NPI:CC - 3 Affordable Passive-Income Stocks That Pay Monthly
2024-06-05 15:30:00 ET
Are you looking for cash every month but don’t want to break the bank with your investment? Luckily, there are many strong dividend-paying, passive-income stocks out there — ones that will even provide you with a monthly income to boot! So, let’s get into three of the best and most affordable passive-income stocks to provide you with that monthly income .
NorthWest REIT
A strong and rebounding option among passive-income stocks is NorthWest Healthcare Properties REIT ( TSX:NWH.UN ). NWH.UN is a healthcare real estate investment trust (REIT) that specializes in owning and operating healthcare facilities globally, including Canada, Europe, Australasia, and Brazil.
The company holds a diversified portfolio of 149 income-producing properties with over 10 million square feet of leasable space. Their focus on healthcare real estate caters to a growing and stable industry with long-term tenant leases, providing predictable income.
Furthermore, the company provides a strong monthly dividend yield of 7.13% as of writing. That translates to $0.36 per share on an annual basis. And with shares trading at just $5 as of writing, that means you can lock up some significant passive income, even with just a small stake.
Slate Grocery REIT
Another solid REIT to consider is Slate Grocery REIT ( TSX:SGR.UN ). Slate Grocery REIT focuses on owning and operating grocery-anchored real estate in the United States. This means its properties are shopping centres with a major grocery store as the main tenant, ideally leading to stable occupancy and rent payments.
Just as with NorthWest, Slate Grocery REIT is a REIT, meaning a large portion of its profits are distributed to investors as dividends. The company has had a rough year, but it looks as though it is finally starting to rebound, making it a great time to buy the dip.
Meanwhile, shares trade at just $11 per share as of writing and at 12.98 times earnings — all while bringing in a significant 10.85% dividend yield, which translates to $1.18 per share annually.
Northland Power
Finally, if you want in on a rising stock, I would consider Northland Power ( TSX:NPI ) as top of mind. The renewable energy company saw its performance improve significantly during the last quarter. Shares surged in a short period of time, and this could only be the beginning.
Meanwhile, Northland Power stock offers a number of reasons to get in on the action today. Of course, there’s the monthly dividend, currently at 5.06%. This translates to $1.20 per share annually. And while shares have climbed upwards in recent months, these are still down 19% in the last year. So, you’re still getting in on a deal.
With NPI stock continuing to climb and trading in the recovering and growing sector of renewable energy, it looks like a healthy purchase on the market today. But, as always, make sure these passive-income stocks align with your overall risk tolerance as well as long-term portfolio goals.
The post 3 Affordable Passive-Income Stocks That Pay Monthly appeared first on The Motley Fool Canada .
Fool contributor Amy Legate-Wolfe has positions in NorthWest Healthcare Properties Real Estate Investment Trust. The Motley Fool recommends NorthWest Healthcare Properties Real Estate Investment Trust and Slate Grocery REIT. The Motley Fool has a disclosure policy .
2024