Yes, there are plenty of stocks, including REITS, oil income trusts, and closed end funds, which pay dividends every month. As a matter of fact, WallStreetNewsNetwork.com found over three hundred monthly dividend payers. There are plenty of advantages to having monthly dividends versus quarterly or annual dividend stocks, everything else being equal. Your invested capital is returned faster, compounding happens quicker, and there is generally less stability. Here are a few examples.
Enerplus Resources Fund (ERF) is a Canadian oil income trust which has a PE of 4 and pays a yield of 9.1%.
American Income Fund Inc. (MRF) is a closed-ended fixed-income mutual fund which yields 10.4%.
DWS Municipal Income Trust (KTF) is a tax free income closed end fund which pays a tax exempt yield of 7.8%.
Remember, the yields are subject to fluctuation and elimination, and the monthly payout schedule is also subject to change. In addition, the principal fluctuates. To see the list of the monthly yielders, go to wsnn.com.
Author does not own any of the above.