5 Dividend Stocks That Can Generate Over $3,000 a Month

Corporate businessman analyzing economic data on laptop computer.
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As investors seek reliable income streams, a diverse portfolio of dividend-paying stocks could potentially generate over $3,000 a month.

This roundup features five leading companies spanning various industries, each offering compelling dividend yields and robust prospects for growth.

Home Depot

Known for its consistency, Home Depot has delivered an impressive run over the past decade. Distributing a dividend of $2 per share each quarter, this home improvement powerhouse has shown resilience amidst market disruptions, demonstrating growth and stability attractive to investors.

Norfolk Southern Corp

Anchoring the critical railway industry in the U.S, Norfolk Southern Corp forms an integral part of the nation’s transport infrastructure. Despite recent market dips, the corporation maintains a steady dividend yield of 2.44%. Considering the indispensability of railways and Norfolk’s stable income, this stock can potentially provide a secure income stream.

Barrick Gold Corp

Often overlooked by investors, Barrick Gold Corp could be an undiscovered gem. Paying out a respectable 10 cents per share, this corporation offers a notable dividend in a sector traditionally known for its stability. The underinvestment in this stock presents a potential opportunity for savvy investors.

Eastman Chemical Co. (EMN)

Once a spinoff from the renowned Eastman Kodak, Eastman Chemical Co. has since surpassed its parent company, with an astounding total return of over 800% since its inception in 1993.

The company’s shares have weathered fears of an economic slowdown, with analysts projecting a mere 1% decrease in earnings per share for 2023, rebounding to double-digit growth the following year. Priced at just 12 times forward earnings, the shares offer both a robust dividend and an extensive share repurchase program.

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Eastman Kodak

Despite struggles with digital photography, Eastman Kodak retains its status as an iconic American company. While its market position in photography has declined, it has successfully adapted through its specialty chemical business spinoff, Eastman Chemical Co., making it an intriguing option for investors.

These five stocks, each offering unique attributes and robust dividends, could collectively generate over $3,000 a month, providing a potential passive income stream.

Investors should always remember to consider their individual risk tolerance and investment goals before diving into these opportunities.

Editor's note: This article was produced via automated technology and then fine-tuned and verified for accuracy by a member of GOBankingRates' editorial team.

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