As discussed, Target is a Dividend King with more than 50 consecutive years of dividend increases. But the last couple of raises have been less than 2%, meaning that the company is basically making the bare-minimum raise to keep its streak alive. On the earnings call, management said it plans to make a low-single-digit increase later this year.

Passive income is characterized by its ability to generate revenue without requiring the earner's continuous active effort, making it a desirable financial strategy for those seeking to diversify their income streams or achieve financial independence.

These stocks offer monthly dividends and high yields, making them top investments to generate solid passive income.

Here's why these three Motley Fool contributors think the Schwab U.S. Dividend Equity ETF ( SCHD 1.39%), the Vanguard Dividend Appreciation ETF ( VIG 0.93%), and the Vanguard Total Corporate Bond ETF ( VTC -0.16%) are worth buying now.

The option to reward shareholders with dividends is hardly likely to change anytime soon, and investors looking to fortify their personal finances with dividend-paying stocks are certainly making a smart move.

Earn reliable streams of monthly passive income from First National Financial and two other TSX monthly dividend stocks with +5% yields & growing dividends.

Dividend investors don't buy shares of companies hoping they will suspend their payouts soon. The longer a corporation maintains its dividend program, the more attractive it is to income seekers, all else being equal.