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3 Top Canadian Dividend Stocks That Pay Cash Monthly

Stephanie Bedard-Chateauneuf, MBA
·4 min read
money cash dividends
Image source: Getty Images

Written by Stephanie Bedard-Chateauneuf, MBA at The Motley Fool Canada

Investors seeking regular income often turn to dividend stocks, and when those dividends come monthly, it can provide a consistent passive income. In Canada, several companies stand out for their robust dividend-paying track records. Here, I explore three top Canadian dividend stocks that not only offer attractive yields but also pay out dividends on a monthly basis.

RioCan Real Estate Investment Trust

RioCan (TSX:REI.UN) is a heavyweight in the Canadian real estate investment trust (REIT) sector, boasting a vast portfolio of retail properties. What sets RioCan apart is its commitment to distributing dividends on a monthly basis. For income-seeking investors, this regular cash flow is an attractive feature.

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The current monthly distribution yield for RioCan is approximately 6%, providing a competitive return. The REIT’s diverse portfolio includes shopping centres and grocery stores, contributing to a stable income stream. RioCan’s monthly dividend strategy demonstrates its confidence in maintaining a reliable income for shareholders.

Beyond its commitment to regular payouts, RioCan’s strategic approach to navigating the evolving retail sector stands out. The company has adapted its portfolio to align with changing consumer trends, demonstrating resilience and forward-thinking in a dynamic market.

Whitecap Resources

Whitecap Resources (TSX:WCP), a significant player in the energy sector, particularly in oil and gas production, holds a notable position in the Canadian energy industry. The company is recognized for its efficient operations, focusing on the exploration and development of crude oil and natural gas.

Whitecap Resources’ appeal to income investors lies not only in its robust dividend yield, currently around 6%, but also in its monthly dividend payment schedule. Despite the inherent volatility in the energy sector, Whitecap Resources’ diversified operations and emphasis on essential services contribute to its stability. The monthly dividends provide investors with a predictable income stream, a crucial aspect for those relying on dividends for regular cash flow.

Whitecap Resources’ commitment to sustaining and potentially increasing dividends over time further solidifies its attractiveness for income-oriented investors. The company’s strategic importance in the energy production sector positions it as a key player in this vital industry.

Slate Grocery REIT

Slate Grocery REIT (TSX:SGR.UN) is a noteworthy addition to the list of Canadian monthly dividend stocks. As a real estate investment trust (REIT) focused on U.S. grocery-anchored real estate, Slate Grocery provides investors with exposure to a stable and essential sector. With a current monthly dividend yield of around 7%, the REIT offers investors a reliable income stream.

The appeal of Slate Grocery lies in its strategic focus on properties anchored by grocery stores, which tend to exhibit resilience even in challenging economic conditions. This focus contributes to the REIT’s ability to generate steady rental income, supporting its monthly dividend payouts.

The REIT possesses and manages around $2.4 billion worth of essential real estate infrastructure in key U.S. metropolitan areas, serving as crucial community resources for daily requirements. With a robust portfolio centered around resilient grocery-anchored properties and reputable credit tenants, the REIT ensures steadfast cash flows for its unitholders, offering the prospect of long-term capital appreciation. For investors seeking monthly income from a defensive and recession-resistant sector, Slate Grocery stands out as a compelling choice.

Bottom line

In conclusion, the allure of monthly dividends from top Canadian stocks like RioCan, Whitecap Resources, and Slate Grocery can be a valuable component of an income-focused investment strategy. These companies’ commitment to regular dividend payments, coupled with their strong operational foundations, makes them noteworthy candidates for investors seeking reliable and consistent cash flow.

The post 3 Top Canadian Dividend Stocks That Pay Cash Monthly appeared first on The Motley Fool Canada.

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Fool contributor Stephanie Chateauneuf has no position in any of the stocks mentioned. The Motley Fool recommends Slate Grocery REIT and Whitecap Resources. The Motley Fool has a disclosure policy.

2024