Finding a great mix of diversified dividend-paying investments that provide monthly income can be a daunting task for some investors, especially when trying to balance a steady stream of income across different stocks and payout dates.
Here are some great investments worth considering that, together, can provide a stream of income throughout the year.
Dividend stocks paying in January, April, July, and October
TD Bank (TSX:TD)(NYSE:TD) is Canada’s second-largest bank, but given the recent trend of impressive results, TD may soon become the largest bank in the country.
That incredible growth is attributed to the slew of acquisitions completed by TD since the Great Recession, which resulted in the bank having a larger network of branches in the U.S. than in Canada. TD’s emphasis on improving customer service and staying open longer throughout its growing network has resulted in a surge in business and deposits.
TD offers investors a 3.39% yield and is attractively priced with a P/E of 13.56.
Canadian Tire (TSX:CTC.A) is one of Canada’s best retailers. It offers investors a respectable yield of 2.35%.
In addition to a strong set of results, Canadian Tire has made progress over its peers on two separate fronts. First, the company has turned to technology in recent years to invigorate what was a tired retail process, which has driven up sales. More recently, the company turned to improving its array of in-house brands through a series of acquisitions.
Dividend stocks paying in February, May, August, and November
Fortis (TSX:FTS)(NYSE:FTS) is one of the largest utilities on the continent. In addition to the stable and recurring revenue stream that comes with a utility investment, Fortis is well diversified with operations in the U.S., Canada, and the Caribbean.
Fortis counters the typical utility stereotype of lacking growth thanks to an aggressive stance to expansion, which continues to fuel annual growth. Its impressive dividend currently provides a 4.05% yield and has been hiked annually for over four decades.
Enbridge (TSX:ENB)(NYSE:ENB) is a pipeline company with an incredibly lucrative toll-booth-like income that the company collects from its vast pipeline network.
In addition to the 6.13% yield Enbridge offers investors, the company’s recent acquisition of Spectra Energy left it straddled with debt, but full of long-term potential. The stock has dropped considerably in recent months. Prospective investors can currently pick up the company at a discounted rate.
Dividend stocks paying in March, June, September, December
BCE (TSX:BCE)(NYSE:BCE) is Canada’s largest telecom, often mentioned as a great defensive pick for any portfolio. Beyond the typical core-subscription services that BCE offers, the company also has an impressive media portfolio of radio and TV stations and owns professional sports teams.
As a dividend investment, BCE offers a very impressive 5.81% yield, which the company has been distributing to shareholders for well over a century.
CIBC (TSX:CM)(NYSE:CM) has, until recently, lagged behind its peers in terms of expansion, opting to focus on the domestic market and its sizable mortgage portfolio. That changed when CIBC bought PrivateBancorp in a multi-billion-dollar deal that opened the lucrative U.S. market to the bank.
The performance of CIBC’s U.S. segment has helped propel the bank to new highs, and with it comes the promise of additional growth to an already impressive 4.41% yield.
Two picks that pay monthly dividends
REIT investments are known favourites among income-seeking investors, and RioCan (TSX:REI.UN) is one of the best on the market.
While the monthly yield of 5.77% is appetizing, the real potential comes in the form of what the company refers to as RioCan Living — a new string of developments under construction that will combine 10,000 residential units with commercial retail stores centrally located in high-demand areas of the major metro areas of the country.
Shaw (TSX:SJR.B)(NYSE:SJR) is the fourth-largest telecom in the country, offering the usual complement of subscription-based services that the other telecoms offer.
The unique factor that Shaw offers, apart from its monthly yield of 4.74%, is a growing wireless solution through its Freedom Mobile brand, which has already captured 5% of the market and is touted as a massive wireless disruptor.
