If you’re an investor looking for a good dividend stock that pays monthly, there are many great options to choose from. Below are three stocks that have great yields and that can help inject your portfolio with a lot of recurring income.
Cineplex (TSX: CGX) is an even higher-yielding dividend stock than SmartCentres, paying investors 7.4%. With Cineplex, investors would need to invest less than $17,000 to add $100 in monthly income.
And while investors may be concerned about the Cineplex business, the company isn’t, raising its monthly dividend recently from $0.145 to $0.15. Although profits are not as high as they once were, what should matter to dividend investors is the company’s cash flow, which has been very strong.
Over the past four quarters, Cineplex has generated around $250,000 in cash from its operating activities. Not only does the company have plenty of cash to cover the $111,000 that it paid out in dividends during that time, but Cineplex has also been able to pay down over $173,000 worth of debt as well.
While the yield is certainly high, it still looks to be in good shape.
Pembina Pipeline (TSX: PPL)(NYSE: PBA) is another stock that recently raised its payouts, from $0.19 per share to $0.20. As a result, Pembina is now yielding 4.9% per year in dividends. And while that’s the lowest on this list and would take the largest investment, more than $24,000, to earn $100 every month, it’s still a terrific payout for investors.
The stock also gives investors a way to diversify into oil and gas and a stock that could benefit if activity starts to pick up in the industry. And what investors should note is that while Pembina is in oil and gas, the company isn’t a big risk, as it has been able to consistently post a profit in each of the past four quarters.
Cash flows have also been strong, with Pembina generating nearly $1 billion in free cash over the trailing 12 months. For investors that want a dividend and a relatively safe way to invest in oil and gas, Pembina could be a great way to do just that.
