Canada is a wonderful place to be a dividend stock investor. You can choose stocks across a wide mix of industries and sectors, all while earning an attractive stream of income. If I had $50,000 to invest, here are four dividend stocks I would buy evenly across my portfolio.
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A top real estate stock for monthly income
The first stock I would put $12,500 into is Granite Real Estate Investment Trust (TSX: GRT.UN). With a market cap of $5.2 billion, it is the largest industrial real estate investment trust (REIT) in Canada.
Granite operates huge logistics and manufacturing properties that cater to modern e-commerce and distribution. These are institutional-grade assets that are occupied by high-quality tenants on long-term leases. Granite has an industry-leading balance sheet that allows it considerable flexibility.
Granite stock yields 4.3% after a recent pullback. Your investment would earn $44.40 monthly. It has a record of growing its distribution for 15 consecutive years, so that income is likely to grow.
A top infrastructure stock
Another stock to buy with $12,500 is Pembina Pipeline (TSX: PPL). With a market cap of $37 billion, this is the largest natural gas processor in Western Canada.
Pembina is becoming a diversified energy infrastructure leader in the West. It has pipelines, processing/fractionation facilities, storage, and export terminals. LNG terminals, ethane extraction plants, and data centre power are all new projects in its construction backlog.
While it already has a very steady, stable business, it will be even more resilient once these new assets enter operation.
Pembina stock yields 4.6%. While it pays a quarterly dividend, your investment would earn $47.53, averaged monthly. It has a record growing its dividend by a low-single digit rate every year.
A transport stock for monthly dividends
Mullen Group (TSX: MTL) is an attractive income option for those who like monthly dividends. With a market cap of $2.5 billion, it is a large logistics and transportation network across Canada and the U.S.
The company has used the recent downturn in the transportation sector to consolidate the sector and diversify its operations. As the downturn reverses, it should see better margins and earnings growth ahead.
Mullen stock yields 3.2%. Your investment would earn $33.39 monthly.
An energy royalty stock
Topaz Energy (TSX: TPZ) recently pulled back and looks like an attractive stock to buy with $12,500. It has a market cap of $4.5 billion.
It operates an energy infrastructure and land royalty business. If you want exposure to energy, but lower operational risk, this is a great stock to own. Topaz’s land assets are in highly productive regions. Likewise, it enjoys stronger results from elevated energy prices.
Topaz has very low overhead and streams most of its cash back to shareholders in dividends or asset acquisitions. Topaz stock yields 4.8% right now. It pays a quarterly dividend. Your investment would earn $49.93, averaged monthly. It has a long record of raising its dividend annually since its inception.
The Foolish takeaway
Combine this four-stock portfolio, and you would earn $175.26 of monthly average income from your $50,000 investment. Each of these stocks has a history of increasing its dividend, so there is certainly income upside from here as well.
| COMPANY | RECENT PRICE | NUMBER OF SHARES | DIVIDEND | TOTAL PAYOUT | FREQUENCY |
| Granite REIT | $82.99 | 150 | $0.296 | $44.40 | Monthly |
| Pembina Pipeline | $64.24 | 194 | $0.735 | $142.59 | Quarterly |
| Mullen Group | $26.19 | 477 | $0.07 | $33.39 | Monthly |
| Topaz Energy | $29.17 | 428 | $0.35 | $149.80 | Quarterly |
