2 Top Canadian Monthly Dividend Champions (2024)

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Most dividend-paying TSX companies offer quarterly payouts, but two high-yield stocks are monthly dividend champions.

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2 Top Canadian Monthly Dividend Champions (1)

Christopher became a CFA Charterholder in 2016.He has worked at some of the largest companies in Canada, working as an Energy Trader at Enmax, a Financial Advisor at RBC, and was a Wholesaler for CI Investments and Sentry Investments.He is a staff writer at Motley Fool with hundreds of articles contributed.

2 Top Canadian Monthly Dividend Champions (2)


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2 Top Canadian Monthly Dividend Champions (3)

Financial health and dividend consistency are the criteria for choosing dividend stocks. Companies with stable earnings and a history of consistent dividend payments are popular among passive-income seekers. However, payout frequency matters to some dividend investors besides the dividend yield.

While most publicly listed Canadian firms pay quarterly dividends, only a few pay monthly. If you prefer 12 payouts yearly, not four, Sienna Senior Living (TSX:SIA) and Exchange Income Corporation (TSX:EIF) are the TSX’s monthly dividend champions.

Return to a stable operating environment

The coronavirus breakout in 2020 severely affected many businesses, including senior living and long-term-care (LTC) services. Sienna Senior Living, a well-established company in the retirement living space, is no exception. As a result, the company experienced a significant drop in occupancy and incurred losses (nearly $25 million) in 2020.

Despite the business reversal, Sienna Senior Living didn’t slash or suspend dividend payments. The company proved its worth as it kept investors whole on monthly dividend payments, as it had since January 2012. At $12.98 per share, the healthcare stock is up 15.04% year to date and pays a 7.01% dividend.

The business slowly returned to a stable operating environment as COVID cases receded. The $947.11 million company reported strong financial results in the fourth quarter (Q4) and the full year 2023. According to its president and chief executive officer (CEO), Nitin Jain, Q4 2023 marked the fourth consecutive quarter of significant year-over-year same-property net operating income (NOI) growth.

In the 12 months ending December 31, 2023, revenue increased 9.3% to $785.4 million versus 2022, while net income declined 34% year over year to $7.04 million. Notably, NOI rose 13% to $151.25 million from a year ago. The $68.3 million total dividends paid for the year represent a 1.4% increase from the previous year. In Q4 2023, the average occupancy in the same-property portfolio was 88.2%.

Jain said the aging population drives Canadian senior living. Given the demand for high-quality care and services and a limited new supply of retirement residences, Sienna Senior Living is on track to seize the tremendous growth potential. For 2024, management projects a high-single-digit percentage growth in the Retirement segment and low- to mid-single-digit percentage growth for LTC.

The compelling reasons to invest in SIA are the longevity of operations (51 years), diversified portfolio (government-funded LTC communities and private-pay retirement residences), and growing demand.

Dividend grower

Exchange Income Corporation, or EIC, achieved multiple financial records last year. In addition to the $2.1 billion record revenue (21% year-over-year increase), net earnings reached a record $122 million (10.9% higher than in 2022). Since 2020, the top and bottom lines have consistently grown.

The $2.3 billion company and its subsidiaries engage in aerospace and aviation services and equipment, and manufacturing businesses globally. As of this writing, the share price is $48.66 (+9.38% year to date), while the dividend offer is 5.31%. Also, in November 2023, Exchange Income announced its 17th dividend increase since 2004.

Mike Pyle, CEO of EIC, said the 5% per annum cumulative dividend growth since inception is an incredible achievement. He added that the contract wins and acquisitions last year assure further growth for the portfolio of companies in 2024 and beyond.

Lucrative options

Sienna Senior Living and Exchange Income Corporation are lucrative options for passive-income investors looking for monthly cash flow streams.

2 Top Canadian Monthly Dividend Champions (2024)


2 Top Canadian Monthly Dividend Champions? ›

While most publicly listed Canadian firms pay quarterly dividends, only a few pay monthly. If you prefer 12 payouts yearly, not four, Sienna Senior Living (TSX:SIA) and Exchange Income Corporation (TSX:EIF) are the TSX's monthly dividend champions.

What is the highest paying monthly dividend stock? ›

Top 10 Highest-Yielding Monthly Dividend Stocks in 2022
  • ARMOUR Residential REIT – 20.7%
  • Orchid Island Capital – 17.8%
  • AGNC Investment – 14.8%
  • Oxford Square Capital – 13.7%
  • Ellington Residential Mortgage REIT – 13.2%
  • SLR Investment – 11.5%
  • PennantPark Floating Rate Capital – 10%
  • Main Street Capital – 7%

What are the best dividend stocks in Canada 2024? ›

Top 10 Dividend Stocks In Canada
NameDividend YieldDividend Rating
Power Corporation of Canada (TSX:POW)5.32%★★★★★☆
Russel Metals (TSX:RUS)4.24%★★★★★☆
Royal Bank of Canada (TSX:RY)3.95%★★★★★☆
Canadian Natural Resources (TSX:CNQ)3.96%★★★★★☆
6 more rows
4 days ago

Are monthly dividends worth it? ›

Monthly dividends make budgeting easier by providing more frequent cash flow to income investors. May 6, 2024, at 2:50 p.m. Stocks are this list reward investors with a healthy, steady flow of additional income through dividends.

Which shares pay monthly dividends? ›

Best Monthly Dividend Stocks India
  • Punjab National Bank. The market capitalization of Punjab National Bank is ₹136,866.92. ...
  • Britannia Industries Ltd. ...
  • Union Bank of India Ltd. ...
  • Indian Hotels Company Ltd. ...
  • Polycab India Ltd. ...
  • Supreme Industries Ltd. ...
  • Balkrishna Industries Ltd. ...
  • Dalmia Bharat Ltd.

What are the three dividend stocks to buy and hold forever? ›

7 Dividend Kings to Buy and Hold Forever
StockDividend yieldDividend growth streak
Procter & Gamble Co. (PG)2.4%68 years
3M Co. (MMM)6.5%65 years
Coca-Cola Co. (KO)3.3%61 years
Johnson & Johnson (JNJ)3.2%61 years
3 more rows
Apr 11, 2024

What is the best dividend stock of all time? ›

Some of the best dividend stocks include Johnson & Johnson (NYSE:JNJ), The Procter & Gamble Company (NYSE:PG), and AbbVie Inc (NYSE:ABBV) with impressive track records of dividend growth and strong balance sheets. In this article, we will further take a look at some of the best dividend stocks of all time.

What Canadian stock pays the best dividend? ›

Yields and Metrics for Q1's Best-Performing Dividend Stocks
  • Tamarack Valley Energy. ...
  • Leon's Furniture. ...
  • Tricon Residential. ...
  • Imperial Oil. ...
  • Headwater Exploration. ...
  • Primo Water Corp. ...
  • Arc Resources. ...
  • Cenovus Energy. Oil and gas firm Cenovus Energy rose 23.3% in the first quarter and gained 17.2% over the past 12 months.
Apr 1, 2024

What is the best Canadian dividend stock? ›

Top 10 Dividend Stocks In Canada
NameDividend YieldDividend Rating
Canadian Natural Resources (TSX:CNQ)3.96%★★★★★☆
Goodfellow (TSX:GDL)6.60%★★★★★☆
Acadian Timber (TSX:ADN)6.82%★★★★★☆
Secure Energy Services (TSX:SES)3.49%★★★★★☆
6 more rows
Apr 3, 2024

Who pays the best dividends in Canada? ›

The Best-Performing Canadian Dividend Stocks of January 2024
  • Tricon Residential TCN.
  • Leon's Furniture LNF.
  • Fairfax Financial Holdings FFH.
  • CI Financial CIX.
  • Secure Energy Services SES.
  • Peyto Exploration & Development PEY.
  • Pet Valu PET.
  • Altus Group AIF.
Jan 31, 2024

Is psec dividend safe? ›

The bottom line is that PSEC's strengths are offset by its weaknesses, which make an investment in this monthly dividend payer a riskier bet over a full economic cycle.

Does Coca-Cola pay monthly dividends? ›

The Company normally pays dividends four times a year, usually April 1, July 1, October 1 and December 15. Shareowners of record can elect to receive their dividend payments electronically or by check in the currency of their choice.

How much money do I need to invest to make $4000 a month? ›

Making $4,000 a month based on your investments alone is not a small feat. For example, if you have an investment or combination of investments with a 9.5% yield, you would have to invest $500,000 or more potentially. This is a high amount, but could almost guarantee you a $4,000 monthly dividend income.

Which stock will boom in 2024? ›

Best Stocks to Invest in India 2024
S.No.Top 5 StocksIndustry/Sector
1.Tata Consultancy Services LtdIT - Software
2.Infosys LtdIT - Software
3.Hindustan Unilever LtdFMCG
4.Reliance Industries LtdRefineries
1 more row
May 6, 2024

Is agnc dividend safe? ›

AGNC Investment is currently earning a high enough return to maintain its dividend. That suggests the payout looks safe for the foreseeable future. However, the mortgage REIT's payout comes with a higher risk profile.

Why is the agnc dividend so high? ›

High dividend payments make sense, but how exactly can the yield be as high as 15%? Debt is the simplest answer. AGNC, for example, finances much of its business through debt. It also issues both common and preferred stock so it can acquire more mortgage assets that generate cash to satisfy the sky-high dividend.

Which stock gives the highest return in 1 month? ›

Stocks with good 1 month returns
S.No.NameROCE %
1.CG Power & Indu.47.04
2.Hindustan Zinc46.32
4.Supreme Inds.29.56
23 more rows

Does a 30 day yield pay every month? ›

The 30-day yield uses the past 30 days of dividend and interest income to project the fund's income for the next 12 months, while the distribution yield takes the most recent distribution -- whether interest, dividends, or capital gains -- and multiplies that payment by 12 to get an annualized total.


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