5 Monthly Dividend Stocks with Highest Yields

3. Ellington Financial Inc. (NYSE:EFC)

Dividend Yield as of September 14: 12.48%

Ellington Financial Inc. (NYSE:EFC) is an American real estate credit company that also operates as a mortgage finance company. In July, Keefe Bruyette reiterated its Market Perform rating with a $14.75 price target, appreciating the company’s book value growth over the years.

In Q2 2022, Ellington Financial Inc. (NYSE:EFC) reported $16.22 in book value per common share, including the effects of dividends of $0.45 per share. The company’s cash position remained strong during the quarter, as it reported $224.5 million in cash and cash equivalents and $591.2 million in other unencumbered assets. Its net interest income stood at $36.7 million, down from $37 million in the previous quarter.

On September 8, Ellington Financial Inc. (NYSE:EFC) declared a monthly dividend of $0.15 per share, in line with its previous dividend. This monthly dividend stock has a yield of 12.48%, as of September 14.

At the end of Q2 2022, 4 hedge funds tracked by Insider Monkey owned investments in Ellington Financial Inc. (NYSE:EFC), worth over $16 million. In the previous quarter, 7 hedge funds owned stakes in the company, holding a total value of $25.6 million. With stakes worth over $13.6 million, Ellington owned the largest position in the company in Q2.