89 Monthly Paying Dividend Stocks And 80 Funds For April (2024)

89 Monthly Paying Dividend Stocks And 80 Funds For April (1)

Foreword

All but five equities and all but one of the funds listed in this April batch of monthly-paying dividend dogs live up to the ideal of paying annual dividends from a $1K investment exceeding their single share price. Here, in the MoPay collection, lie affordable (yet volatile and risky) bargains. The dogcatcher rule of thumb is: one metric ($1k invested income>1 share price) fits all!

Now, over three years past the 2020 Ides of March market dip, and before other pull-backs yet to come, the time to buy top yield MoPay dogs may be now.

To learn which of these 89 MoPay equities pay "safer" dividends, go to my dividend dogcatcher marketplace lists after April 28th. Simply click on the last bullet point in the Summary section above.

Actionable Conclusions (1-10): Brokers Estimated Top Ten MoPay Equities Could Net 26.87% to 75.07% Gains By April 2024

Five of ten top-yield MoPay stocks (shaded in the chart below) were verified as being among the top-ten gainers for the coming year based on analyst one-year target prices. Thus, the Dogcatcher yield-based strategy for this MoPay group, as graded by broker estimates this month, proved 50% accurate.

Estimated dividend payouts from $1000 invested in each of the ten highest-yielding stocks, plus analysts median 1yr target prices for those stocks, as reported by YCharts, produced the data points for the gains estimates below. (Note: target prices from lone analysts were not counted.) Ten probable profit-generating trades so identified to April 2024 were:

Orchid Island Capital Inc (ORC) netted 750.68 based on the median of target estimates from 2 analysts, plus estimated annual dividends less broker fees. The Beta number showed this estimate subject to risk/volatility 65% greater than the market as a whole.

Modiv Inc (MDV) netted $642.36 based on the median of target price estimates from 5 analysts, plus dividends, less broker fees. A Beta number was not available for MDV.

Slate Grocery REIT (OTC:SRRTF) netted $416.38 based on the median of target price estimates from 2 analysts, plus Dividends less broker fees. The Beta number showed this estimate subject to risk/volatility 47% greater than the market as a whole.

Dynex Capital Inc (DX) netted $415.02 based on the median of annual price estimates from 4 analysts, plus dividends, less broker fees. The Beta number showed this estimate subject to risk/volatility 17% greater than the market as a whole.

Gladstone Commercial Corp (GOOD) netted 401.49 based on the median of target price estimates from 4 analysts, plus dividends, less broker fees. The Beta number showed this estimate subject to risk/volatility 12% greater than the market as a whole.

SL Green Realty Corp (SLG) netted $370.78 based on the median of target estimates from 18 analysts, plus estimated annual dividends less broker fees. The Beta number showed this estimate subject to risk/volatility 52% over the market as a whole.

Peyto Exploration & Development Corp (OTCPK:PEYUF) was forecast to net $355.05 based on the median of target price estimates from 11 analysts, plus dividends, less broker fees. The Beta number showed this estimate subject to risk/volatility 95% greater than the market as a whole.

Ellington Financial Inc (EFC) netted $298.22 based on the median of target price estimates from 8 analysts, plus dividends, less broker fees. The Beta number showed this estimate subject to risk/volatility 87% greater than the market as a whole.

AGNC investment Corp (AGNC) netted $275.00, based on the median of target price estimates from 11 analysts, plus dividends, less broker fees. The Beta number showed this estimate subject to risk/volatility 22% greater than the market as a whole.

ARMOUR Residential REIT (ARR) netted $268.72 based on the median of target price estimates from 3 analysts, plus dividends, less broker fees. The Beta number showed this estimate subject to risk/volatility 24% over the market as a whole.

Average net gain in dividend and price was 52.69% on $1k invested in each of these ten MoPay stocks. This gain estimate was subject to average risk/volatility 38% greater than the market as a whole.

The Dividend Dogs Rule

Stocks earned the "dog" moniker by exhibiting three traits: (1) paying reliable, repeating dividends, (2) their prices fell to where (3) yield (dividend/price) grew higher than their peers. Thus, the highest yielding stocks in any collection became known as "dogs." More specifically, these are, in fact, best called "underdogs."

April's Monthly Pay Dividend Data

Three lists produce numerous actionable conclusions and several more un-numbered results. To draw these conclusions and results, April 19 closing prices and estimated annual dividends were referenced from YCharts. In the process, monthly pay equity (1) yield and (2) upside potential lists were compared and contrasted against (3) the high yield (and higher risk) MoPay CEICs/ETFs/ETNs list.

Monthly Pay Dividend Qualities

Quarterly, Semi-Annual and Annual dividend investors anxiously await announcements from a firm, fund, or brokerage to learn if their next dividend will be higher, lower, or paid at all.

Monthly pay stocks, funds, trusts, and partnerships inform the holder every four and one third weeks by check and/or statement. If the entity reduces or suspends a payment, the holder can sell out of the investment immediately to cut future losses.

This advantage has been curtailed when companies suddenly cut monthly dividends to save cash. Numerous prominent MoPay firms declared dividend cuts between May and June, 2020, including: Oxford Square Capital Corp; Partners Real Estate Investment Trust; Orchid Island Capital Inc; Cross Timbers Royalty Trust; H&R Real Estate Investment Trust; BTB Real Estate Investment Trust; American Finance Trust Inc; Mesa Royalty Trust; Solar Senior Capital Ltd; Ellington Financial Inc; Dividend Select 15 Corp; Chesswood Group Ltd; Sabine Royalty Trust; TORC Oil & Gas Ltd; Freehold Royalties Ltd; ARC Resources Ltd; Inter Pipeline Ltd; San Juan Basin Royalty Trust; Ag Growth International Inc.

Former MoPay top ten regular by yield Bluerock Homes Trust, Inc. (BHM) announced in December 2019 it was retreating to quarterly dividend payments "in keeping with industry tradition." That tradition continued with Armour Residential REIT and Stellus Capital Investment Corp both transitioned to QPay in June, 2020. Within three months, however, both SCM and ARR returned to MoPay mode.

Capitala Finance Corp (CPTA) cut its monthly payout from $0.13 to $0.0833 as of October 30, 2017, then suspended it as of May 3, 2020. Oxford Square Capital (OXSQ), however, issued this nebulous statement regarding its pending monthly payments: "While no decision has yet been made with regard to the Company's common stock distributions for July, August and September, we believe that the Company's Board of Directors will likely elect to reduce or suspend the Company's distributions for those months." On June 2, 2020 the company declared $0.035 monthly distributions for July August and September, 2020 which have persisted for the past 3 years.

Top yield stock for July, 2018, June 2021, and September 2021, Orchid Island Capital, released this cautionary note with its monthly dividend announcements back in 2018: "The Company has not established a minimum distribution payment level and is not assured of its ability to make distributions to stockholders in the future." ORC directors proceeded to back-up their words with actions cutting the dividend from $0.14 to $0.11 in February, to $0.09 in March, to $0.08 in September, 2018, and to $0.055 for May, 2020. However in August. 2020 ORC monthly dividend increased from $0.06 to $0.065 for September, October, and into 2021. ORC currently pays a $0.16 monthly dividend and is again listed here.

The U.S. exchange MoPay segment is volatile, transitive, recovering, and has achieved full strength. More trades in monthly pay equities are available from Canadian firms, many of which are also listed on U.S. OTC (Pink Sheet) exchanges. Active listed MoPays priced over $2 were up from 71 in October to 73 in February 2021, and since October 2021 at the full strength of over 100 active, not seen for years. This list was limited to 89 by raising the share price limit to $5 and not listing dividends yielding over 27% or under 3%.

List One:

U.S. Exchange Traded MoPay Dividend Equities by Yield

Top ten of these U.S. exchange listed monthly pay dividend equities showing the best yields for April, represented just four of the eleven Morningstar market sectors. Representative firms split 1, 6, 2, and 1 between the energy, real estate, financial, and industrial services sectors.

First pace went to the lone energy representative, San Juan Basin Royalty Trust (SJT) [1].

Second place went to the first of six real estate representatives: ARMOUR residential REIT Inc [2]. The others placed third, sixth, seventh, ninth and tenth: Orchid Island Capital [3]; Ellington Financial Inc [5]; AGNC Investment Corp [6]; Ellington Residential Mortgage REIT (EARN) [9]; Dynex Capital Inc [10].

Two financial services sector members, placed fourth and fifth, Financial 15 Split Corporation (OTCPK:FNNCF) [4], and Canadian Banc Corp (OTCPK:CNDCF) [5].

Finally, in eighth place, was the lone industrial, sector member, 2020 Bulkers Ltd (OTCPK:TTBKF) [8] which completed the April MoPay top ten equities list by yield.

List Two:

Monthly Pay Dividend Equities by Price Upsides (and Downsides)

Results from YCharts, shown below, show 30 MoPay dividend stocks (as of market closing price April 19) compared with the median of analyst target prices one year-out. The ten top-stocks displayed 14.10% to 58.66% price upsides for the next year based on analyst estimates.

List Three:

MoPay Dividend Closed End Investment Companies, Exchange Traded Funds, and Notes, by Yield

Eighty top monthly dividend paying Closed End Funds, Exchange Traded Funds and Notes listed below were culled from nearly 800 candidates. Yields of 17.5% or greater, calculated as of April 19, determined the top ten. All 80 show assets under management (AUM) greater than $10M and are priced above $5 per share.

The top-ten monthly-paying dividend investment companies, funds, & notes. showing the biggest yields for per YCharts & Yahoo Finance data, featured three uncollateralized debt instruments [ETNs], and three open-ended investment companies [ETFs], and four closed-ended investment company [CEICs].

The three uncollateralized debt instrument companies (ETNs) placed first, second, and tenth: ETRACS Monthly Pay 2X Leveraged US Small Cap High Dividend ETN (SMHB) [1], ETRACS Monthly Pay 1.5X Leveraged Mortgage REIT ETN (MVRL) [2], and Credit Suisse X-Links Silver Covered Call ETN (SLVO) [10].

Then three open ended investment companies (ETFs) placed third, sixth and eighth, YieldMax TSLA Option Income Strategy ETF (TSLY) [3], YieldMax ARKK Option Income Strategy ETF (OARK), and Franklin International Aggregate Bond Fund ETF (FLIA).

Finally, four closed end investment companies (CEICs) placed fourth, fifth, seventh, and ninth. They were: Eagle Point Credit Co Inc (ECC) [4], PIMCO Dynamic Income Fund (PDO) [5], PIMCO Dynamic Income Fund (PDI) [7], abrdn Income Credit Strategies Fund (ACP) [9], to complete the top-ten Exchange Traded Notes, Exchange Traded Funds, and Closed End Investment Companies list for April, 2023-24.

Compare Equity To Fund Performance

Note that April 2023-24 top ten equity dividends are currently priced 4% under those of the top ten funds. Last September they were 2% higher. Last June they were 1% higher. The price differences were found in the outlandishly high dividends attributed to the top equities or funds. Without those odd aberrations, funds are generally priced higher than the equities due to the overhead costs of fund management.

Background and Actionable Conclusions

In June 2012 readers suggested the author include these funds, trusts, and partnerships in the MoPay article. A list of MoPay equities to buy and hold in September 2012 resulted from those reader suggestions supplemented with a high yield collection from here. That list was supplemented by an upside potential article in October and a upside vs. buy & hold in November. Another list factored December 2012 reader comments.

Now we have a new decade of 2020 that began last January, and continued in February, March, April, early May, and mid May, June, July, August, September, October, November, December. The progression continued in 2021 in January, February, March, April, May, June, July, August, September, October, November, and December. And carried-on in 2022, January, February, March, April, May, June/July, August, September, October, November, December, and again, in 2023, January, February, March and, now April, we compare and contrast MoPay equity upside potential to the yield (and higher risk/volatility) should one be tempted to buy and hold Closed End Investments or Exchange Traded Funds and Notes.

Yield Metrics Found A 34.03% Disadvantage For The Five Lowest-Priced Of Ten High-Yield MoPay Equities In April

Ten monthly pay stock equities were ranked by yield. Those results, verified by YCharts and Yahoo Finance, produced the following charts.

Actionable Conclusions: Analysts Estimated 5 Lowest Priced of Top Ten High Yield MoPay Dividend Stocks (11) Would Produce 18.61% VS. (12) 28.22% Net Gains from All Ten by April, 2024

$5000 invested as $1k in each of the five Lowest priced stocks in the top ten MoPay dividend dog kennel by yield were predicted by analyst 1 year targets to deliver 34.03% LESS net gain than $5,000 invested as $.5k in all ten. The eighth lowest-priced MoPay dividend dog, Orchid Island Capital, was predicted to deliver the best net gain of 75.07%.

Lowest priced five MoPay dividend stocks estimated as of April 19 were: ARMOUR Residential REIT Inc; Financial 15 Split Corp; Ellington Residential Mortgage REIT; 2020 Bulkers Ltd; San Juan Basin Royalty Trust with prices ranging from $5.13 to $9.45.

Higher priced five MoPay dividend equities, estimated as of April 19, were: AGNC Investment Corp, Canadian Banc Corp; Orchid Island Capital Inc; Dynex Capital Inc; Ellington Financial Inc, whose prices ranged from $10.00 to $12.46.

This distinction between five low-priced dividend dogs and the general field of ten reflects the "basic method" Michael B. O'Higgins employed for beating the Dow. The same technique, you now see, is today useful to find rewarding dogs in the MoPay kennel.

The added scale of projected gains, based on analyst targets, contributed a unique element of "market sentiment" gauging upside potential. It provided a here and now equivalent of waiting a year to find out what might happen in the market. It is also the work analysts got paid big bucks to do.

Caution is advised, however, as analysts are historically 15% to 85% accurate on the direction of change and about 0% to 15% accurate on the degree of the change.

Gains/declines as reported do not factor-in any tax problems resulting from dividend, profit, or return of capital distributions. Consult your tax advisor regarding the source and consequences of "dividends" from any investment.

Afterword

If somehow you missed the suggestion of the stocks ripe for picking at the start of this article, here is a reprise of the list at the end:

April MoPay Equities List

(Alphabetical by Ticker Symbol)

89 Monthly Paying Dividend Stocks And 80 Funds For April (13)

All but five equities and all but one of the funds listed in this April collection of monthly-paying dividend dogs live up to the ideal of annual dividends from $1K invested exceeding their single share price. Here in the MoPay collection lie affordable yet volatile and risky bargains.

Well over three years beyond the 2020 Ides of March dip, and before other pull-backs yet to come, the time to buy top yield MoPay dogs may now be at hand. There have never been more to choose from. This month's list of 89 was stabilized by holding the maximum yield to under 26% , setting the minimum price per share for selection at $5, and holding the minimum yields to 3%.

Stocks listed above were suggested only as decent starting points for your MoPay dividend stock purchase or sale research process. These were not recommendations.

Editor's Note: This article discusses one or more securities that do not trade on a major U.S. exchange. Please be aware of the risks associated with these stocks.

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