3 Monthly Dividend Stocks You Can Trust

Looking to generate monthly income? If so, consider buying Ag Growth International Inc. (TSX:AFN), Inter Pipeline Ltd. (TSX:IPL), or Brookfield Canada Office Properties (TSX:BOX.UN).

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As savvy investors know, dividend-paying stocks outperform non-dividend-paying stocks over the long term, and some of us prefer to receive our payments on a monthly basis. With this in mind, let’s take a look at three stocks with yields up to 6.6% that you could buy today.

1. Ag Growth International Inc.: 6.6% yield

Ag Growth International Inc. (TSX:AFN) is one of the world’s leading manufacturers and distributors of portable and stationary grain handling, storage, and conditioning equipment. It pays a monthly dividend of $0.20 per share, or $2.40 per share annually, giving its stock a 6.6% yield at today’s levels.

It is also important to note that AGI has maintained this monthly rate since November 2010, and its consistent funds from operations, including $55.55 million in fiscal 2014 and $23.77 million in the first half of fiscal 2015, could allow it to continue to do so for the next several years.

2. Inter Pipeline Ltd.: 5.7% yield

Inter Pipeline Ltd. (TSX:IPL) is one of the leading providers of petroleum transportation and bulk liquid storage in western Canada and Europe. It pays a monthly dividend of $0.1225 per share, or $1.47 per share annually, which gives its stock a 5.7% yield at current levels.

Investors should also note that Inter Pipeline has increased its dividend for six consecutive years, and its increased amount of funds from operations, including a 35.8% year-over-year increase to $357.5 million in the first half of fiscal 2015, could allow this streak to continue in 2015 and 2016.

3. Brookfield Canada Office Properties: 4.6% yield

Brookfield Canada Office Properties (TSX:BOX.UN) owns 27 “premier” office properties in Canada, totaling approximately 20.4 million square feet of gross leasable area. It pays a monthly distribution of $0.1033 per share, or $1.24 per share annually, giving its stock a 4.6% yield at today’s levels.

It is also important for investors to note that Brookfield has increased its distribution three times since it transformed itself into a REIT in 2010, but its decreased amount of funds from operations, including a 29.8% year-over-year decline to $50 million in the first half of fiscal 2015, could prevent it from announcing another increase until 2016.

Could your portfolio use monthly income?

Ag Growth International, Inter Pipeline, and Brookfield Canada Office Properties are three of the most attractive monthly dividend-paying stocks in the market today. All Foolish investors should strongly consider making one of them a core holding.

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.

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