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Many TSX dividend stocks have fallen significantly in recent weeks. While it’s unpleasant to own stocks during these times, it’s a great buying opportunity if you have spare cash to invest.
If you like regular passive income streams, there are several TSX stocks that pay reliable monthly dividends to shareholders. Many of them are now incredibly cheap. Here are four dividend-paying stocks I would consider buying for handsome monthly dividends.
Cheap property value with an attractive dividend
Real estate valuations have fallen, as interest rates rise, and there are plenty of bargain-priced real estate stocks. European Residential Real Estate Investment Fund (TSX:ERE.UN) is very attractive here. He is one of the largest residential owners in the Netherlands. Its vast portfolio is made up of thousands of multi-family units, and this is complemented by commercial spaces.
The Netherlands has an incredibly tight housing market. As a result, demand is constant and growth in rental rates is rapid. It is a defensive stock with very solid long-term growth fundamentals.
Today, this dividend stock pays a distribution of $0.11333 per unit each month. At $3.60 per unit, this represents a yield of nearly 4.4%. It is one of the cheapest apartment REITs you will find in North America and Europe.
A top defensive stock with an above average return
Another very cheap REIT today is NorthWest Healthcare Properties REIT (TSX: NWH.UN). If you are looking for a high dividend yield, this is a good name to consider. At $12.50 per unit, it pays a distribution yield of 6.44%. It pays a monthly distribution of $0.0667 per unit.
It operates a defensive portfolio of healthcare properties, hospitals and medical practices around the world. These assets have very long lease terms which help to ensure the sustainability and reliability of its cash flows.
Likewise, many of these leases are indexed to inflation, so rental rate growth is likely to be high this year and next. After a 10% drop this year, this high-dividend stock looks like a bargain.
A very cheap cyclical stock with dividend growth
After a sharp drop of 30% last month, Whitecap Resources (TSX:WCP) looks like a good deal. The market fears that a recession will cause a massive drop in oil prices. Yet, given the global supply crisis, the risk of this happening is quite low. This is favorable for mid-cap energy stocks like Whitecap.
This dividend stock was cheap before the decline. Today is an incredible bargain. It only trades for twice the operating funds and four times the free cash flow for 2022!
Likewise, its price comes with a very attractive dividend yield of 5.08%. After a major acquisition announcement, it increased its monthly dividend by 22% to $0.0367 per share.
A stock of clean energy for a monthly income
If you don’t like oil stocks but want exposure to energy, Northland Energy (TSX:NPI) is an attractive dividend-paying stock. It is a global producer of renewable energy with operations in North America, Central America, Europe and soon in Asia.
He is an expert in the development of offshore wind projects. It is one of the fastest growing renewable energy segments in the industry. Thanks to several major development projects, Northland expects to double its profits over the next few years.
More profits probably mean more dividends in the future. Today, it pays a dividend of $0.10 per month. At $39 per share, that equates to a 3% dividend yield. On a price-growth basis, it’s one of the cheapest renewable stocks you’ll find.