4 Dividend Stocks Dishing Out Monthly Passive Income

Value, income, returns – it’s all offered from these four dividend stocks promising high monthly income, and huge returns in the future.

STACKED COINS DEPICTING MONEY GROWTH

Image source: Getty Images

There are a lot of dividend stocks out there on the TSX today, with some dishing out high yields. And many are handing out those dividends on a monthly basis! However, it can be quite hard to find both.

Today, I’m going to give you four dividend stocks that will hand you high-yield passive income. But more than that, these are solid long-term investments I would consider buying and reinvesting in again and again.

Slate Grocery REIT

First up, we have Slate Grocery REIT (TSX:SGR.UN). This company hands out dividends monthly with a yield at 8.21% as of writing. It’s supported through lease agreements anchored to grocery chains across the United States. And Slate has been doing quite well!

The pandemic proved that essential businesses such as this one would continue to thrive no matter what the world throws at it. Now, it’s using its wealth to expand even further into the essential service industry of groceries. Yet the company still remains a steal, trading at just 5 times earnings!

Shares of Slate stock were actually up by 11% in the last year before the recent drop in the market. Now those shares are down about 4% as of writing. That means you can get a deal with an extra-high dividend yield to add to your other dividend stocks.

NorthWest REIT

Another top choice among dividend stocks in the essentials industry is NorthWest Healthcare Properties REIT (TSX:NWH.UN). The reason, of course, is in the name itself. Healthcare will remain necessary no matter what’s happening, market downturn or not.

That’s not to say the company won’t be effected, given the rise in interest rates and inflation could hurt its expansion in the short term. Yet even so, it has long-term lease agreements on hand averaging 14 years! That’s while holding a 97% occupancy rate as of writing.

Yet, it too trades in value territory at 8.1 times earnings, with a monthly dividend yielding 8.53%. With shares down 29% in the last year, the company is sure to recover and then some in the near future and beyond.

Freehold Royalties

Royalty stocks are great options if you’re looking for less risk and volatility. And of them, Freehold Royalties (TSX:FRU) is a solid choice offering monthly passive income. It’s another high yielding dividend stocks at 7.09%, creating huge returns through dividends.

The company also has solid income coming in from the management of royalties from mining, oil, gas and potash companies. And again, it offers huge value trading at just 10.9 times earnings. So, it’s certainly one to consider if you’re looking for a less volatile option.

In fact, even during this downturn shares are up 6.8% in the last year as of writing. So you get value, protection, and returns all in one, while still receiving a monthly dividend.

Northland Power

Finally, if you’re looking for a long-term hold among monthly dividend stocks that will produce major returns, I’d consider Northland Power (TSX:NPI). NPI stock is a strong choice as it invests in renewable energy projects. It holds a wide range of assets, in a wide range of areas. So you get diversification in a strong and emerging industry.

NPI stock, however, has also seen its fair share of struggles recently. Rising inflation and interest rates were one, but lower power production was another. Now it trades at just 9.8 times earnings, providing a major deal to investors.

Dividends aren’t as high as the others, with a yield at 3.53%. However, I would still consider this a huge win with shares down 16%, offering you more dividends than normal. And certainly more future returns.

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 Amy Legate-Wolfe has positions in NorthWest Healthcare Properties Real Estate Investment Trust. The Motley Fool recommends Freehold Royalties and NorthWest Healthcare Properties Real Estate Investment Trust. The Motley Fool has a disclosure policy.

More on Dividend Stocks

A worker uses a double monitor computer screen in an office.
Dividend Stocks

TFSA Investors: 2 Winning Buy-and-Hold Forever Stocks in April 2024

Buy-and-hold stocks are easy enough to find if you limit yourself to dividends, but there are at least a few…

Read more »

worry concern
Dividend Stocks

Telus Stock Is Down to its Pandemic Low of Below $22: How Low Can it Go?

Telus stock is down 37% in two years and is trading near its pandemic low, making investors wonder how low…

Read more »

money cash dividends
Dividend Stocks

Portfolio Payday: 3 TSX Dividend Stocks That Pay Monthly

After adding these three TSX dividend stocks to your portfolio, you can expect to receive attractive monthly income for years…

Read more »

Dividend Stocks

The Top Canadian REITs to Buy in April 2024

REITs with modest amounts of debt, like Killam Apartment REIT (TSX:KMP.UN), can be good investments.

Read more »

Technology
Dividend Stocks

The Smartest Dividend Stocks to Buy With $500 Right Now

Some of the smartest buys investors can make with $500 today are stocks that have upside potential and pay you…

Read more »

Various Canadian dollars in gray pants pocket
Dividend Stocks

2 Dividend Stocks to Buy in April for Safe Passive Income

These TSX Dividend stocks offer more than 5% yield and are reliable bets to generate worry-free passive income.

Read more »

protect, safe, trust
Dividend Stocks

How to Build a Bulletproof Monthly Passive-Income Portfolio With Just $1,000

If you've only got $1,000 on hand, that's fine! Here is how to make a top-notch, passive-income portfolio that could…

Read more »

Senior Couple Walking With Pet Bulldog In Countryside
Dividend Stocks

CPP Insights: The Average Benefit at Age 60 in 2024

The average CPP benefit at age 60 in average is low, but claiming early has many advantages with the right…

Read more »