5 Stocks That Pay Dividends Monthly

1. Shaw Communications Inc. (NYSE:SJR)

Number of Hedge Fund Shareholders: 29

Monthly Dividend Payout: $0.0767

Topping the list of dividend stocks that pay monthly is Canadian telecommunications company Shaw Communications Inc. (NYSE:SJR), which is in the midst of a contentious and difficult merger with fellow Canadian telecommunications giant Rogers Communications Inc. (NYSE:RCI). The company has a 35-year run of dividend payments, which fluctuate monthly. The next two payments are scheduled to be for $0.0767 following a $0.0718 payment on October 28. Shaw has a manageable payout ratio of 70% and SJR shares yield 3.68%.

The proposed $26 billion merger between Shaw Communications Inc. (NYSE:SJR) and Rogers received a vote of confidence from Canada’s Minister of Innovation, Science and Industry, Francois-Philippe Champagne, who expressed willingness to approve the deal should certain conditions be agreed upon. Shaw has already agreed to sell Freedom Mobile to Quebecor, with the added stipulation being that the latter company must hold those wireless licenses for at least ten years.

Shaw Communications Inc. (NYSE:SJR) also hit an all-time high in terms of its ownership among the select group of hedge funds tracked by Insider Monkey during Q2, rising by 26% during the quarter. Israel Englander’s Millennium Management owned the largest stake in the company on June 30, while Simon Davies’ Sand Grove Capital Partners more than doubled the size of its SJR holding during the period.

For more of the latest stock picks worth considering for your portfolio, check out 16 Best Penny Stocks To Buy Now and 10 Best Used Car Stocks To Buy Now.

Disclosure: None.

Follow Insider Monkey on Twitter