15 Under-the-Radar High Dividend Stocks to Buy

Published on March 13, 2023 at 1:37 pm by Vardah Gill in Dividend Stocks, Hedge Funds, News

In this article, we discuss 15 under-the-radar dividend stocks to buy. You can skip our detailed analysis of dividend stocks and their historical performance, and go directly to read 5 Under-the-Radar High Dividend Stocks to Buy.

The global economy has take a massive hit last year due to elevated inflation, rising interest rates and geopolitical uncertainty. The world economy is slowing as IMF forecasted global growth to slow to 2.3% this year from 6% in 2021 and 3.2% last year. Analysts and economists have also hinted toward the possible financial crisis in 2023. In the US, 24% of economists surveyed by the World Economic Forum expect high inflation this year, whereas 91% expect weak economic growth. The sizzling inflation and the risks of a possible recession have altered investor sentiment.

Considering the current market situation and investment scenarios, analysts recommend putting money in dividend stocks as they have the ability to open up regular income channels for investors. David Rosenberg of Rosenberg Research and Associates spoke to MarketWatch about possible investment strategies in the high-interest rates period in February. He mentioned that investors should focus on defensive sectors of the financial markets, including dividend-paying stocks. He further said that dividend companies with strong balance sheets and dividend payouts endure periods of financial volatility better than their peers.

Many other reports conform to Rosenberg’s analysis, revealing the strong performance of dividend stocks in high-interest rates periods. According to iShares, the S&P 500 Dividend Payers fell by 7.6% last year, compared with a 21.1% decline in the S&P 500 Non-Dividend Payers. The report also mentioned that in the 1940s and the 1907s, when inflation was at its record high, dividends contributed 53% and 50% of the stock market’s total return. Another report by Nuveen throws light on the importance of high-dividend stocks and how healthy dividend yields generate better returns for shareholders. According to the report, dividend payers with yields above 3% delivered an annual average return of 8.1% in 2022, versus a 6.7% return of the MSCI World Index.

Dividend investing usually brings well-known companies into focus. Investors are inclined toward quality companies that have proven track records of dividend growth and strong balance sheets. The Coca-Cola Company (NYSE:KO), PepsiCo, Inc. (NASDAQ:PEP), and The Procter & Gamble Company (NYSE:PG) are some companies that are most popular among income investors. However, several other, lesser known companies also have strong dividend policies that would be great investment options in the current market situation. Given this, we will discuss under-the-radar high-dividend stocks in this article.

Photo by Sharon McCutcheon on Unsplash

Our Methodology:

For this list, we chose dividend companies that are comparatively lesser known to investors but are reliable investment options. These companies have sustainable dividend policies and have yields above 4%, as of March 13. We also considered hedge fund sentiment around each stock in Insider Monkey’s database, as of the fourth quarter of 2022. The stocks are ranked in ascending order of their dividend yields.

15. Portland General Electric Company (NYSE:POR)

Dividend Yield as of March 13: 4.01%

Portland General Electric Company (NYSE:POR) is an Oregon-based public utility company that mainly distributes electricity to customers. On February 10, the company declared a quarterly dividend of $0.4525 per share, which fell in line with its previous dividend. The company has a solid dividend growth track record of 16 years. As of March 13, the stock has a dividend yield of 4.01%, which makes it one of the high-dividend stocks to buy.

Other popular dividend stocks that are grabbing investors’ attention include The Coca-Cola Company (NYSE:KO), PepsiCo, Inc. (NASDAQ:PEP), and The Procter & Gamble Company (NYSE:PG).

In the fourth quarter of 2022, Portland General Electric Company (NYSE:POR) posted revenue of $687 million, which showed a 13% growth from the same period last year. At the end of December 2022, the company had over $165 million available in cash and cash equivalents, compared with $52 million in the prior-year period.

Following the company’s strong quarterly earnings, both Credit Suisse and Wells Fargo raised their price targets on Portland General Electric Company (NYSE:POR) in February to $51 and $53, respectively.

At the end of Q4 2022, 24 hedge funds tracked by Insider Monkey reported owning stakes in Portland General Electric Company (NYSE:POR), up from 23 in the previous quarter. The collective value of these stakes is over $433.4 million. With over 5.6 million shares, Zimmer Partners was the company’s leading stakeholder in Q4.

14. Southwest Gas Holdings, Inc. (NYSE:SWX)

Dividend Yield as of March 13: 4.17%

Southwest Gas Holdings, Inc. (NYSE:SWX) is a Nevada-based natural gas distribution company that provides related services to its consumers. On February 24, the company declared a quarterly dividend of $0.62 per share, which fell in line with its previous dividend. In 2022, it took its dividend growth streak to 15 years and has paid regular dividends to shareholders since 1956. The stock has a dividend yield of 4.17%, as of March 13.

In February, JPMorgan maintained a Neutral rating on Southwest Gas Holdings, Inc. (NYSE:SWX) with a $75 price target, following the company’s recent quarterly earnings.

At the end of Q4 2022, 22 hedge funds tracked by Insider Monkey reported owning stakes in Southwest Gas Holdings, Inc. (NYSE:SWX), the same as in the previous quarter. These stakes have a total value of over $576 million.

13. Radian Group Inc. (NYSE:RDN)

Dividend Yield as of March 13: 4.25%

Radian Group Inc. (NYSE:RDN) is an American mortgage insurance company that provides risk, real estate, and title services to its consumers. In December, BofA upgraded the stock to Buy with a $24 price target, appreciating the company’s overall performance during the market clampdown.

On February 15, Radian Group Inc. (NYSE:RDN) declared a 12.5% hike in its quarterly dividend to $0.225 per share. This was the company’s fourth consecutive year of dividend growth, which makes it one of the high-dividend stocks to buy on our list. The stock’s dividend yield on March 13 came in at 4.25%.

In the fourth quarter of 2022, Radian Group Inc. (NYSE:RDN) reported revenue of $314.7 million, which fell 7% from the same period last year but beat analysts’ estimates by $2.09 million. During FY22, the company returned $135 million to shareholders in dividends.

At the end of Q4 2022, 27 hedge funds tracked by Insider Monkey reported having stakes in Radian Group Inc. (NYSE:RDN), the same as in the previous quarter. The collective value of these stakes is over $191.4 million. Among these hedge funds, Point72 Asset Management was the company’s leading stakeholder in Q4.

12. Spire Inc. (NYSE:SR)

Dividend Yield as of March 13: 4.27%

Spire Inc. (NYSE:SR) is a Missouri-based energy company that provides natural gas services to its consumers. In February, Mizuho raised its price target on the stock to $73 with a Neutral rating on the shares. The firm appreciated the company’s ‘strong’ fiscal Q1 earnings.

In fiscal Q1 2023, Spire Inc. (NYSE:SR) reported revenue of $814 million, which saw a 46.6% growth from the same period last year. The company’s net income for the quarter came in at $91 million, up from $55.7 million in the prior-year period.

Spire Inc. (NYSE:SR), one of the high-dividend stocks on our list, has been making regular dividend payments to shareholders since 1946. Moreover, the company has been raising its dividends consistently for the past 20 years. It pays a quarterly dividend of $0.72 per share for a dividend yield of 4.27%, as of March 13.

At the end of December 2022, 14 hedge funds tracked by Insider Monkey owned stakes in Spire Inc. (NYSE:SR), compared with 16 a quarter earlier. These stakes have a total value of over $20.4 million. Coann Capital was the company’s leading stakeholder among these hedge funds.

11. WesBanco, Inc. (NASDAQ:WSBC)

Dividend Yield as of March 13: 4.28%

WesBanco, Inc. (NASDAQ:WSBC) is a West Virginia-based bank holding company that provides a wide variety of financial products and services. On February 23, the company declared a quarterly dividend of $0.35 per share, which was consistent with its previous dividend. The company has raised its dividends 15 times since 2010. It is one of the high-dividend stocks on our list with a dividend yield of 4.28%, as of March 13.

Raymond James assumed its coverage on WesBanco, Inc. (NASDAQ:WSBC) with a Market Perform rating, highlighting the company’s history of generating ‘strong profitability’ and credit metrics. The firm also mentioned that the company is well-positioned for the next economic downturn.

In the fourth quarter of 2022, WesBanco, Inc. (NASDAQ:WSBC) reported revenue of $157.6 million, which showed an 11.8% growth from the same period last year. The company’s net income available to common shareholders came in at nearly $50 million.

At the end of December 2022, 8 hedge funds tracked by Insider Monkey were long WesBanco, Inc. (NASDAQ:WSBC), compared with 7 in the previous quarter. These stakes are valued at $10.8 million collectively. Ken Griffin and Cliff Asness were two of the company’s major stakeholders in Q4.

10. Avista Corporation (NYSE:AVA)

Dividend Yield as of March 13: 4.56%

Avista Corporation (NYSE:AVA) is a Washington-based energy company that generates and transmits electricity and distributes natural gas to its consumers. In December, Mizuho raised its price target on the stock to $44 with a Neutral rating on the shares, noting the company’s financial position.

In the fourth quarter of 2022, Avista Corporation (NYSE:AVA) reported revenue of $496.7 million, which saw an 18.6% growth from the same period last year. The company’s net income for the quarter came in at $78 million, up from $50.9 million in the prior-year period.

Avista Corporation (NYSE:AVA), one of the high-dividend stocks to buy, currently pays a quarterly dividend of $0.46 per share, raising it by 4.5% on February 3. This was the company’s 21st consecutive year of dividend growth. The stock’s dividend yield on March 13 came in at 4.56%.

As of the close of the December quarter, 16 hedge funds in Insider Monkey’s database reported having stakes in Avista Corporation (NYSE:AVA), compared with 18 in the previous quarter. These stakes have a consolidated value of over $211 million.

9. Huntington Bancshares Incorporated (NASDAQ:HBAN)

Dividend Yield as of March 13: 4.64%

Huntington Bancshares Incorporated (NASDAQ:HBAN) is an American bank holding company that provides a wide range of financial and insurance services to its consumers. The company has a sustainable dividend policy as it maintains an 11-year streak of consistent dividend growth. It offers a quarterly dividend of $0.155 per share. This high-yield dividend stock has a yield of 4.64%, as of March 13.

In February, Piper Sandler raised its price target on Huntington Bancshares Incorporated (NASDAQ:HBAN) to $15 with a Neutral rating on the shares, presenting a positive stance on the Midwest bank group.

Huntington Bancshares Incorporated (NASDAQ:HBAN) was a popular stock among hedge funds in Q4 2022, as 32 funds in Insider Monkey’s database owned stakes in the company, compared with 23 in the previous quarter. These stakes have a total value of over $224.6 million.

Aristotle Capital Boston, LLC mentioned Huntington Bancshares Incorporated (NASDAQ:HBAN) in its Q3 2022 investor letter. Here is what the firm has to say:

“Huntington Bancshares Incorporated (NASDAQ:HBAN), an Ohio-based bank holding company, was removed from the portfolio based on our belief that shares were fully valued and there were better opportunities to deploy capital elsewhere within the portfolio.”

8. OGE Energy Corp. (NYSE:OGE)

Dividend Yield as of March 13: 4.8%

OGE Energy Corp. (NYSE:OGE) is an Oklahoma-based electric services company that distributes and sells electricity in the state. In February, UBS maintained a Neutral rating on the stock with a $39 price target. The firm appreciated the company’s strong balance sheet but expressed concerns regarding the expected slowdown in load growth due to the recession.

OGE Energy Corp. (NYSE:OGE) currently pays a quarterly dividend of $0.4141 per share and has a dividend yield of 4.8%, as of March 13. The company holds a 15-year track record of consistent dividend growth, which makes it one of the high-dividend stocks on our list.

As per Insider Monkey Q4 2022 database, 17 hedge funds owned investments in OGE Energy Corp. (NYSE:OGE), up from 16 in the preceding quarter. These investments have a total value of $110.6 million. Among these hedge funds, Point72 Asset Management was the company’s leading stakeholder in Q4.

7. W. P. Carey Inc. (NYSE:WPC)

Dividend Yield as of March 13: 5.45%

W. P. Carey Inc. (NYSE:WPC) is a New York-based real estate investment trust company that specializes in sale-leasebacks. In February, the Royal Bank of Canada raised its price target on the stock to $88 and maintained an Outperform rating on the shares, noting the company’s performance in FY22.

W. P. Carey Inc. (NYSE:WPC), one of the high-dividend stocks on our list, declared a quarterly dividend of $1.067 per share on March 10, which showed a 0.2% growth from its previous dividend. Through this increase, the company took its dividend growth streak to 27 years. The stock has a dividend yield of 5.45%, as of March 13.

In the fourth quarter of 2022, W. P. Carey Inc. (NYSE:WPC) reported revenue of $402.6 million, which showed a 7.4% growth from the same period last year. At the end of December 2022, the company had roughly $168 million available in cash and cash equivalents, up from $165.4 million in the prior-year period.

At the end of Q4 2022, 18 hedge funds tracked by Insider Monkey were reported to have stakes in W. P. Carey Inc. (NYSE:WPC), with a total value of nearly $117 million.

6. Universal Health Realty Income Trust (NYSE:UHT)

Dividend Yield as of March 13: 5.91%

Universal Health Realty Income Trust (NYSE:UHT) is an American real estate investment trust company that specializes in healthcare and human service facilities. On March 9, the company declared a quarterly dividend of $0.715 per share, which was in line with its previous dividend. In 2022, the company raised its dividend for the 38th consecutive year. It is one of the high-dividend stocks on our list with a dividend yield of 5.91%, as of March 13.

The Coca-Cola Company (NYSE:KO), PepsiCo, Inc. (NASDAQ:PEP), and The Procter & Gamble Company (NYSE:PG) are also popular among investors due to their decades-long dividend growth streaks.

At the end of December 2022, Universal Health Realty Income Trust (NYSE:UHT) reported over $7.6 million in cash and cash equivalents and its total assets amounted to $607.5 million. In Q4 2022, the company generated $24.1 million in revenues, which showed a 12.7% growth from the same period last year.

At the end of Q4 2022, 4 hedge funds in Insider Monkey’s database reported owning stakes in Universal Health Realty Income Trust (NYSE:UHT), the same as in the previous quarter. The collective value of these stakes is roughly $13 million.

Click to continue reading and see 5 Under-the-Radar High Dividend Stocks to Buy.

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Published on September 27, 2024 at by Insider Monkey Staff

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