Image source: Getty Images
There are many sectors that can be found on the Toronto Stock Exchange The dividend-paying stocks (TSX) are well-known. These include utilities and renewables as well as infrastructure, banking/financials and industrials. Their dividends can be supported either by long-term contracted/regulated cash flow (like a pipeline share) or reliable, essential service models (like Canadian banks).
There are a few TSX stock that pay monthly dividends within these sectors. You can get a high dividend yield (cash return on stock cost basis) in spite of the market downturn. These are just a few of the many options available to you if you’re looking for a handsome monthly investment income.
TSX utilities and Renewable Stocks
TSX utilities and renewable energy stocks generate reliable cash streams that are either regulated, or contracted under power purchase agreements. These TSX stocks are able to afford attractive monthly dividends.
Northland Power The TSX:NPI pays $0.10 per month in dividends. This yields a dividend yield of 3.05% today. You would get $25.41 each month if you invested $10,000 in this stock. You could also make a good capital return.
Northland is a world leader in the development and operation of offshore wind power projects. It is just signed a large, long-term power agreement Taiwan
Northland also holds large renewable development projects throughout the United States, including in New York, Mexico and Poland. While it will take some time, all of these opportunities can help to increase earnings and possibly dividends in the long-term.
You might want to look into a higher dividend today if you’re looking for something more. TransAlta Renewables. Right now, it has a 5.57% yield on dividends. This is equivalent to $0.7833 per month in dividends.
Petroleum, pipeline, and gas stocks
Several TSX stocks, including pipeline and oil, pay monthly dividends. Pembina Pipeline (TSX.PPL), (NYSE.PBA) manages a range of pipelines, storage facilities, midstream processing plants, export terminals, and export terminals. It is a one-stop provider for Western Canadian energy producers’ egress and transportation needs.
It has over 90% of its assets contracted so it can maintain its $0.21 per share monthly dividend. It trades at a 5.5% dividend yield after a recent dip in its share price.
You would get $45.83 per month if you invested $10,000 in this stock. Pembina stock is solid on the TSX and offers steady growth and reliable income.
Additional TSX Energy Stock Ideas for Monthly Dividends Whitecap Resources Or (5.25% yield). Superior Plus (6.4% yield).
TSX real estate stocks
Many commercial real estate stocks pay monthly reliable distributions that are supported with contracted leases with their tenants. These reliable monthly dividend payers include Granite REIT This top industrial REIT earns a 4% yield NorthWest Healthcare Properties REIT (a REIT for medical properties that earns a yield of 6.44%), Choice Properties REIT This is a grocery-anchored REIT that returns 5.36%
One TSX stock that I love for growth, value, and income is European Residential REIT (TSX:ERE.UN). It pays $0.0133 monthly. It yields 4.4% at $3.30 per Share
The Netherlands has a stable tenant base. Tenants pay the majority of costs, and the rate of rental growth is adjusted to inflation. The REIT recently acquired several smart assets at extremely low rates.
It is currently one of the cheapest residential real-estate stocks on the TSX. Although it may be lower today, this stock is still a great deal for Canadian income-seekers with a long-term outlook.