Stocks that Pay Monthly Dividends – The Comprehensive List

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Monthly Dividends

Quarterly dividend distributions might be sufficient for investors with other income sources that seek to build a portfolio balanced between income and capital gains, but investors that rely on a steady monthly income flow to cover their general expenses may prefer stocks that pay monthly dividends.

Investors could try to create a portfolio mix of stocks that would mimic monthly dividends on their own. One way to accomplish that would be to select three different stocks with staggered quarterly distribution pay dates. The three separate stocks would pay dividends on their own quarterly schedule, but the investor would receive one dividend payout every month.

While theoretically possible, this strategy is not easy to execute. Most companies have their own preferences regarding timing of their dividend distributions. Generally, these dividend payouts align with the ends of financial periods and quarterly results release schedules. Since the majority of stocks follow the calendar year timing, investors will have a larger selection of stocks with pay dates in April, July, October and January than the other months. This imbalance and a limited selection of stocks paying dividends in the off-calendar quarters would limit the selection of stocks that meet the investor’s requirements.

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Additionally, the smaller selection of viable stocks would potentially lead to lower total returns over extended periods, a less-than-optimal portfolio strategy and a variance in the payout amounts of monthly dividends received each month. Again, investors could smooth the monthly dividends by selecting stocks with similar levels of payout amounts. However, that would further limit the selection of viable stocks and lead to additional portfolio inefficiencies.

Therefore, instead of distributing dividends only once every quarter or paying varied monthly dividends from stocks with staggered quarterly payments, monthly dividends deliver a constant flow of income with significantly less management effort.

The low management effort is an important advantage of monthly dividends. Many individuals on fixed income — such as retirees — rely on monthly dividends to pay their monthly bills and expenses but do not wish to spend too much time maintaining their investment portfolio. Therefore, a diversified portfolio that pays reliable monthly dividends and requires minimal investor involvement is ideal for individuals who prefer to spend their time engaged in other activities.

While the list below focuses primarily on stocks that pay monthly dividends, many of the equities that generally offer higher-than-average dividend yields — such as Real Estate Investment Trusts (REITs) and Master Limited Partnerships (MLPs) — are equities that offer monthly dividends.

Most investment advisory sites and brokerages offer a special section for researching equities with monthly dividends — such as the Monthly Dividend Directory available on DividendInvestor.com.

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The list below comprises all company stocks — excluding mutual funds, exchange-traded funds (ETFs) and exchange-traded notes (ETNs) — that offer monthly dividends. In addition to the basic information to identify each stock, the list provides additional pieces of data, such as market capitalization, dividend yield, the current streak of annual dividend hikes, etc.

It is important to note that there have been some stocks that typically pay monthly dividends which have been removed from this list because they have recently suspended their dividend due to the financial crisis presented by the COVID-19 pandemic. Many companies have experienced negative financial implications as a result of the pandemic and have opted to suspend their dividend payouts in the meantime.

 

Stocks that Pay Monthly Dividends

 

AGNC Investment Corporation (NASDAQ:AGNC)

AGNC is an internally managed real estate investment trust (“REIT”). 

Sector: Financials

First Dividend Paid: 2008

Consecutive Annual Dividend Hikes: 0 years

Monthly Dividend: $0.12

Annualized Payout: $1.44 

Market Cap: $6.56B

Latest Close Stock Price: $12.57

Dividend Yield: 11.46%

 

ARMOUR Residential REIT, Inc. (NYSE:ARR)

Real estate investment trust (“REIT”) which invests in mortgage backed securities in the United States. 

Sector: Financials

First Dividend Paid: 2010

Consecutive Annual Dividend Hikes: 0 years

Monthly Dividend: $0.09

Annualized Payout: $1.08

Market Cap: $894.15M

Latest Close Stock Price: $7.80

Dividend Yield: 15.38%

 

Banco Bradesco SA (NYSE:BBD)

BBD offers various financial and banking services to both individuals and corporations. BBD primarily functions in Brazil, but does have some international operations. 

Sector: Financials

First Dividend Paid: 2004

Consecutive Annual Dividend Hikes: 0 years

Monthly Dividend: $0.001

Annualized Payout: $0.01

Market Cap: $17.25B

Latest Close Stock Price: $3.31

Dividend Yield: 2.83%

 

Blackrock Maryland (NYSE:BZM)

Blackrock Maryland Municipal Bond Trust is a closed-end management investment company. 

Sector: Financials

First Dividend Paid: 2002

Consecutive Annual Dividend Hikes: 0 years

Monthly Dividend: $0.05

Annualized Payout: $0.54

Market Cap: [ticker-i

nfo symbol=”BZM” info=”market-cap”]

Latest Close Stock Price: 

Dividend Yield:

 

Blackrock Massachusetts (NYSE:MHE)

Blackrock Massachusetts Tax-Exempt Trust is a closed-end management investment company. 

Sector: Financials

First Dividend Paid: 1993

Consecutive Annual Dividend Hikes: 0 years

Monthly Dividend: $0.04

Annualized Payout: $0.48

Market Cap: 

Latest Close Stock Price: 

Dividend Yield:

 

Blackrock Resources (NYSE:BCX)

Blackrock Resources & Commodities Strategy Trust is an investment trust with at least 80% of its assets in equities issued by natural resources companies.

Sector: Financials

First Dividend Paid: 2011

Consecutive Annual Dividend Hikes: 0 years

Monthly Dividend: $0.04

Annualized Payout: $0.52

Market Cap: $0

Latest Close Stock Price: $9.00

Dividend Yield: 5.61%

 

Blackrock Virginia (NYSE:BHV)

Blackrock Virginia Municipal Bond Trust is a perpetual closed-end fund.

Sector: Financials

First Dividend Paid: 2002

Consecutive Annual Dividend Hikes: 0 years

Monthly Dividend: $0.05

Annualized Payout: $0.60

Market Cap: $21.66M

Latest Close Stock Price: $14.29

Dividend Yield: 3.82%

 

BNY Mellon Strategic Municipals, Inc. (NYSE:LEO)

BNY Mellon Strategic Municipals, Inc. is a closed ended fixed income mutual fund which invests in investment grade municipal bonds throughout the fixed income markets of the United States. It is managed by BNY Mellon Investment Adviser, Inc.

Sector: Financials

First Dividend Paid: 1990 

Consecutive Annual Hikes: 0 years

Monthly Dividend: $0.04

Annualized Payout: $0.48

Market Cap: $408.72M

Latest Close Stock Price: $6.90

Dividend Yield: 5.43%

 

Broadmark Realty Capital (NYSE:BRMK)

Broadmark Realty Capital Inc is a real-estate investment trust.

Sector: Financials

First Dividend Paid: 2020 

Consecutive Annual Hikes: 0 years

Monthly Dividend: $0.06

Annualized Payout: $0.78

Market Cap: $995.89M

Latest Close Stock Price: $7.50

Dividend Yield: 11.20%

 

Cross Timbers Royalty (NYSE:CRT)

Cross Timbers Royalty Trust is a U.S. based trust with properties in Texas, Oklahoma, and New Mexico.

Sector: Financials

First Dividend Paid: 1992 

Consecutive Annual Hikes: 0 years

Monthly Dividend: $0.05

Annualized Payout: $0.80

Market Cap: $114.60M

Latest Close Stock Price: $19.10

Dividend Yield: 8.39%

 

DTF Tax-Free Income, Inc. (NYSE:DTF)

DTF tax free income is a fixed income mutual fund which invests primarily in a diversified portfolio of investment grade tax-exempt utility obligations. The fund invests in various sectors throughout the fixed income markets of the United States. 

Sector: Financials

First Dividend Paid: 1992

Consecutive Annual Dividend Hikes: 0 years

Monthly Dividend: $0.04

Annualized Payout: $0.48

Market Cap: $104.38M

Latest Close Stock Price: $12.27

Dividend Yield: 5.44%

 

Dynex Capital Inc (NYSE:DX)

Dynex Capital Inc is a real estate investment trust with holdings in commercial mortgage-backed securities.

Sector: Financials

First Dividend Paid: 2019

Consecutive Annual Dividend Hikes: 0 years

Monthly Dividend: $0.13

Annualized Payout: $1.53

Market Cap: $622.37M

Latest Close Stock Price: $16.84

Dividend Yield: 9.26%

 

Ellington Financial (NYSE:EFC)

Ellington Financial Inc is a finance company primarily investing in mortgage-backed securities and other commercial real estate debt.

Sector: Financials

First Dividend Paid: 2019

Consecutive Annual Dividend Hikes: 0 years

Monthly Dividend: $0.10

Annualized Payout: $1.16

Market Cap: $931.13M

Latest Close Stock Price: $16.20

Dividend Yield: 11.11%

 

Enerplus Corporation (NYSE:ERF)

Enerplus takes part in the exploration and development of crude oil and natural gas in the United States and Canada. 

Sector: Energy

First Dividend Paid: 2000

Consecutive Annual Dividend Hikes: 0 years

Monthly Dividend: $0.01

Annualized Payout: $0.11

Market Cap: $2.83B

Latest Close Stock Price: $13.72

Dividend Yield: Currency Mismatch

 

Gladstone Capital Corporation (NASDAQ:GLAD)

Gladstone Capital partners with management teams, entrepreneurs and private equity sponsors to provide financing solutions for lower middle market companies throughout the United States. 

Sector: Financials

First Dividend Paid: 2001

Consecutive Annual Dividend Hikes: 0 years

Monthly Dividend: $0.06

Annualized Payout: $0.75

Market Cap: $365.68M

Latest Close Stock Price: $10.66

Dividend Yield: 7.41%

 

Gladstone Commercial Corporation (NASDAQ:GOOD)

GOOD is a real estate investment trust focused on acquiring, owning, and operating net leased industrial and office properties across the United States.

Sector: Financials

First Dividend Paid: 2003

Consecutive Annual Dividend Hikes: 0 years

Monthly Dividend: $0.13

Annualized Payout: $1.56

Market Cap: $788.83M

Latest Close Stock Price: $20.41

Dividend Yield: 7.37%

 

Gladstone Investment Corporation (NASDAQ:GAIN)

GAIN, a business development company, is a private equity fund focused on acquiring mature, lower middle market companies. 

Sector: Financials

First Dividend Paid: 2005

Consecutive Annual Dividend Hikes: 0 years

Monthly Dividend: $0.07

Annualized Payout: $0.93

Market Cap: $494.75M

Latest Close Stock Price: $14.90

Dividend Yield: 8.39%

 

Gladstone Land Corporation (NASDAQ:LAND)

Gladstone Land Corporation is a real estate investment trust which acquires and owns farmland located in major agricultural markets in the U.S. and leases its properties to unrelated third-party farmers.

Sector: Financials

First Dividend Paid: 2013 

Consecutive Annual Hikes: 5 years

Monthly Dividend: $0.04

Annualized Payout: $0.48

Market Cap: $894.59M

Latest Close Stock Price: $26.15

Dividend Yield: 2.08%

 

Global Water Resources (NASDAQ:GWRS)

Global Water Resources Inc is a water resource management company that owns, operates, and manages Arizona utilities.

Sector: Financials

First Dividend Paid: 2016

Consecutive Annual Hikes: 3 years

Monthly Dividend: $0.02

Annualized Payout: $0.24

Market Cap: $300.33M

Latest Close Stock Price: $13.26

Dividend Yield: 2.22%

 

Granite (NASDAQ:GWRS)

Granite is a real estate investment trust (“REIT”) specializing in industrial European and North American properties.

Sector: Financials

First Dividend Paid: 2016

Consecutive Annual Hikes: 3 years

Monthly Dividend: $0.18

Annualized Payout: $1.98

Market Cap: $300.33M

Latest Close Stock Price: $13.26

Dividend Yield: 2.22%

 

Great Elm Capital Corporation (NASDAQ:GECC)

GECC is an externally-managed business development company that invests in the debt instruments of middle market companies with a focus on catalyst-driven opportunities. 

Sector: Financials

First Dividend Paid: 2017

Consecutive Annual Dividend Hikes: 1 year

Monthly Dividend: $0.08

Annualized Payout: $0.96

Market Cap: $56.96M

Latest Close Stock Price: $12.38

Dividend Yield: 8.48%

 

Grupo Aval Acciones (NYSE:AVAL)

Columbian financial services company with key credit card alliances. 

Sector: Financials

First Dividend Paid: 2014

Consecutive Annual Dividend Hikes: 1 year

Monthly Dividend: $0.03

Annualized Payout: $0.35

Market Cap: $0

Latest Close Stock Price: $3.58

Dividend Yield: 12.42%

 

Horizon Technology Finance Corporation (NASDAQ:HRZN)

HRZN is a business development company specializing in lending and investing in development-stage companies. It focuses on making secured debt and venture lending investments to venture capital backed companies in the technology and life science industries.

Sector: Financials

First Dividend Paid: 2010

Consecutive Annual Dividend Hikes: 0 years

Monthly Dividend: $0.1

Annualized Payout: $1.25

Market Cap: $305.51M

Latest Close Stock Price: $12.74

Dividend Yield: 9.81%

 

Invesco Muni Income Opps (NASDAQ:OIA)

Invesco Muni Income Opps is a diversified closed-end management investment company.

Sector: Financials

First Dividend Paid: 1990

Consecutive Annual Dividend Hikes: 0 years

Monthly Dividend: $0.03

Annualized Payout: $0.36

Market Cap: $137.94M

Latest Close Stock Price: $6.59

Dividend Yield: 5.54%

 

LTC Properties, Inc. (NYSE:LTC)

LTC Properties is a real estate investment trust that seeks to invest in seniors housing and health care properties primarily through sale-leasebacks, mortgage financing, joint-ventures and structured finance solutions.

Sector: Financials

First Dividend Paid: 1992

Consecutive Annual Dividend Hikes: 0 years

Monthly Dividend: $0.19

Annualized Payout: $2.28

Market Cap: $1.62B

Latest Close Stock Price: $40.98

Dividend Yield: 5.56%

 

Main Street Capital Corporation (NYSE:MAIN)

MAIN is a principal investment firm that primarily provides equity capital to lower middle market companies and debt capital to middle market companies. 

Sector: Financials

First Dividend Paid: 2007

Consecutive Annual Dividend Hikes: 0 years

Monthly Dividend: $0.20

Annualized Payout: $2.20

Market Cap: $3.26B

Latest Close Stock Price: $44.62

Dividend Yield: 6.26%

 

Orchid Island Capital, Inc. (NYSE:ORC)

Orchid Island Capital, Inc. is a specialty finance company that invests in residential mortgage-backed securities (RMBS). 

Sector: Financials

First Dividend: 2013 

Consecutive Annual Hikes: 0 years

Monthly Dividend: $0.06

Annualized Payout: $0.75

Market Cap: $575.63M

Latest Close Stock Price: $3.25

Dividend Yield: 20.31%

 

Oxford Lane Capital Corporation (NASDAQ:OXLC)

OXLC is a closed-end management investment company which invests in fixed income and securities. 

Sector: Financials

First Dividend Paid: 2011

Consecutive Annual Dividend Hikes: 0 years

Monthly Dividend: $0.07

Annualized Payout: $1.26

Market Cap: $13.14M

Latest Close Stock Price: $6.55

Dividend Yield: 13.17%

 

Pembina Pipeline Corporation (NYSE:PBA)

Pembina Pipeline Corp is a Canada-based transportation and midstream service provider.

Sector: Energy

First Dividend Paid: 2010

Consecutive Annual Dividend Hikes: 9 years

Monthly Dividend: $0.16

Annualized Payout: $1.76

Market Cap: $13.86B

Latest Close Stock Price: $37.11

Dividend Yield: Currency Mismatch

 

PennantPark Floating Rate Capital Ltd. (NASDAQ:PFLT)

PFLT is a business development company which seeks to make secondary direct, debt, equity, and loan investments. 

Sector: Financials

First Dividend Paid: 2011

Consecutive Annual Dividend Hikes: 0 years

Monthly Dividend: $0.09

Annualized Payout: $1.08

Market Cap: $531.70M

Latest Close Stock Price: $12.87

Dividend Yield: 8.86%

 

Prospect Capital Corporation (NASDAQ:PSEC)

PSEC is a Business Development Company which makes debt and equity investments in U.S. middle market businesses across a range of industries

Sector: Financials

First Dividend Paid: 2004

Consecutive Annual Dividend Hikes: 0 years

Monthly Dividend: $0.06

Annualized Payout: $0.72

Market Cap: $2.99B

Latest Close Stock Price: $7.65

Dividend Yield: 9.41%

 

Realty Income Corporation (NYSE:O)

Realty Income Corporation is a real estate investment trust that is dedicated to providing stockholders with dependable monthly payouts. Its monthly dividends are supported by the cash flow from over 6,500 real estate properties owned under long-term lease agreements with commercial tenants.

Sector: Financials

First Dividend Paid: 1994

Consecutive Annual Dividend Hikes: 2 years

Monthly Dividend: $0.23

Annualized Payout: $2.53

Market Cap: $44.24B

Latest Close Stock Price: $73.54

Dividend Yield: 3.97%

 

Sabine Royalty (NYSE:SBR)

Sabine Royalty is a trust formed to receive and hold the Sabine Corporation’s royalty and mineral interests.

Sector: Financials

First Dividend Paid: 1990

Consecutive Annual Dividend Hikes: 0 years

Monthly Dividend: $0.12

Annualized Payout: $2.31

Market Cap: $1.01B

Latest Close Stock Price: $68.94

Dividend Yield: 8.62%

  

Shaw Communications, Inc. (NYSE:SJR)

Shaw is a Canadian telecommunications company which provides telephone, internet, television and mobile services all backed by a fibre optic network. 

Sector: Services

First Dividend Paid: 1990

Consecutive Annual Dividend Hikes: 0 years

Monthly Dividend: $0.08

Annualized Payout: $0.96

Market Cap: $13.05B

Latest Close Stock Price: $26.96

Dividend Yield: Currency Mismatch

 

STAG Industrial, Inc. (NYSE:STAG)

STAG is a real estate investment trust focused on the acquisition and operation of single-tenant, industrial properties throughout the United States.

Sector: Financials

First Dividend Paid: 2011

Consecutive Annual Dividend Hikes: 5 years

Monthly Dividend: $0.12

Annualized Payout: $1.44

Market Cap: $5.74B

Latest Close Stock Price: $32.03

Dividend Yield: 4.55%

 

Solar Senior Capital Ltd (NASDAQ:SUNS)

SUNS is a business development company that specializes in investments in leveraged, middle-market companies in the United States. The fund invests in the form of senior secured loans, including first lien, unitranche, and second lien debt instruments.

Sector: Financials

First Dividend Paid: 2011

Consecutive Annual Dividend Hikes: 0 years

Monthly Dividend: $0.10

Annualized Payout: $1.28

Market Cap: $227.25M

Latest Close Stock Price: $14.16

Dividend Yield: N/A

 

US Global Investors, Inc. (NASDAQ:GROW)

GROW is a publicly owned investment manager which provides its services to investment companies. The firm manages equity and fixed income mutual funds for its clients, as well as managing hedge funds. It invests in the public equity and fixed income markets across the globe.

Sector: Financials

First Dividend Paid: 2007

Consecutive Annual Dividend Hikes: 0 years

Monthly Dividend: $0.0025

Market Cap: $58.66M

Latest Close Stock Price: $4.23

Dividend Yield: 2.01%

 

Whitestone REIT (NYSE:WSR)

Whitestone is a retail REIT that acquires, owns, manages, develops and redevelops high quality “e-commerce resistant” neighborhood, community and lifestyle retail centers principally located in the largest, fastest-growing and most affluent markets in the Sunbelt. 

Sector: Financials

First Dividend Paid: 2010

Consecutive Annual Dividend Hikes: 0 years

Monthly Dividend: $0.04

Annualized Payout: $0.63

Market Cap: $558.31M

Latest Close Stock Price: $11.36

Dividend Yield: 3.93%

 

Potential Pitfalls of Investing in Monthly Dividend Stocks 

When a stock has a high payout ratio, it could imply that the company is choosing to use excess money to payout to their investors rather than invest in growth for the company. While investors like to receive dividends, it is not ideal if those dividends come at the expense of the company making improvements that could increase the value of their stock. Sometimes a hyper focus on sustaining dividend payouts leads a company to leverage their balance sheet and accumulate high amounts of debt. 

Many monthly dividend stocks are speculative stocks, meaning they are volatile and vulnerable to changes in the market. Therefore, they will be particularly hard-hit by downturns in the market and may not be able to sustain their dividend payouts during recessions. These companies have the ability to cut their dividend payouts completely, or change their dividend schedule (ie: making quarterly payouts instead of monthly) as they please. Investors should be aware that they may stop receiving their dividend payouts if the economic climate forces companies to make tough choices in order to maintain financial stability. Many investors are experiencing this disadvantage of monthly dividend stocks right now, as the current economic downturn due to the COVID-19 pandemic has forced many companies to suspend their dividend. 

 

The Bottom Line

While monthly dividend stocks offer unique advantages, not every monthly dividend stock is necessarily a safe investment. Elevated payout ratios and high amounts of debt can strain a company and lead to reduced dividend payouts. It is important for investors to understand both the pros and cons of investing in monthly dividend stocks before adding them to their investment portfolio. It is also important for investors to do their research on monthly dividend stocks to ensure that they make a reliable investment. Check out these related articles for guidance when buying monthly dividend stocks: The Complete List of Monthly Dividend Stocks Paying 4%-Plus and 7 Monthly Dividend Stocks to Buy Now. 

 

Other Related Articles: 

The Complete List of Monthly Dividend ETFs Paying 3%-Plus Distributions

6 Monthly Dividend ETFs for your Investment Portfolio

5 Monthly Dividend REITs to Buy Now

5 Monthly Dividend Mutual Funds That Pay 5%-Plus to Buy Now


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Ned-Piplovic

 

Ned Piplovic is the assistant editor of website content at Eagle Financial Publications. He graduated from Columbia University with a Bachelor’s degree in Economics and Philosophy. Prior to joining Eagle, Ned spent 15 years in corporate operations and financial management. Ned writes for www.DividendInvestor.com and www.StockInvestor.com.


 

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