March 2024 Dividend Stock Watch List

As I'm writing this blog post, Valentine's Day is just two days away. The weather here in Central Wisconsin has remained unusually warm, with the high temperature today reaching 45 degrees Fahrenheit. That's well above the average high of 30 degrees Fahrenheit for the month of February, so I'm very happy to have such warm weather.

Now that I have largely built up my liquidity to my preferences, I am tentatively planning on being a buyer of equities in March with my own capital. Without further ado, please allow me to briefly discuss a few of the stocks on my watch list heading into next month.

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Dividend Stock #1: Agree Realty (ADC)

The first dividend stock on my watch list for March 2024 is Agree Realty (ADC). Readers can check out my Seeking Alpha article from December for the in-depth investment thesis.

The gist of it is that I'm very impressed with CEO Joey Agree's knowledge base and transparency. ADC's ~5% dividend yield is well-covered and I believe can keep growing by around 4% to 5% annually. That's an attractive combination of starting income and growth potential. Lastly, shares could be worth well into the $70 range, suggesting sizable undervaluation at the current $58 share price. Therefore, I want to open a position in ADC.

Dividend Stock #2: Automatic Data Processing (ADP)

Next up on my watch list for next month is Automatic Data Processing (ADP). Curious readers can find my detailed investment thesis in my recent Seeking Alpha article.

ADP's 2.2% dividend yield isn't flashy, but its payout ratio is reasonable. The company's growth prospects are also quite strong. Lastly, shares are slightly discounted at the present $250 share price. Thus, why I want to add to my position.

Dividend Stock #3: Enbridge (ENB)

Last but not least on my watch list for March 2024 is Enbridge (ENB). Intrigued readers can check out my more specific investment thesis outlined in my Seeking Alpha article from December.

Like ADC and ADP, ENB's 7.8% dividend yield appears to be safely covered. Combined with modest growth prospects and a discounted valuation from the current $35 share price, this is why I am interested in opening a position.

Concluding Thoughts:

I'm excited to have the opportunity to be a net buyer of dividend stocks for the first time since August 2023. Along with a few other stocks that are on my watch list, I believe my targeted adds are very high-quality companies.

Discussion:

Are any of the noted stocks on your watch list for March 2024?

If not, what stocks are on your radar for next month?

As always, I'm grateful for your readership and welcome your comments below!