20 Stocks with Highest Dividend Right Now

Published on October 11, 2023 at 1:18 pm by Vardah Gill in Dividend Stocks, Hedge Funds, News

In this article, we discuss 20 stocks with highest dividend right now. You can skip our detailed analysis of dividend stocks and dividend yields, and go directly to read 5 Stocks with Highest Dividend Right Now.

Dividend yields have always been a hot topic for investors. Many seek out stocks with generous yields, but these often come with less stability. However, when we look at historical data, it becomes clear that high-yield dividend stocks have displayed strong performances over different economic conditions.

To highlight the significance of dividends on investment performance, consider research by Professor Jeremy Siegel in his 2005 book, “The Future for Investors.” Professor Siegel categorized S&P 500 dividend-paying stocks into groups, showing that concentrating on stocks with the highest dividend yields had a substantial impact on both performance and risk. The findings revealed that from 1957 to 2022, the top quintile of dividend-paying stocks outperformed the broader S&P 500 Index by an annual average of 1.8%, leading to nearly 223% outperformance over time. Remarkably, this outperformance came with lower risk, as indicated by a lower beta. Even the second quintile outperformed the S&P 500 by more than 1.6% annually, resulting in over 196% outperformance over time, again with reduced risk.

Also read: 16 Highest Paying Monthly Dividend Stocks

Various other reports have also highlighted the importance of dividend stocks with high yields. According to a report by Danske Capital, these stocks have typically exhibited more favorable risk characteristics compared to stocks with no dividends. The report also referred to Deutsche Bank’s study and revealed that high-dividend stocks have performed better than the overall market during market downturns since 1927. Specifically, these stocks had a downside capture ratio of 81% or lower over extended periods, meaning that when the S&P 500 Index went down, high dividend stocks typically decreased by about 19% less than the broader market.

Verizon Communications Inc. (NYSE:VZ), Walgreens Boots Alliance Inc. (NASDAQ:WBA), and 3M Company (NYSE:MMM) are some of the best dividend stocks with high yields as these companies also hold strong dividend growth tracks. In this article, we will further discuss 20 stocks with the highest yields.

Photo by Vitaly Taranov on Unsplash

Our Methodology:

For this list, we screened for dividend stocks with the highest dividend yields as of October 10. Then, we selected companies from that list that have stable dividend histories, even though their dividend yields are higher than average. The stocks are ranked in ascending order of their dividend yields as recorded on October 10.

20. NuStar Energy L.P. (NYSE:NS)

Dividend Yield as of October 10: 9.17%

NuStar Energy L.P. (NYSE:NS) is a Texas-based master limited partnership (MLP) that operates in the energy sector, primarily focusing on the transportation and storage of energy products. On July 28, the company declared a quarterly dividend of $0.40 per share, which was in line with its previous dividend. With a dividend yield of 9.17% as of October 10, NS is one of the best dividend stocks on our list.

NS can be added to dividend portfolios, alongside Verizon Communications Inc. (NYSE:VZ), Walgreens Boots Alliance Inc. (NASDAQ:WBA), and 3M Company (NYSE:MMM).

At the end of Q2 2023, Elliott Management was the only hedge fund having stakes in NuStar Energy L.P. (NYSE:NS), worth $486,776.

19. Hercules Capital, Inc. (NYSE:HTGC)

Dividend Yield as of October 10: 9.85%

Hercules Capital, Inc. (NYSE:HTGC) is a California-based specialty finance company that focuses on providing financing solutions to venture capital-backed companies, primarily in the technology and life sciences sectors. The company is one of the best dividend stocks on our list as the company has been growing its dividends consistently for the past five years. It currently pays a quarterly dividend of $0.40 per share and has a dividend yield of 9.85%, as of October 10.

The number of hedge funds having stakes in Hercules Capital, Inc. (NYSE:HTGC) grew to 12 in Q2 2023, from 9 in the previous quarter. The total value of these stakes is roughly $30 million.

18. Kronos Worldwide, Inc. (NYSE:KRO)

Dividend Yield as of October 10: 11.03%

Kronos Worldwide, Inc. (NYSE:KRO) is a global producer and marketer of titanium dioxide, a white pigment used in a wide range of products and industries. The company offers a quarterly dividend of $0.19 per share and has a dividend yield of 11.03%, as of October 10. It is among the best dividend stocks on our list.

As of the close of Q2 2023, 18 hedge funds in Insider Monkey’s database owned investments in Kronos Worldwide, Inc. (NYSE:KRO), up from 15 in the previous quarter. The consolidated value of these stakes is over $15 million. Among these hedge funds, Citadel Investment Group was the company’s leading stakeholder in Q2.

17. Bain Capital Specialty Finance, Inc. (NYSE:BCSF)

Dividend Yield as of October 10: 11.16%

Bain Capital Specialty Finance, Inc. (NYSE:BCSF) is an American business development company (BDC) that primarily focuses on providing debt and equity financing to middle-market companies. On August 8, the company announced a 10.5% hike in its quarterly dividend of $0.42 per share. It has raised its dividends multiple times this year, which makes it one of the best dividend stocks on our list. The stock has a dividend yield of 11.16%, as recorded on October 10.

As of the close of Q2 2023, 6 hedge funds tracked by Insider Monkey reported owning stakes in Bain Capital Specialty Finance, Inc. (NYSE:BCSF), compared with 5 in the previous quarter. The overall value of these stakes is over $8.3 million.

16. Barings BDC, Inc. (NYSE:BBDC)

Dividend Yield as of October 10: 11.59%

An American business development company, Barings BDC, Inc. (NYSE:BBDC) is next on our list of the best dividend stocks. The company currently pays a quarterly dividend of $0.26 per share, having raised it by 4% in August this year. It has grown its dividends many times since 2018. As of October 10, the stock has a dividend yield of 11.59%.

At the end of June 2023, 12 hedge funds in Insider Monkey’s database owned stakes in Barings BDC, Inc. (NYSE:BBDC), up from 11 in the previous quarter. The collective value of these stakes is over $38.6 million.

15. Medical Properties Trust, Inc. (NYSE:MPW)

Dividend Yield as of October 10: 11.70%

Medical Properties Trust, Inc. (NYSE:MPW) is a real estate investment trust company that deals in healthcare-related properties. The company offers a quarterly dividend of $0.15 per share and has a dividend yield of 11.70%, as of October 10.

At the end of Q2 2023, 20 hedge funds tracked by Insider Monkey reported having stakes in Medical Properties Trust, Inc. (NYSE:MPW), compared with 21 in the previous quarter. The total value of these stakes is roughly $170 million.

14. PetMed Express, Inc. (NASDAQ:PETS)

Dividend Yield as of October 10: 12.13%

PetMed Express, Inc. (NASDAQ:PETS) is a Florida-based pet pharmacy company that provides pet medications, health products, and pet supplies to customers in the country. On August 1, the company announced a per-share dividend of $0.30 every quarter, which was consistent with its previous dividend. With a dividend yield of 12.13% as of October 10, PETS is one of the best dividend stocks on our list.

PetMed Express, Inc. (NASDAQ:PETS) was a popular buy among hedge funds during the most recent quarter. The company was a part of 18 hedge fund portfolios in Q2 2023, up from 9 in the previous quarter, as per Insider Monkey’s database. The total value of these stakes is nearly $38 million.

13. Nordic American Tankers Limited (NYSE:NAT)

Dividend Yield as of October 10: 12.68%

Nordic American Tankers Limited (NYSE:NAT) is an international tanker company that maintains a Suezmax-only fleet. The company has been paying regular dividends to shareholders since 1997, which makes it one of the best dividend stocks on our list. It currently pays a quarterly dividend of $0.15 per share and has a dividend yield of 12.68%, as of October 10.

As of the end of Q2 2023, 16 hedge funds in Insider Monkey’s database reported having stakes in Nordic American Tankers Limited (NYSE:NAT), worth collectively over $50.7 million. With over 5.3 million shares, Marshall Wace LLP was the company’s leading stakeholder in Q2.

12. Runway Growth Finance Corp. (NASDAQ:RWAY)

Dividend Yield as of October 10: 12.93%

Runway Growth Finance Corp. (NASDAQ:RWAY) is an American specialty finance company that provides growth capital to companies in the technology and life sciences sectors, particularly to late-stage startups and emerging growth companies. The company started its dividend policy in 2021 and has raised its payouts five times since then and currently pays a quarterly dividend of $0.40 per share. With a dividend yield of 12.93%, RWAY is one of the best dividend stocks on our list.

As of the end of Q2 2023, 6 hedge funds in Insider Monkey’s database reported having stakes in Runway Growth Finance Corp. (NASDAQ:RWAY), compared with 13 in the previous quarter. Among these hedge funds, Oaktree Capital Management was the company’s largest stakeholder in Q2.

11. Pimco Dynamic Income Opportunities Fund (NYSE:PDO)

Dividend Yield as of October 10: 13.08%

Pimco Dynamic Income Opportunities Fund (NYSE:PDO) is a closed-end fund that primarily focuses on generating income for its investors by investing in a diversified portfolio of fixed-income and other debt securities. It is one of the best dividend stocks on our list as the company offers monthly dividends to shareholders. The company pays a monthly dividend of $0.1279 per share and has a dividend yield of 13.08%, as of October 10.

10. NexPoint Real Estate Finance, Inc. (NYSE:NREF)

Dividend Yield as of October 10: 13.32%

NexPoint Real Estate Finance, Inc. (NYSE:NREF) is a real estate investment trust company that primarily focuses on investing in and managing a diverse portfolio of real estate assets. The company started paying dividends to shareholders in 2020 and has raised its dividends every year since then. In addition to this, the company has also paid special dividends to shareholders for consecutive three quarters, which makes it one of the best dividend stocks on our list. It currently pays a quarterly dividend of $0.50 per share for a dividend yield of 13.32%, as of October 10.

Insider Monkey’s database showed that 4 hedge funds owned stakes in NexPoint Real Estate Finance, Inc. (NYSE:NREF) at the end of Q2 2023, up from 3 in the previous quarter. The overall value of these stakes is over $136 million.

9. PennantPark Investment Corporation (NYSE:PNNT)

Dividend Yield as of October 10: 13.38%

PennantPark Investment Corporation (NYSE:PNNT) is a business development company that mainly invests in middle-market businesses. It is one of the best dividend stocks on our list as the company has raised its dividends for five years in a row. The company announced a monthly dividend of $0.07 per share on October 3 for a dividend yield of 13.38%, as of October 10.

At the end of Q2 2023, 9 hedge funds tracked by Insider Monkey reported owning stakes in PennantPark Investment Corporation (NYSE:PNNT), the same as in the previous quarter. The collective value of these stakes is roughly $26 million.

8. Dorian LPG Ltd. (NYSE:LPG)

Dividend Yield as of October 10: 13.56%

Dorian LPG Ltd. (NYSE:LPG) is a Connecticut-based company that specializes in the transportation of liquefied petroleum gas (LPG) and other petrochemical gases. The company started paying dividends in 2021 and has paid regular dividends to shareholders since then. It currently pays a quarterly dividend of $1.00 per share and has a dividend yield of 13.56%, as recorded on October 10.

As of the end of Q2 2023, 21 hedge funds in Insider Monkey’s database owned stakes in Dorian LPG Ltd. (NYSE:LPG), up from 19 in the previous quarter. The consolidated value of these stakes is roughly $70 million.

7. OUTFRONT Media Inc. (NYSE:OUT)

Dividend Yield as of October 10: 13.57%

OUTFRONT Media Inc. (NYSE:OUT) is an outdoor advertising company. They specialize in providing advertising space on billboards, transit displays, airports, and other out-of-home advertising locations. The company currently pays a quarterly dividend of $0.30 per share and has a dividend yield of 13.57%, as of October 10.

OUTFRONT Media Inc. (NYSE:OUT) was a part of 24 hedge fund portfolios at the end of Q2 2023, according to Insider Monkey’s database. The stakes owned by these hedge funds have a total value of nearly $231 million.

6. Portman Ridge Finance Corporation (NASDAQ:PTMN)

Dividend Yield as of October 10: 14.30%

An American business development company, Portman Ridge Finance Corporation (NASDAQ:PTMN) is next on our list of the best dividend stocks. It currently offers a quarterly dividend of $0.69 per share and has a dividend yield of 14.30%, as recorded on October 10.

In addition to Verizon Communications Inc. (NYSE:VZ), Walgreens Boots Alliance Inc. (NASDAQ:WBA), and 3M Company (NYSE:MMM), investors can also add PTMN to their dividend portfolios.

At the end of the second quarter of 2023, 4 hedge funds in Insider Monkey’s database reported having stakes in Portman Ridge Finance Corporation (NASDAQ:PTMN), compared with 6 in the previous quarter. The collective value of these stakes is over $26.6 million.

Click to continue reading and see 5 Stocks with Highest Dividend Right Now.

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Published on October 30, 2024 at by Inan Dogan, PhD

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Published on November 16, 2024 at by Insider Monkey Staff

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