5 Best September Dividend Stocks To Buy

In this article, we discuss 5 best September dividend stocks to buy. If you want to read our detailed analysis of dividend stocks and dividend capture strategy, go directly to read 10 Best September Dividend Stocks To Buy.

5. Extra Space Storage Inc. (NYSE:EXR)

Ex-Dividend Date: September 14

Extra Space Storage Inc. (NYSE:EXR) is an American real estate investment trust company that owns and operates a large network of self-storage facilities across the country. The company currently pays a quarterly dividend of $0.61 per share and has a dividend yield of 1.91%, as of August 29.

Extra Space Storage Inc. (NYSE:EXR) generated $511.3 million in revenues in the second quarter of 2023, which showed a 7.7% growth from the same period last year. The company ended the quarter with over $50.6 million available in cash and cash equivalents and its total assets amounted to over $12.3 billion.

The number of hedge funds tracked by Insider Monkey owning stakes in Extra Space Storage Inc. (NYSE:EXR) grew to 27 in Q2 2023, from 23 in the previous quarter. The total value of these stakes is over $482 million.

Baron Funds mentioned Extra Space Storage Inc. (NYSE:EXR) in its Q2 2023 investor letter. Here is what the firm has to say:

“Following its pending merger with Life Storage, Inc. which is expected to close late in 2023, Extra Space Storage Inc. (NYSE:EXR), a best-in-class self-storage REIT, will be the largest self-storage operator with a $46 billion self-storage operating portfolio. In the most recent quarter, the shares declined because rent growth is moderating from its strong pace of the last few years.

Though 2023 may be a transition year for Extra Space as growth retraces to a more sustainable run-rate and the management team prepares to incorporate Life Storage, we remain optimistic about the long-term prospects for the company and believe the current price of its shares reflects a good portion of this anticipated transition.

We believe Extra Space’s management team is excellent. Over the last decade, management has delivered strong occupancy gains, rent growth, and expense control that has led to a cost-of-capital advantage relative to its peers. Management has capitalized on its cost-of-capital advantage relative to its peers by tripling its owned self-storage count since 2010. We believe the management team will continue to create tremendous value for shareholders and believe the long-term growth opportunity for the company remains strong.”

4. Macy’s, Inc. (NYSE:M)

Ex-Dividend Date: September 14

Macy’s, Inc. (NYSE:M) is one of the largest and oldest retail companies in the US. The company operates a network of department stores that offer a wide range of products, including clothing, accessories, cosmetics, home goods, and more.

Macy’s, Inc. (NYSE:M) suspended its quarterly dividends during the pandemic of 2020 and reinstated its payouts after a year. It currently pays a quarterly dividend of $0.1654 per share for a dividend yield of 5.36%, as of August 29. It is one of the best dividend stocks on our list, trading ex-dividend in September.

At the end of the June quarter of 2023, 33 hedge funds tracked by Insider Monkey presented a bullish stance on Macy’s, Inc. (NYSE:M), compared with 28 funds in the previous quarter. The collective value of these stakes is over $675 million.

3. Altria Group, Inc. (NYSE:MO)

Ex-Dividend Date: September 14

An American tobacco company, Altria Group, Inc. (NYSE:MO) is next on our list of the best dividend stocks to buy in September. On August 24, the company declared a 4.3% hike in its quarterly dividend to $0.98 per share. This marked the company’s 54th consecutive year of dividend growth. The stock’s dividend yield on August 24 came in at 8.81%.

At the end of Q2 2023, 43 hedge funds in Insider Monkey’s database reported having stakes in Altria Group, Inc. (NYSE:MO), worth over $446.2 million. Among these hedge funds, Harris Associates was the company’s leading stakeholder in Q2.

2. Cincinnati Financial Corporation (NASDAQ:CINF)

Ex-Dividend Date: September 15

Cincinnati Financial Corporation (NASDAQ:CINF) is an American insurance company that provides a wide range of related services to its consumers. The company’s current quarterly dividend stands at $0.75 per share for a dividend yield of 2.83%, as of August 29. It is one of the best dividend stocks on our list as it has been growing its dividends for 62 years.

The number of hedge funds tracked by Insider Monkey holdings stakes in Cincinnati Financial Corporation (NASDAQ:CINF) stood at 26 in Q2 2023. The consolidated value of stakes owned by these hedge funds is over $280.6 million.

You can also take a look at 11 Best Mining Penny Stocks to Buy Now and 10 Stocks Receiving a Massive Vote of Approval From Wall Street Analysts

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