In this article, we discuss 5 monthly dividend stocks with over 4% yield. If you want to read our analysis of dividend stocks and their returns in the past, go directly to read 10 Monthly Dividend Stocks with Over 4% Yield.
5. SmartCentres Real Estate Investment Trust (TSX:SRU-UN.TO)
Dividend Yield as of October 7: 7.19%
SmartCentres Real Estate Investment Trust (TSX:SRU-UN.TO) is an Ontario-based real estate investment trust company that specializes in retail real estate and power centers. In the second quarter of 2022, the company reported revenue of $198.3 million, up 2.2% from the same period last year. Its operating cash flow for the quarter came in at $44 million, down 29% from the prior-year quarter. The company’s payout ratio improved to 86%, from 102% recorded in the prior-year period.
SmartCentres Real Estate Investment Trust (TSX:SRU-UN.TO) currently pays a monthly dividend of C$0.1542 per share and has a dividend yield of 7.19%, as of October 7. The company is one of the best highest-paying monthly dividend stocks as it has been raising its dividends consistently for the past five years.
Street analysts presented a positive outlook on SmartCentres Real Estate Investment Trust (TSX:SRU-UN.TO) due to the company’s strong results in the recent quarter. In August, both National Bank and Scotiabank lifted their price targets on the stock to C$30 and C$33, respectively.
4. Stellus Capital Investment Corporation (NYSE:SCM)
Dividend Yield as of October 7: 9.07%
Stellus Capital Investment Corporation (NYSE:SCM) is an externally-managed investment management company that also operates as a business development company. On October 5, the company declared a monthly dividend of $0.0933 per share for a dividend yield of 9.07%, as of October 7. Moreover, the company also announced a special dividend of $0.02 per share. This was the company’s third consecutive year of additional dividends.
In October, Janney Montgomery initiated its coverage of Stellus Capital Investment Corporation (NYSE:SCM) with a Neutral rating, highlighting the company’s growth capital, buyouts, and recapitalizations to middle-market companies. The firm also mentioned that the company is well-positioned from a debt standpoint.
At the end of Q2 2022, 3 hedge funds in Insider Monkey’s database owned stakes in Stellus Capital Investment Corporation (NYSE:SCM), up from 2 in the previous quarter. These stakes hold a collective value of over $1.6 million. Two Sigma Advisors was the company’s leading stakeholder in Q2.
3. Permianville Royalty Trust (NYSE:PVL)
Dividend Yield as of October 7: 9.43%
Permianville Royalty Trust (NYSE:PVL) is a Texas-based statutory trust that owns net profits from the sales of oil and natural gas production from relevant properties in the state. The company was a part of 2 hedge funds portfolios in Q2 2022, compared with 3 in the previous quarter. The total value of stakes owned by these hedge funds is $776,000.
On September 16, Permianville Royalty Trust (NYSE:PVL) declared a 106% hike in its monthly dividend to $0.0505 per share. The company does not hold any dividend growth track record but has raised its payouts at a CAGR of 6.87% in the past five years. This makes it one of the best highest-paying monthly dividend stocks on our list. As of October 7, the stock’s dividend yield came in at 9.43%.
In Q2 2022, Permianville Royalty Trust (NYSE:PVL) reported revenue of $3,06 million, up from $1.4 million during the same period last year. Its operating income was recorded at $2.6 million, compared with $429,000 during the prior-year period. The company’s total assets at the end of the quarter stood at over $62.8 million.
2. SL Green Realty Corp. (NYSE:SLG)
Dividend Yield as of October 7: 9.45%
SL Green Realty Corp. (NYSE:SLG) is another highest-paying monthly dividend stock on our list. The real estate investment trust pays a monthly dividend of $0.3108 per share with a dividend yield of 9.45%, as of October 7. The company has raised its dividends at a CAGR of 2.99% in the past five years. It has a payout ratio of 84.22%, which is considered healthy in the REIT sector.
In Q2 2022, SL Green Realty Corp. (NYSE:SLG) reported cash and cash equivalents of $189.3 million while its total assets amount to over $10.7 billion. The company’s revenue for the quarter stood at $201.4 million and its same-store office occupancy was 92%.
In September, Evercore ISI maintained an In-Line rating on SL Green Realty Corp. (NYSE:SLG) with a $51 price target, as the company revised its interest rates forecasts due to the current economic conditions.
At the end of Q2 2022, 18 hedge funds tracked by Insider Monkey owned stakes in SL Green Realty Corp. (NYSE:SLG), the same as in the previous quarter. These stakes hold a collective value of over $120.7 million. With stakes worth over $28.7 million, LDR Capital owned the largest position in the company in Q2.
1. Orchid Island Capital, Inc. (NYSE:ORC)
Dividend Yield as of October 7: 22.64%
Orchid Island Capital, Inc. (NYSE:ORC) is a Florida-based specialty finance company that mainly invests in residential mortgage-backed securities on a leveraged basis. The company is one of the best highest-paying dividend stocks on our list because it has been making uninterrupted dividend payments since its IPO in 2013. On September 12, the company declared a monthly dividend of $0.16 per share, up from its previous dividend of $0.045 per share. As of October 7, the stock’s dividend yield came in at 22.64%.
In the second quarter of 2022, Orchid Island Capital, Inc. (NYSE:ORC) reported revenue of $66.2 million, up 26% from the same period last year. The company’s net interest income was recorded at $27.1 million and its total expenses stood at $4.9 million. Its cash position also remained stable in Q2 as it reported $283.3 million in cash and cash equivalents and its total assets stood at over $4.4 billion.
As of the close of Q2 2022, 5 hedge funds in Insider Monkey’s database owned stakes in Orchid Island Capital, Inc. (NYSE:ORC), compared with 4 in the previous quarter. The collective value of these stakes is $536,000. Balyasny Asset Management owned the largest stake in the company, worth $277,000.
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