As the final quarter of 2024 approaches, savvy income investors are on the lookout for high-yield dividend stocks to add to their portfolios. With interest rates still relatively low, dividend-paying stocks offer an attractive alternative for generating passive income. Here are three top picks that stand out from the crowd, boasting impressive yields and a track record of consistent dividend growth.
First up is Enterprise Products Partners LP, a leading provider of midstream energy services in North America. With an extensive network of pipelines, storage facilities, and processing plants, this limited partnership offers a staggering 7.2% forward-distribution yield. What’s more, Enterprise has increased its distribution for an impressive 26 consecutive years, demonstrating its commitment to rewarding shareholders. A solid balance sheet and respectable credit ratings further reduce the risk of default, making this stock an attractive choice for income-focused investors.
Next, Realty Income, the world’s seventh-largest real estate investment trust (REIT), offers a monthly dividend with a forward yield of 5%. This REIT boasts an impressive 29-year streak of consecutive dividend increases, with a compound annual growth rate of 4.3%. Realty Income’s diversified portfolio of 15,450 commercial properties, spanning 90 industries, provides a stable source of income. With a high-occupancy rate and significant growth potential in consumer-centric medical facilities, data centers, and industrial facilities, this REIT is well-positioned for continued success.
Last but not least, United Parcel Service, the largest package-delivery company in the world, offers a forward-dividend yield of 4.8%. With a 15-year history of consecutive dividend increases, UPS has demonstrated its commitment to rewarding shareholders. The company’s focus on healthcare logistics, small- to medium-sized businesses, and its recent acquisition of Estafeta, expected to close by year-end, should drive growth in the coming years. With a strong track record of returning excess cash to shareholders through dividends and stock buybacks, UPS is an attractive choice for income investors seeking stability and growth.
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