Income investors! 10 monthly dividend stocks to bag right now

Be the First to Comment Read

Income investors! 10 monthly dividend stocks to bag right now

More on:
 Income investors! 10 monthly dividend stocks to bag right now
Image source: © 2022 Kalkine Media®

Highlights

  • Canada’s unemployment rate reportedly stayed at 4.9 per cent, while employment dropped slightly by 0.2 per cent in July.
  • Northland Power distributes dividend (C$ 0.10) every month.
  • Exchange Income stock galloped by over 23 per  cent in the past three months.

Monthly dividend stocks like Northland Power (TSX: NPI), Savaria (TSX: SIS), Extendicare (TSX: EXE) could help investors maintain their purchasing power and ensure financial stability even during an economic slump.

Canada’s unemployment rate remained at 4.9 per cent over the last month, while employment dropped slightly by 0.2 per cent in July this year, according to Statistics Canada's latest Labor Force Survey. The survey which was published on 5 August, comes in face of rising economic pressure resulting from growing inflation and fear of interest rate surge.

In such economic scenarios, investors seeking monthly dividend income can consider the following TSX stocks shortlisted by Kalkine Media®.

1.     Northland Power Inc (TSX: NPI)

Northland Power is a mid-cap utility infrastructure company with a market capitalization of C$9.88 billion. On the valuation front, Northland’s return on equity (ROE) was almost 15 per cent, which indicated profitability measured by dividing net earnings by equity.

The Canadian utility company distributes dividend (C$ 0.10) every month. The NPI stock jumped by approximately 20 per cent in six months. According to Refinitiv, NPI stocks held a Relative Strength Index (RSI) of 74.46 on August 5, 2022. The RSI value exceeding 70 generally points to a high momentum.

2.     Savaria Corporation (TSX: SIS)

Industrial products company Savaria offers personal mobility solutions such as elevators, lifts, etc., and serves the medical market via its patient handling segment. The small-cap company pays a dividend of C$ 0.042, on a monthly basis. The SIS stock spiked by almost 11 per cent quarter-to-date (QTD). As per Refinitiv, Savaria stocks held an RSI value of 66 (moderate) on August 5, 2022.

3.     Exchange Income Corporation (TSX: EIF)

Exchange Income is an acquisition-oriented firm that operates through its two segments, aerospace & aviation, and manufacturing. Exchange Income delivers a monthly dividend of C$ 0.20 to its shareholders. The EIF stock galloped by over 23 per cent in the past three months. Refinitiv findings suggest that Exchange Income stocks had an RSI value of 68.72 on August 5, 2022, signaling a medium-to-high momentum in the market.

4.     Pembina Pipeline Corporation (TSX: PPL)

Pipeline infrastructure firm Pembina has a market capitalization of C$ 25.38 billion. The large-cap company distributes a monthly dividend of C$ 0.21. The PPL stock swelled by over 19 per cent year-to-date (YTD). According to Refinitiv data, PPL stocks saw an RSI value of 42.21 on August 5, 2022, with a trading volume of 2.84 million.

Income investors! 10 monthly dividend stocks to bag right now©Kalkine Media®; ©Garis Studio via Canva.com

5.     First National Financial Corporation (TSX: FN)

First National is a mid-cap financial service provider operating in the bank industry. The mortgage provider held a debt-to-equity (D/E) ratio of 60.61, which points to high financial risk. First National doles out a dividend of C$ 0.196 every month. The FN stock climbed about 13 per cent in the last month. As per Refinitiv information, First National stock recorded an RSI value of 66.06 on August 5, 2022.

6.     TransAlta Renewables Inc (TSX: RNW)

The C$ 4-billion market cap utility company, TransAlta Renewables, makes a dividend pay-out (currently 0.078) every month. TransAlta had a D/E ratio of 0.50, which indicates low financial risk. The RNW stock grew by almost 10 per cent QTD. On August 5, 2022, TransAlta stocks held an RSI value of 66.58, as per Refinitiv.

7.     Sienna Senior Living Inc (TSX: SIA)

Owner and operator of senior housing in Canada, Sienna has a market capitalization of C$ 1 billion. The long-term care company also disburse a dividend (C$ 0.078) on a monthly basis. The SIA stock surged by over six per cent in this quarter. According to data collected from Refinitiv, SIA stocks held an RSI value of 66.7 on August 5, 2022.

8.     Superior Plus Corp (TSX: SPB)

Superior Plus is a diversified utility company involved in energy distribution and supply of specialty chemicals. The mid-cap utility service provider pays a monthly dividend of C$ 0.06. The SPB stock decreased by almost 13 per cent. As per Refinitiv findings, SPB stocks had an RSI value of 44.4 on August 5, 2022.

9.     Extendicare Inc (TSX: EXE)

Extendicare is a small-cap company that operates long-term care facilities. Extendicare pays a dividend of C$ 0.04 every month. As for its stock performance, the EXE scrip soared by roughly 12 per cent so far in this quarter. On August 5, 2022, Extendicare stock saw its RSI value jump to the overbought territory to 71.01, according to Refinitiv findings.

10.     Keyera Corp (TSX: KEY)

Midstream company Keyera is scheduled to distribute two monthly dividend payments of C$ 0.16 each, due on August 15 and September 15 respectively this year. The KEY stock rose by over nine per cent in 2022. According to Refinitiv, KEY stocks held an RSI value of 47.83 on August 5, 2022.

Bottomline

The TSX Composite Index was down by roughly seven per cent this year. Inflation rate and recession fear may continue to impact investors’ sentiments and could result in widespread volatility. Hence, income investors with abilities to bear low risk can consider these monthly dividend TSX stocks to bolster their portfolio income.

Please note, the above content constitutes a very preliminary observation based on the industry, and is of limited scope without any in-depth fundamental valuation or technical analysis. Any interest in stocks or sectors should be thoroughly evaluated taking into consideration the associated risks.

Monthly dividend stocks like Northland Power (TSX: NPI), Savaria (TSX: SIS), Extendicare (TSX: EXE) could help investors maintain their purchasing power and ensure financial stability even during an economic slump.

Canada’s unemployment rate remained at 4.9 per cent over the last month, while employment dropped slightly by 0.2 per cent in July this year, according to Statistics Canada's latest Labor Force Survey. The survey which was published on 5 August, comes in face of rising economic pressure resulting from growing inflation and fear of interest rate surge.

Disclaimer

Speak your Mind

Featured Articles

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK