With volatility spiking and stock market indexes like the S&P 500 (SNPINDEX: ^GSPC) and Nasdaq Composite (NASDAQINDEX: ^IXIC) down on the year, investors may be looking for ways to diversify their portfolios and collect some passive income.

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

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.

The company's cash payout ratio is about 47%, giving it plenty of room to grow its dividend. Here's the bottom line: Amgen is an excellent stock for long-term, income-seeking investors.

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

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.

Target (NYSE: TGT) stock fell after the company reported fourth-quarter and full-year fiscal 2024 results. At the time of this writing, the stock is around its 52-week low and down more than 30% in the last year.

Goldman Sachs has a buy rating and $3.20 price target on GQG Partners shares. Finally, Goldman Sachs has also named Super Retail as an ASX dividend stock to buy. This retail powerhouse owns popular store brands Supercheap Auto, Rebel, BCF, and Macpac.