3 Monthly Dividend Stocks With Yields up to 7.2% to Buy Today

Looking for monthly dividend income? If so, Veresen Inc. (TSX:VSN), Extendicare Inc. (TSX:EXE), and Pembina Pipeline Corp. (TSX:PPL)(NYSE:PBA) are three great options.

| More on:
The Motley Fool
You’re reading a free article with opinions that may differ from The Motley Fool’s premium investing services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn more

As Foolish investors know, dividend-paying stocks outperform non-dividend-paying stocks over the long term, and some investors prefer to receive their dividends on a monthly basis. With both of these factors in mind, let’s take a look at three stocks with yields up to 7.2% to determine which would fit best in your portfolio.

1. Veresen Inc.: 7.2% yield

Veresen Inc. (TSX:VSN) is one of North America’s largest diversified energy infrastructure companies. It pays a monthly dividend of $0.0833 per share, or $1.00 per share annually, giving its stock a 7.2% yield at today’s levels. It is also worth noting that the company has maintained this annual rate since fiscal 2007, and its consistent generation of distributable cash could allow it to continue doing so for the next several years.

2. Extendicare Inc.: 5.8% yield

Extendicare Inc. (TSX:EXE) is one of the largest owners and operators of senior care centres in Canada. It pays a monthly dividend of $0.04 per share, or $0.48 per share annually, which gives its stock a 5.8% yield at current levels. Investors should also note that the company has maintained this monthly rate since May 2013, but its increased amount of adjusted funds from continuing operations could allow for an increase in the very near future.

3. Pembina Pipeline Corp.: 4.9% yield

Pembina Pipeline Corp. (TSX:PPL)(NYSE:PBA) is one of the leading transportation and service providers to North America’s energy industry. It pays a monthly dividend of $0.1525 per share, or $1.83 per share annually, giving its stock a 4.9% yield at today’s levels. The company has also increased its annual dividend payment for three consecutive years, and it is currently on pace for 2015 to mark the fourth consecutive year with an increase, and its consistent free cash flow generation could allow this streak to continue for another four years at least.

Could your portfolio use monthly income?

Veresen, Extendicare, and Pembina Pipeline are three of the most attractive monthly dividend-paying stocks in the market today. Foolish investors should take a closer look and strongly consider initiating positions in one of them.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Joseph Solitro has no position in any stocks mentioned. Extendicare Inc. is a recommendation of Stock Advisor Canada.

More on Dividend Stocks

Happy couple being attended by office worker at office
Dividend Stocks

BCE Stock: A Great Pick to Boost Your RRSP Retirement Fund

BCE (TSX:BCE)(NYSE:BCE) stock is a dirt-cheap telecom stock with a huge dividend yield to keep RRSP investors happy.

Read more »

Money growing in soil , Business success concept.
Dividend Stocks

Want Easy Passive Income? These 2 Canadian Dividend Aristocrats Deliver

Passive income stars like Slate Grocery REIT (TSX:SGR.U) should be on your watch list.

Read more »

stock research, analyze data
Dividend Stocks

RRSP Investors: 1 Cheap TSX Dividend Stock to Buy Now and Own for 35 Years

RRSP investors can still find top TSX dividend stocks to buy at discounted prices.

Read more »

Cogs turning against each other
Dividend Stocks

2 of the Safest Stocks (With Dividends) to Buy in Canada Now

Here are two of the safest stocks investors in Canada can buy now.

Read more »

edit Businessman using calculator next to laptop
Dividend Stocks

2 Top Canadian Value Stocks Worth Buying Right Now

Here's why Alimentation Couche-Tard (TSX:ATD) and Toronto-Dominion Bank (TSX:TD)(NYSE:TD) are two top value stocks to consider right now.

Read more »

Happy shoppers look at a cellphone.
Dividend Stocks

2 Bargain Stocks You Can Buy Today and Hold Forever

Here's why Fortis (TSX:FTS)(NYSE:FTS) and Manulife (TSX:MFC)(NYSE:MFC) are two bargain stocks I think are worth considering right now.

Read more »

Retirement plan
Dividend Stocks

Passive Income: How Canadian Couples Can Earn $747 Tax-Free per Month for Life

Canadian couples can take advantage of their TFSA contribution space to create a significant stream of tax-free passive income.

Read more »

Golden crown on a red velvet background
Dividend Stocks

3 Canadian Dividend Aristocrats to Buy for Passive Income Forever

Passive-income stocks like BCE (TSX:BCE)(NYSE:BCE) should be on your radar.

Read more »