When investing in the stock market, I mainly look for businesses that can deliver consistency. That simply means reliable earnings and a strong balance sheet, supported mainly by solid fundamentals. Over time, these are the qualities that build wealth without taking unnecessary risks.
While I may invest a part of my portfolio in fast-moving growth stocks, there is something deeply rewarding about holding a company that pays you every month and keeps doing so regardless of market swings. I have one such magnificent stock, Sienna Senior Living (TSX:SIA), in my portfolio that fits that description perfectly.
In this article, I’ll share why I’m holding onto this monthly dividend stock for the long term and why it continues to earn its place in my portfolio.
Source: Getty Images
A top monthly dividend stock
Reliable monthly income and real long-term business growth potential are two of the main reasons why I picked Sienna Senior Living as the top monthly dividend stock for my portfolio.
If you don’t know it already, this Markham-headquartered company is one of Canada’s largest owners and operators of senior housing and long-term care communities. It runs a wide network of 82 residences across Ontario, British Columbia, Alberta, and Saskatchewan.
After rallying by nearly 32% over the last year, SIA stock currently trades at $18.52 per share with a market cap of around $1.7 billion. What’s even better is that it pays investors a 5.1% annualized dividend yield, delivered every month.
Strengthening operations and financials
Much of the recent strength in this monthly dividend stock comes from rising demand for senior living options, as Canada’s aging population continues to grow. In fact, the company’s retirement segment occupancy jumped to 92.5% in the first quarter of 2025, reflecting a YoY (year-over-year) increase of 260 basis points. At the same time, its long-term-care communities remain nearly full, supported by long waitlists and limited supply.
These trends are helping Sienna grow its rental income while also keeping its business more stable, even during economic uncertainty.
This is one of the key factors why Sienna managed to register an over 12% YoY increase in its latest quarterly revenue, while its adjusted net operating income from its retirement segment rose by 16.7% from a year ago.
Its growth story is far from over
The real reason Sienna remains one of my top monthly dividend stock picks isn’t just the income or the recent stock surge. What really encourages me to keep it in my portfolio is how quickly the company is scaling its business.
In 2025 alone, Sienna has now completed more than $340 million in acquisitions, including two retirement residences in Ottawa. The most recent one, Hazeldean Gardens, added 172 suites to its portfolio and is expected to hit 95% occupancy within a year with the help of strong demand in the area.
On top of that, it’s pushing ahead with over $300 million in development projects across North Bay, Brantford, and Keswick. These projects are expected to deliver about 3% growth in earnings per share once fully operational.
So, Sienna is doing everything right to grow both value and income. And that’s exactly the type of stock I want to keep holding for years — no matter what the market throws our way.
