Want $300 in Super-Safe Monthly Dividend Income? Invest $37,230 in the Following 2 Ultra-High-Yield Stocks

As macroeconomic uncertainties and speculations about the timing of upcoming interest rate cuts are keeping the stock market volatile in 2024, investors are looking for ways to protect their invested capital. While there are many defensive strategies, such as investing in gold or treasury bonds, these options often offer low returns. A better alternative is to invest in ultra-high-yield dividend stocks that could generate a steady and substantial income stream, regardless of the market conditions.

In this article, I’ll highlight two safe stocks that have dividend yields of at least around 9% and pay monthly dividends. If you invest $37,230 in these stocks today, you can expect to receive $300 in monthly dividend income.

Allied Properties REIT stock

Allied Properties REIT (TSX: AP.UN) is a Toronto-headquartered open-end real estate investment trust (REIT) with a market cap of $2.2 billion. The REIT owns a strong portfolio of distinctive urban workspace across Canada that helps it maintain a unique position in the market and cater to the needs of modern tenants. Its stock currently trades at $17 per share after declining by 1.3% in the last six months. At this market price, Allied offers a very impressive 10.6% annualized dividend yield and distributes these dividend payouts every month.

As the global pandemic took a toll on its operations, Allied’s shares have traded on a weak note since 2020. To navigate the ongoing macroeconomic challenges, the REIT has recently raised its focus on business segments with higher profitability. In 2023, the REIT’s rental revenue from continuing operations rose 8.6% YoY (year over year) to $564 million, while its operating profit for the year increased 7.4% YoY to $317 million.

Allied’s focus remains on enhancing tenant experiences and strategically managing portfolio developments, expecting continued transitions from its properties under development to boost future earnings. These factors strengthen its long-term financial growth outlook, which can help its share prices recover fast.

Peyto Exploration stock

Peyto Exploration & Development (TSX: PEY) is another Canadian monthly dividend stock with a juicy yield you can consider buying right now. This Calgary-headquartered oil and gas producer has a market cap of $2.9 billion as its stock trades at $14.82 per share with nearly 23.1% year-to-date gains. PEY stock offers around 9% annualized dividend yield at this market price.

The strength of Peyto’s long-term financial growth trends can be understood by the fact that its revenue grew positively by 59.2% in the last five years between 2018 and 2023. More importantly, its adjusted annual earnings during these five years have more than doubled by around 107.7%.

Despite the recent weakness in the prices of energy products, Peyto’s effective hedging strategy has helped it protect its revenue, supporting strong dividend payouts and debt repayment. Moreover, its focus on operational efficiencies and enhancing operating margins brightens its long-term outlook.

Foolish takeaway

By purchasing around 1,000 shares of Allied Properties REIT and 1,365 shares of Peyto at today’s market prices, you could receive roughly $150 in monthly dividend income from each of these stocks, translating into a total of $300 per month. However, you’ll have to invest around $37,230 in these two stocks to buy these many shares.

While this example gives you a good idea about minimizing risks in uncertain macroeconomic times by investing in monthly dividend stocks, you shouldn’t forget to diversify your portfolio instead of investing a large sum of money in just one or two stocks.