock #9: Ellington Residential Mortgage REIT (EARN)
• Best Monthly Dividend Stock #8: Prospect Capital (PSEC)
• Best Monthly Dividend Stock #7: Gladstone Capital (GLAD
• Best Monthly Dividend Stock #6: LTC Properties (LTC)
• Best Monthly Dividend Stock #5: AGNC Investment Corp (AGNC)
• Best Monthly Dividend Stock #4: Horizon Technology Finance (HRZN)
• Best Monthly Dividend Stock #3: Itau Unibanco Holding SA (ITUB)
• Best Monthly Dividend Stock #2: SL Green Realty (SLG)
• Best Monthly Dividend Stock #1: ARMOUR Residential REIT (ARR)

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
• 3 Top ‘Hold Forever’ Monthly Dividend Stocks

Monthly Dividend Stock Performance Through August 2023
In August 2023, a basket of the monthly dividend stocks above generated negative returns of 3.5%. For comparison, the Russell 2000 ETF (IWM) generated negative returns of 3.3% for the month.

Notes: Data for performance is from Ycharts. Canadian company performance may be in the company’s home currency. 

Monthly dividend stocks underperformed the Russell 2000 in August. We will update our performance section monthly to track future monthly dividend stock returns.

In August 2023, the 3 best-performing monthly dividend stocks (including dividends) were:

• First National Financial (FNLIF), up 9.8%
• Peyto Exploration & Development (PEYUF), up 7.7%
• SL Green Realty (SLG), up 4.8%

The 3 worst-performing monthly dividend stocks (including dividends) in August were:

• Chesswood Group (CHWWF), down 26.5%
• San Juan Basin Royalty Trust (SJT), down 21.4%
• Bank Bradesco (BBD), down 19.2%

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 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:

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 83 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 Champions: 25+ years of rising dividends
• Dividend Aristocrats: 25+ years of rising dividends and in the S&P 500
• Dividend Achievers: 10+ years of rising dividends and in the NASDAQ
• High Dividend Stocks: 4%+ dividend yields
• Blue Chip Stock: Kings, Aristocrats, and Achievers
• MLPs: List of MLPs and more
• REITs: List of REITs and more
• BDCs: List of BDCs and more