10 Monthly Dividend Stocks with Over 4% Yield

For this list, we selected monthly dividend stocks with yields over 4%. The stocks are analyzed through their dividend policies, balance sheets, and overall financial health. They are ranked from the lowest yield to the highest, as recorded on October 7.

10. Phillips Edison & Company, Inc. (NASDAQ:PECO)

Dividend Yield as of October 7: 4.00%

Phillips Edison & Company, Inc. (NASDAQ:PECO) is an American real estate investment trust company that owns and develops shopping centers throughout the US. The company has multiple offices throughout the country. It reported strong Q2 results and an overall stable cash position. The company’s revenue for the quarter stood at $142.5 million, up 7.1% from the same period last year. Its operating cash flow came in at $82.2 million, compared with $60.2 million in the previous quarter. The company generated $58 million in free cash flow, up from $41.6 million a quarter earlier.

On September 6, Phillips Edison & Company, Inc. (NASDAQ:PECO) declared a 3.7% hike in its monthly dividend to $0.0933 per share. As of October 7, the stock’s dividend yield came in at 4.00%. The company started paying dividends in 2021 and has raised its payouts since then, which makes it one of the best highest-paying monthly dividend stocks on our list.

In July, Morgan Stanley maintained its Equal Weight rating on Phillips Edison & Company, Inc. (NASDAQ:PECO) with a $31 price target. The firm expressed concerns for the REITs due to the current economic environment.

At the end of Q2 2022, 11 hedge funds tracked by Insider Monkey owned stakes in Phillips Edison & Company, Inc. (NASDAQ:PECO), down from 15 in the previous quarter. The collective value of these stakes is over $52.8 million. Holocene Advisors was the company’s leading stakeholder in Q2.

In addition to famous dividend stocks like The Coca-Cola Company (NYSE:KO), Johnson & Johnson (NYSE:JNJ), and The Procter & Gamble Company (NYSE:PG), Phillips Edison & Company, Inc. (NASDAQ:PECO) can be a good addition to dividend portfolios due to its monthly payouts.

9. Agree Realty Corporation (NYSE:ADC)

Dividend Yield as of October 7: 4.37%

Agree Realty Corporation (NYSE:ADC) is an American real estate investment trust that specializes in the acquisition and development of properties net leased to retailers in the country. The company was appreciated by Street analysts after its Q2 2022 results. In August, both Truist and RBC Capital raised their price targets on the stock to $84 and $83, respectively.

Agree Realty Corporation (NYSE:ADC) has been raising its dividends consistently for the past 11 years, coming through as one of the best highest-paying monthly dividend stocks. The company pays a monthly dividend of $0.234 per share, with a dividend yield of 4.37%, as of October 7. The dividend payments represent a payout ratio of approximately 72% of its FFO.

In Q2 2022, Agree Realty Corporation (NYSE:ADC) reported revenue of $104.8 million, which showed a 27.05% year-over-year growth. At the end of June, the company’s AFFO stood at nearly $149 million, compared with $110 million during the same period last year. It ended the quarter with $26.2 million available in cash and cash equivalents.

At the end of June 2022, 19 hedge funds tracked by Insider Monkey reported owning stakes in Agree Realty Corporation (NYSE:ADC), valued at over $110 million. In comparison, 21 hedge funds owned stakes in the company in the previous quarter, with a total value of over $141.5 million.

8. Whitecap Resources Inc. (TSX:WCP.TO)

Dividend Yield as of October 7: 4.42%

Whitecap Resources Inc. (TSX:WCP.TO) is a Canadian crude oil industry company that is mainly engaged in the acquisition of petroleum and natural gas properties and assets.

Whitecap Resources Inc. (TSX:WCP.TO) has raised its dividends at a CAGR of 4.56% in the last five years. It currently pays a monthly dividend of C$0.0367 per share for a dividend yield of 4.42%, as of October 7.

In Q2 2022, Whitecap Resources Inc. (TSX:WCP.TO) reported petroleum and natural gas revenues of C$1.2 billion, up from C$613.5 million during the same period last year. The company’s operating cash flow stood at $676.7 million, compared with $390.5 million in the previous quarter. Its free cash flow for the quarter came in at $582.4 million, up from $178.8 million a quarter earlier. The company paid $55.6 million in dividends during the quarter, which shows that its free cash flow is stable for shareholder returns.

7. Exchange Income Corporation (TSX:EIF.TO)

Dividend Yield as of October 7: 5.59%

Exchange Income Corporation (TSX:EIF.TO) is a Canada-based company that specializes in aviation services and equipment and also manufactures related products. In September, TD Securities initiated its coverage on the stock with a Buy rating and a C$66 price target, highlighting the company’s gross profits and its overall earnings.

In Q2 2022, Exchange Income Corporation (TSX:EIF.TO) reported revenue of $529 million, up 64.3% from the same period last year. The company’s free cash flow came in at $89 million, up 56% from the prior-year quarter. It also improved its payout ratio from 58% to 56% during the quarter.

Exchange Income Corporation (TSX:EIF.TO) is one of the best highest-paying monthly dividend stocks on our list as the company has been raising its dividends consistently for the past six years. It currently pays a monthly dividend of C$0.21 per share and has a dividend yield of 5.59%, as of October 7.

6. TransAlta Renewables Inc. (TSX:RNW.TO)

Dividend Yield as of October 7: 6.56%

TransAlta Renewables Inc. (TSX:RNW.TO) is a hydroelectric power generation company based in Canada. The company is one of the largest generators of wind power in the country and also the largest producer of hydropower. The company has been paying consistent dividends to shareholders since 2014. Currently, it pays a monthly dividend of $0.0783 per share and has a dividend yield of 6.56%, as recorded on October 7.

In Q2 2022, TransAlta Renewables Inc. (TSX:RNW.TO) reported revenue of $139 million, which showed a 51.1% growth from the same period last year. The company generated $87 million in free cash flow, up 23% from the prior-year quarter. Its cash available for distributions (CFD) came in at $49 million, showing a 23% year-over-year growth. The company’s CFD was enough to fulfill its shareholder return during the quarter.

In August, National Bank raised its price target on TransAlta Renewables Inc. (TSX:RNW.TO) to C$19 with a Sector Perform rating on the shares, appreciating the growth in the company’s revenue over the years. This monthly dividend stock can be a valuable addition to dividend portfolios alongside The Coca-Cola Company (NYSE:KO), Johnson & Johnson (NYSE:JNJ), and The Procter & Gamble Company (NYSE:PG).

5. SmartCentres Real Estate Investment Trust (TSX:SRU-UN.TO)

Dividend Yield as of October 7: 7.19%

SmartCentres Real Estate Investment Trust (TSX:SRU-UN.TO) is  an Ontario-based real estate investment trust company that specializes in retail real estate and power centers. In the second quarter of 2022, the company reported revenue of $198.3 million, up 2.2% from the same period last year. Its operating cash flow for the quarter came in at $44 million, down 29% from the prior-year quarter. The company’s payout ratio improved to 86%, from 102% recorded in the prior-year period.

SmartCentres Real Estate Investment Trust (TSX:SRU-UN.TO) currently pays a monthly dividend of C$0.1542 per share and has a dividend yield of 7.19%, as of October 7. The company is one of the best highest-paying monthly dividend stocks as it has been raising its dividends consistently for the past five years.

Street analysts presented a positive outlook on SmartCentres Real Estate Investment Trust (TSX:SRU-UN.TO) due to the company’s strong results in the recent quarter. In August, both National Bank and Scotiabank lifted their price targets on the stock to C$30 and C$33, respectively.

4. Stellus Capital Investment Corporation (NYSE:SCM)

Dividend Yield as of October 7: 9.07%

Stellus Capital Investment Corporation (NYSE:SCM) is an externally-managed investment management company that also operates as a business development company. On October 5, the company declared a monthly dividend of $0.0933 per share for a dividend yield of 9.07%, as of October 7. Moreover, the company also announced a special dividend of $0.02 per share. This was the company’s third consecutive year of additional dividends.

In October, Janney Montgomery initiated its coverage of Stellus Capital Investment Corporation (NYSE:SCM) with a Neutral rating, highlighting the company’s growth capital, buyouts, and recapitalizations to middle-market companies. The firm also mentioned that the company is well-positioned from a debt standpoint.

At the end of Q2 2022, 3 hedge funds in Insider Monkey’s database owned stakes in Stellus Capital Investment Corporation (NYSE:SCM), up from 2 in the previous quarter. These stakes hold a collective value of over $1.6 million. Two Sigma Advisors was the company’s leading stakeholder in Q2.

3. Permianville Royalty Trust (NYSE:PVL)

Dividend Yield as of October 7: 9.43%

Permianville Royalty Trust (NYSE:PVL) is a Texas-based statutory trust that owns net profits from the sales of oil and natural gas production from relevant properties in the state. The company was a part of 2 hedge funds portfolios in Q2 2022, compared with 3 in the previous quarter. The total value of stakes owned by these hedge funds is $776,000.

On September 16, Permianville Royalty Trust (NYSE:PVL) declared a 106% hike in its monthly dividend to $0.0505 per share. The company does not hold any dividend growth track record but has raised its payouts at a CAGR of 6.87% in the past five years. This makes it one of the best highest-paying monthly dividend stocks on our list. As of October 7, the stock’s dividend yield came in at 9.43%.

In Q2 2022, Permianville Royalty Trust (NYSE:PVL) reported revenue of $3,06 million, up from $1.4 million during the same period last year. Its operating income was recorded at $2.6 million, compared with $429,000 during the prior-year period. The company’s total assets at the end of the quarter stood at over $62.8 million.

2. SL Green Realty Corp. (NYSE:SLG)

Dividend Yield as of October 7: 9.45%

SL Green Realty Corp. (NYSE:SLG) is another highest-paying monthly dividend stock on our list. The real estate investment trust pays a monthly dividend of $0.3108 per share with a dividend yield of 9.45%, as of October 7. The company has raised its dividends at a CAGR of 2.99% in the past five years. It has a payout ratio of 84.22%, which is considered healthy in the REIT sector.

In Q2 2022, SL Green Realty Corp. (NYSE:SLG) reported cash and cash equivalents of $189.3 million while its total assets amount to over $10.7 billion. The company’s revenue for the quarter stood at $201.4 million and its same-store office occupancy was 92%.

In September, Evercore ISI maintained an In-Line rating on SL Green Realty Corp. (NYSE:SLG) with a $51 price target, as the company revised its interest rates forecasts due to the current economic conditions.

At the end of Q2 2022, 18 hedge funds tracked by Insider Monkey owned stakes in SL Green Realty Corp. (NYSE:SLG), the same as in the previous quarter. These stakes hold a collective value of over $120.7 million. With stakes worth over $28.7 million, LDR Capital owned the largest position in the company in Q2.

1. Orchid Island Capital, Inc. (NYSE:ORC)

Dividend Yield as of October 7: 22.64%

Orchid Island Capital, Inc. (NYSE:ORC) is a Florida-based specialty finance company that mainly invests in residential mortgage-backed securities on a leveraged basis. The company is one of the best highest-paying dividend stocks on our list because it has been making uninterrupted dividend payments since its IPO in 2013. On September 12, the company declared a monthly dividend of $0.16 per share, up from its previous dividend of $0.045 per share. As of October 7, the stock’s dividend yield came in at 22.64%.

In the second quarter of 2022, Orchid Island Capital, Inc. (NYSE:ORC) reported revenue of $66.2 million, up 26% from the same period last year. The company’s net interest income was recorded at $27.1 million and its total expenses stood at $4.9 million. Its cash position also remained stable in Q2 as it reported $283.3 million in cash and cash equivalents and its total assets stood at over $4.4 billion.

As of the close of Q2 2022, 5 hedge funds in Insider Monkey’s database owned stakes in Orchid Island Capital, Inc. (NYSE:ORC), compared with 4 in the previous quarter. The collective value of these stakes is $536,000. Balyasny Asset Management owned the largest stake in the company, worth $277,000.