As Foolish investors know, dividend-paying stocks outperform non-dividend-paying stocks over the long term, and many investors prefer to receive their payments on a monthly basis. With these two factors in mind, let’s take a look at three stocks that you could buy right now.
1. Enerplus Corp.: 7.4% yield
Enerplus Corp. (TSX:ERF)(NYSE:ERF) is one of North America’s largest producers of crude oil and natural gas. It pays a monthly dividend of $0.05 per share, or $0.60 per share annually, giving its stock a 7.4% yield at today’s levels. Investors should also note that the company reduced its dividend by 44.4% in March as a result of lower commodity prices, but I think the current rate can be sustained until they recover.
2. Sienna Senior Living Inc.: 5.8% yield
Sienna Senior Living Inc. (TSX:SIA) is one of the largest owners and operators of senior housing communities in Canada, and it is the largest licensed provider of long-term care in Ontario. It pays a monthly dividend of $0.075 per share, or $0.90 per share annually, giving its stock a 5.8% yield at current levels. It is also worth noting that the company has maintained this monthly rate since December 2012, but its increased amount of funds from operations, including 30.2% growth to $48.3 million in fiscal 2014, could allow for a significant increase in the very near future.
3. Canadian Apartment Properties REIT: 4.4% yield
Canadian Apartment Properties REIT (TSX:CAR.UN) is one of the largest residential landlords in Canada with over 41,500 residential units available for lease. It pays a monthly dividend of $0.10166 per share, or $1.22 per share annually, giving its stock a 4.4% yield at today’s levels. The company has also increased its dividend four times in the last four years, and its increased amount of funds from operations, including 15% growth to $183.35 million in fiscal 2014, could allow this streak to continue for another four years at least.
Would your portfolio benefit from monthly income?
Enerplus, Sienna Senior Living, and Canadian Apartment Properties REIT are three of the most attractive monthly dividend-paying stocks in the market. Foolish investors should take a closer look and strongly consider buying one or more of them today.
