11 Best Stocks That Pay Monthly Dividends in 2024

2. STAG Industrial, Inc. (NYSE:STAG)

Number of Hedge Fund Holders: 26

STAG Industrial, Inc. (NYSE:STAG) is an American real estate investment trust company that has a diversified portfolio of industrial properties, including warehouses and light manufacturing facilities. These properties are leased to high-quality tenants through long-term contracts, with rents increasing annually by an average of 2.8% in 2024. The strong demand for industrial real estate, driven by the rise of e-commerce and the trend of bringing manufacturing back to local markets, has allowed the company to secure significantly higher rental rates when existing leases expire. In 2024, new and renewed leases for the same spaces are seeing rental increases of 30%.

In the third quarter of 2024, STAG Industrial, Inc. (NYSE:STAG) reported revenue of $190.7 million, up 6.4% from the same period last year. The revenue exceeded analysts’ estimates by $1.82 million. During the quarter, the company generated Cash Available for Distribution of $88.0 million. It also acquired six buildings totaling 613,839 square feet for $113.0 million, achieving a Cash Capitalization Rate of 6.7% and a Straight-Line Capitalization Rate of 7.2%. As of September 30, 2024, the company achieved an overall occupancy rate of 97.1% across its entire portfolio, with the operating portfolio reaching an occupancy rate of 97.8%.

STAG Industrial, Inc. (NYSE:STAG) offers a monthly dividend of $0.1233 per share and has a dividend yield of 4.37%, as of December 28. It is one of the best dividend stocks on our list as the company has never missed a dividend since 2011.

As per Insider Monkey’s database of Q3 2024, 26 hedge funds were bullish on STAG Industrial, Inc. (NYSE:STAG), compared with 28 in the previous quarter. The stakes held by these funds have a total value of nearly $142 million.