RNW:CC - 3 Top Canadian Dividend Stocks That Pay Cash Monthly
2023-10-08 09:00:00 ET
Dividend stocks continue to be some of the best investments for Canadians these days. The market is still underperforming, with shares down 7% since a climb back in September. This is why when it comes to finding dividend stocks, monthly ones are sorely wanted at the moment.
Today, we’re going to look at three monthly dividend stocks that investors should consider right now.
NorthWest REIT
Granted, NorthWest Healthcare Properties REIT ( TSX:NWH.UN ) isn’t exactly a great performer these days. Shares have plummeted in the last year, as the company saw a joint venture in the United Kingdom fall through. What’s more, earnings fell below analyst estimates.
That being said, the company is still a great long-term hold. That comes down to its long-term lease agreements. The company currently has an average lease agreement of about 14 years at the time of writing. That’s with an occupancy rate of 98%! Therefore, investors can look forward to steady cash flow coming in. Even if the company’s share prices don’t reflect it.
NorthWest REIT holds a dividend yield at an insane 15.75% as of writing. Of course, that’s with shares down 53% in the last year. It also trades at a valuable 7.45 times earnings at the time of writing.
TransAlta Renewables
Renewable energy companies are another solid long-term hold among dividend stocks that pay monthly. In this case, TransAlta Renewables ( TSX:RNW ) is a strong option. RNW stock offers investors exposure to renewable energy of the future, while still focusing on renewable natural gas to bring in cash right now.
However, after several earnings that missed estimates, shares have dropped as well. It currently offers a 7.65% dividend yield because of this, with shares down 18% in the last year. It also looks a little pricey in terms of trading at 40 times earnings right now.
That being said, this stock provides monthly passive income among dividend stocks and is a long-term hold today. Therefore, buying it at higher prices should still pay off in the years to come! That’s in terms of returns. Dividends will come your way month after month in the meantime.
Slate Grocery REIT
Finally, a strong performer today has been Slate Grocery REIT ( TSX:SGR.UN ) among monthly paying dividend stocks. Slate stock focuses solely on grocery-anchored chains across the United States. Over there, there’s a lot more room for competition and, therefore, more room for opportunities.
In fact, Slate stock has been acquiring more businesses throughout the last few years. Yet shares are still down by 16% in the last year alone. Today, you can pick it up with a whopping 10.5% dividend yield, trading at 11.05 times earnings.
This one to me looks like a steal among the others here today. You can get in on solid performance, with shares down merely because of the turning of the tides.
Bottom line
If you’re looking for cash flow each month, consider these three dividend stocks today.
The post 3 Top Canadian Dividend Stocks That Pay Cash 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. The Motley Fool has a disclosure policy .
2023