10 Stocks that Pay Dividends Monthly

3. Agree Realty Corporation (NYSE:ADC)

Number of Hedge Fund Holders: 23

An American real estate investment trust company, Agree Realty Corporation (NYSE:ADC) ranks third on our list of the best dividend stocks that pay dividends monthly. One of the most appealing aspects of the company is its impressive growth over the years. At the beginning of 2013, the REIT owned just 109 properties. By the end of the second quarter of 2024, a little over a decade later, its portfolio had grown to more than 2,202 properties. This represents a significant increase, both in percentage terms and in absolute numbers.

In the second quarter of 2024, Agree Realty Corporation (NYSE:ADC) reported revenue of $152.5 million, which showed a 17.4% growth from the same period last year. During the quarter, the company raised nearly $650 million to further strengthen its balance sheet, bringing total liquidity to $1.7 billion after the closing of the expanded Credit Facility. With growing pipelines across all three external growth platforms, it is confident enough to increase its full-year acquisition guidance to approximately $700 million. Due to accelerating investment activity and strong portfolio performance so far this year, the company has raised its 2024 AFFO per share guidance to a range of $4.11 to $4.14, representing 4.4% growth at the midpoint.

Agree Realty Corporation (NYSE:ADC) started paying quarterly dividends in 1995 and shifted to monthly payments in 2021. The company currently offers a monthly payout of $0.25 per share, having raised it by 12.5% in April this year. Through this increase, the company stretched its dividend growth streak to seven years, which makes it one of the best dividend stocks on our list. As of August 29, the stock has a dividend yield of 4.12%.

According to Insider Monkey’s database of Q2 2024, 23 hedge funds held stakes in Agree Realty Corporation (NYSE:ADC), compared with 27 in the previous quarter. These stakes have a total value of over $401.3 million. With more than 2.5 million shares, Long Pond Capital was the company’s leading stakeholder in Q2.