In this article, we discuss 5 best monthly dividend stocks to buy in October. If you want to read our detailed analysis of dividend stocks and their returns in the past, go directly to read 10 Best Monthly Dividend Stocks to Buy in October.
5. Keyera Corp. (TSX:KEY.TO)
Dividend Yield as of October 5: 6.56%
Keyera Corp. (TSX:KEY.TO) is one of the largest midstream oil and gas companies in Canada. The company provides services to oil and gas producers in the country and also transports natural gas liquids.
In Q2 2022, Keyera Corp. (TSX:KEY.TO) reported a strong cash position, with its operating cash flow of $199 million, up from $112 million during the same period last year. Its distributable cash flow (DCF) was $209 million, compared with $148 million in the prior-year quarter. The company has a healthy payout ratio of 51%, as it paid $106 million in dividends from its DCF during the quarter.
Keyera Corp. (TSX:KEY.TO) has been raising its dividends consistently for the past six years and has a five-year dividend CAGR of 3.91%, coming through as one of the best monthly dividend stocks to buy. It currently pays a monthly dividend of C$0.16 per share, with a dividend yield of 6.56%, as of October 5.
4. Main Street Capital Corporation (NYSE:MAIN)
Dividend Yield as of October 5: 7.40%
Main Street Capital Corporation (NYSE:MAIN) is a Texas-based principal investment firm. The company is a strong dividend payer as it never slashed its payout ever since its first dividend in 2007. On August 2, the company announced a 2.31% hike in its monthly dividend to $0.22 per share. In addition to this, the company also declared a special dividend of $0.10 per share. The company has paid supplemental dividends for three years in a row. As of October 5, the stock’s dividend yield came in at 7.40%.
On August 4, Main Street Capital Corporation (NYSE:MAIN) reported its Q2 results, posting a total investment income of $85.2 million which showed a 26.6% year-over-year growth. The company had aggregate liquidity of $518.4 million while its cash and cash equivalents stood at $475 million at the end of June.
At the end of June 2022, 5 hedge funds tracked by Insider Monkey owned stakes in Main Street Capital Corporation (NYSE:MAIN), down from 9 in the previous quarter. The collective value of these stakes is over $19.3 million.
3. EPR Properties (NYSE:EPR)
Dividend Yield as of October 5: 8.68%
EPR Properties (NYSE:EPR) is a Missouri-based real estate investment trust company that mainly invests in entertainment properties. The company has over 353 properties as of 2022. The company froze its dividends in 2020 due to the pandemic and reinstated monthly payouts a year later. It currently pays a monthly dividend of $0.275 per share and has a dividend yield of 8.68%, as of October 5.
In Q2 2022, EPR Properties (NYSE:EPR) reported revenue of $160.4 million, up from $125.3 million during the same period last year. The company’s cash on hand stood at $168.3 million and had $1 billion in the credit facility. In the first six months of the year, it paid $27.1 million in dividends, compared with $24.9 million at the end of December 2021.
At the end of Q2 2022, 22 hedge funds tracked by Insider Monkey reported owning stakes in EPR Properties (NYSE:EPR), compared with 25 in the previous quarter. The consolidated value of these stakes is over $144.1 million. Renaissance Technologies was the company’s largest stakeholder in Q2.
2. Gladstone Commercial Corporation (NASDAQ:GOOD)
Dividend Yield as of October 5: 9.21%
Gladstone Commercial Corporation (NASDAQ:GOOD) is a Virginia-based business development company that invests in debt and equity securities. The company currently pays a monthly dividend of $0.1254 per share and has a dividend yield of 9.21%, as of October 5. It is one of the best monthly dividend stocks as it has paid 211 consecutive monthly dividends on its common stock.
In Q2 2022, Gladstone Commercial Corporation (NASDAQ:GOOD) reported an operating cash flow of over $17.4 million, compared with $17.1 million in the previous quarter. The company’s revenue for the quarter stood at $36.4 million, up from $35.5 million in the preceding quarter.
At the end of Q2 2022, 5 hedge funds in Insider Monkey’s database owned stakes in Gladstone Commercial Corporation (NASDAQ:GOOD), down from 8 in the previous quarter. These stakes hold a collective value of $46.8 million. Renaissance Technologies owned the largest stake in the company in Q2.
1. Prospect Capital Corporation (NASDAQ:PSEC)
Dividend Yield as of October 5: 10.51%
Prospect Capital Corporation (NASDAQ:PSEC) is a yield-oriented business development company that makes debt and equity investments in the US middle market. The company is one of the best monthly dividend stocks as it has been offering dividends to shareholders since its inception in 2004, paying a total of $3.7 billion in dividends. It currently offers a monthly dividend of $0.06 per share, with a dividend yield of 10.51%, as of October 5.
Prospect Capital Corporation (NASDAQ:PSEC) announced its fiscal Q4 results on August 29, posting a net interest income of $0.21, which beat analysts’ estimates by $0.03. The company’s total investment income came in at $184.2 million, which showed a 17.3% year-over-year growth and also surpassed consensus by $8.02 million. At the end of June 2022, it had $35.3 million available in cash and cash equivalents.
As of the close of Q2 2022, 7 hedge funds in Insider Monkey’s database owned stakes in Prospect Capital Corporation (NASDAQ:PSEC), up from 6 in the previous quarter. The collective value of these stakes is over $15.3 million, compared with $18.4 million worth of stakes owned by hedge funds in the preceding quarter.
You can also take a look at 10 Monthly Dividend Stocks with Highest Yields and 10 Blue Chip Dividend Stocks to Buy After the Market Selloff
