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First Brexit… then Trump… Now, it’s time for Pro

Is your portfolio really prepared for what’s coming next?

To help investors like you navigate this historically uncertain — yet high-flying — market and prepare for an inevitable downturn, we’re re-opening our Motley Fool Pro Canada service to a select few new members for a short time.

To discover how Pro Canada could help you to increase your upside potential… reduce your downside risk… and earn paycheque-like income in the process, simply click here — before the small number of spots we have left are all gone!

3 Monthly Dividend Stocks With Yields Over 7% to Buy Now

If you’re interested in buying a stock that pays dividends on a monthly basis or are looking to build a portfolio full of them, then this article is for you. I’ve scoured the market and compiled a list of three stocks from different industries that do just that, so let’s take a quick look at each to determine if you should buy one or more of them today.

1. Inter Pipeline Ltd.

Inter Pipeline Ltd. (TSX:IPL) is one of the leading providers of petroleum transportation and bulk liquid storage in western Canada and Europe. It currently pays a monthly dividend of $0.13 per share, or $1.56 per share annually, which gives its stock a 7.7% yield at today’s levels.

Investors must also note that Inter Pipeline has raised its annual dividend payment for seven consecutive years, and its 6.1% increase in November 2015 puts it on pace for 2016 to mark the eighth consecutive year with an increase.

2. Alaris Royalty Corp.

Alaris Royalty Corp. (TSX:AD) is one of the largest providers of alternative financing solutions to companies in North America. It currently pays a monthly dividend of $0.135 per share, or $1.62 per share annually, which gives its stock a 7.2% yield at today’s levels.

Investors must also note that Alaris has raised its annual dividend payment for five consecutive years, and its recent increases, including its 3.8% increase in July 2015, puts it on pace for 2016 to mark the sixth consecutive year with an increase.

3. H&R Real Estate Investment Trust

H&R Real Estate Investment Trust (TSX:HR.UN) is one of Canada’s largest diversified REITs with ownership interests in 512 office, retail, industrial, and residential properties that total over 46 million square feet. It currently pays a monthly distribution of $0.1125 per share, or $1.35 per share annually, which gives its stock a 7.1% yield at today’s levels.

Investors must also note that H&R REIT has maintained this monthly rate since January 2013, but I think its increased amount of funds from operations, including 5.6% year-over-year growth to $427.1 million in the first nine months of fiscal 2015, and its low payout ratio, including 69.2% in that same period, could allow it to raise its distribution in the very near future.

Could your portfolio use monthly income?

Inter Pipeline, Alaris Royalty, and H&R REIT are three highly attractive investment options for monthly dividend income. All Foolish investors should take a closer look at each and strongly consider initiating positions in at least one of them today.

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Fool contributor Joseph Solitro has no position in any stocks mentioned.

NEW! This Stock Could Be Like Buying Amazon In 1997

For only the 5th time in over 14 years, Motley Fool co-founder David Gardner just issued a Buy Recommendation on this recent Canadian IPO.

Stock Advisor Canada’s Chief Investment Adviser, Iain Butler, also recommended this company back in March – and it’s already up a whopping 57%!

Enter your email address below to claim your copy of this brand new report, “Breakthrough IPO Receives Rare Endorsement.”

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