2 Tremendous Dividend Stocks to Buy Hand Over Fist in September

Key Points

• Brookfield Renewable has increased its dividend by at least 5% annually for 14 straight years.

• Mid-America has raised its dividend for 15 straight years.

• Both companies should be able to continue increasing their high-yielding payouts.

• 10 stocks we like better than Brookfield Renewable ›

Dividend stocks have long stood out as powerful, long-term investments. The best ones have consistently delivered rising income and impressive total returns for investors over time.

Brookfield Renewable (NYSE: BEPC)(NYSE: BEP) and Mid-America Apartment Communities (NYSE: MAA) have tremendous records of paying dividends. That's one of the many reasons why investors should buy these top dividend stocks hand over fist this September.

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A powerful record of paying dividends

Brookfield Renewable has grown its dividend payment at a 6% compound annual rate since 2001. The global renewable energy company has raised its payment by at least 5% annually for 14 straight years. Brookfield's dividend currently yields a generous 4.4%, nearly three times higher than the S&P 500's 1.2% dividend yield.

The company's global renewable energy portfolio generates very stable cash flow to support its high-yielding dividend. Brookfield sells about 90% of the power it produces under power purchase agreements (PPAs) with an average remaining term of 14 years to utilities and large corporate power buyers. Most of those agreements link power rates to inflation, which Brookfield estimates will grow its funds from operations (FFO) per share at a 2% to 3% annual rate.

Robust and growing demand for clean energy is driving up even faster market growth for power prices. Brookfield is steadily capturing this upside as legacy PPAs expire, and it signs new contracts at higher market rates. The company expects this catalyst to add 2% to 4% to its bottom line each year.

Additionally, Brookfield is investing capital to grow its portfolio through development projects and acquisitions. The company expects its vast development pipeline to increase FFO per share by 4% to 6% annually. Future acquisitions will further boost growth. Taking all these drivers together, Brookfield estimates that its FFO per share will grow at a more than 10% annual rate through at least the end of the decade. This forecast easily supports its target of delivering 5% to 9% annual dividend growth.

A growth acceleration is ahead

Mid-America Apartment Communities has been a very dependable dividend stock over the decades. The real estate investment trust (REIT) has never suspended or reduced its quarterly dividend payment in 31 years as a public company. While it hasn't increased its payment every year, it's currently on a 15-year streak of dividend increases. It has grown its payout at a 7% compound annual rate over the past 10 years, which significantly exceeds the sector average.

The landlord owns over 104,000 apartment units, primarily across the Sun Belt region. It focuses on metro areas that benefit from strong employment and population growth rates, as this drives demand for rental housing. This portfolio produces very durable rental income that tends to grow at a healthy rate.

Rent growth rates across the Sun Belt region have been somewhat muted in recent years due to a surge in new apartment supply. However, that building boom has now peaked as higher interest rates over the past few years have slowed new developments. With demand remaining robust, rental growth rates should reaccelerate.

Mid-America is capitalizing on the continued strong demand for rental housing by ramping up its development program. The REIT currently has nearly $1 billion in new apartments under construction that it expects to complete over the next few years. The company has the land and financial capacity to start several more apartment developments in the coming quarters. These growth drivers should enable the landlord to continue increasing its 4.2%-yielding dividend.

Terrific dividend stocks

Brookfield Renewable and Mid-America Apartment Communities have paid reliable, steadily rising dividends for decades, a trend that should continue. With currently attractive yields, they're great dividend stocks to buy this September.

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Matt DiLallo has positions in Brookfield Renewable, Brookfield Renewable Partners, and Mid-America Apartment Communities. The Motley Fool has positions in and recommends Mid-America Apartment Communities. The Motley Fool recommends Brookfield Renewable and Brookfield Renewable Partners. The Motley Fool has a disclosure policy.