2 Monthly Dividend Stocks With Yields of 5-8%

One way to generate a steady income stream is to invest in stocks that pay dividends on a monthly basis. Let’s take a closer look at two with yields over 5% that you could buy today.

First National Financial Corp.

First National Financial Corp. (TSX:FN) is the parent company of First National Financial LP, which is Canada’s largest non-bank originator and underwriter of mortgages with approximately $100 billion in mortgages under administration.

First National pays a monthly dividend of $0.154167 per share, equal to $1.85 per share annually, giving it a yield of about 7.2% today. Investors must also note that the company’s recent dividend increases, including its 8.8% increase in February, have it positioned for 2017 to mark the sixth straight year in which it has raised its annual dividend payment.

Smart REIT

Smart REIT (TSX:SRU.UN) is one of Canada’s largest real estate investment trusts. As of March 31, its portfolio consists of 152 properties, including 142 retail properties, eight development properties, one office property, and one mixed-use property, which are located across all ten provinces and total approximately 32 million square feet of built gross leasable area.

Smart REIT pays a monthly distribution of $0.1417 per unit, equal to $1.70 per unit annually, giving it a yield of about 5.2% today. It’s also important to note that the company’s 3% distribution increase that took effect in October has it positioned for 2017 to mark the third straight year in which it has raised its annual distribution.