11 Best Stocks That Pay Monthly Dividends in 2024

1. Agree Realty Corporation (NYSE:ADC)

Number of Hedge Fund Holders: 26

Agree Realty Corporation (NYSE:ADC) is one of the most favored REITs in 2024, surging by nearly 11% in the past 12 months. It is a well-managed net lease REIT, where tenants are responsible for most of the property’s operating costs. Over the past decade, the company has experienced strong growth, with its dividend rising by approximately 6% annually. The portfolio has expanded significantly, growing from 130 properties at the end of 2013 to 2,271 properties by the end of the third quarter of 2024.

Agree Realty Corporation (NYSE:ADC) is considered one of the strongest names in the retail sector. Its major tenants include top retailers like Walmart, Tractor Supply, Dollar General, Best Buy, TJX, Dollar Tree, Lowe’s, and Kroger, which together make up about one-third of the REIT’s annual rental income. The remaining two-thirds of its tenants are also resilient businesses. This strength is reflected in the fact that, as of September, 99.6% of its properties were fully occupied by paying tenants. In the third quarter of 2024, the company posted revenue of $154.3 million, which grew by nearly 13% from the same period last year. During the quarter, it also invested approximately $237 million in 93 retail net lease properties.

Agree Realty Corporation (NYSE:ADC) is one of the best dividend stocks on our list as the company has paid regular dividends to shareholders since its IPO in 1994. Its monthly dividend currently sits at $0.253 per share for a dividend yield of 4.32%, as of December 28.

Insider Monkey’s Q3 2024 data indicated 26 hedge fund positions in Agree Realty Corporation (NYSE:ADC), up from 23 in the previous quarter. The stakes owned by these funds are valued at roughly $565 million in total. With over 3 million shares, Long Pond Capital was the company’s leading stakeholder in Q3.

Overall, Agree Realty Corporation (NYSE:ADC) ranks first on our list of the best dividend stocks that pay monthly dividends. While we acknowledge the potential for ADC to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than ADC but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock. 

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