5 Best Affordable Dividend Stocks To Buy

In this article, we discuss 5 best affordable dividend stocks to buy. If you want to read our detailed analysis of dividend stocks and their previous performance, go directly to read 13 Best Affordable Dividend Stocks To Buy. 

5. HP Inc. (NYSE:HPQ)

Number of Hedge Fund Holders: 46
P/E Ratio as of November5: 11.77
Share Price as of November 5: $27.4

HP Inc. (NYSE:HPQ) is a multinational information technology company that specializes in providing a wide range of products and services in the technology and hardware industry. On October 11, the company declared a 5.5% hike in its annual dividend to $1.10 per share. Through this increase, the company stretched its dividend growth streak to 13 years, which makes it one of the best dividend stocks on our list. As of November 5, the stock has a dividend yield of 3.83%.

HP Inc. (NYSE:HPQ) was a popular buy among elite funds as hedge fund positions in the company grew to 46 in Q2 2023, from 37 in the previous quarter, as indicated by Insider Monkey’s database. The stakes owned by these funds have a collective value of more than $4.4 billion. Warren Buffett’s Berkshire Hathaway was the company’s leading stakeholder in Q2.

4. KeyCorp (NYSE:KEY)

Number of Hedge Fund Holders: 49
P/E Ratio as of November5: 9.26
Share Price as of November 5: $11.3

KeyCorp (NYSE:KEY) is an American financial services company that operates as a bank holding company. The company currently offers a quarterly dividend of $0.205 per share and has a dividend yield of 7.20%, as recorded on November 5. It is one of the best dividend stocks on our list as the company has raised its dividends for 12 years straight.

Of the 910 hedge funds tracked by Insider Monkey at the end of Q2 2023, 49 funds owned stakes in KeyCorp (NYSE:KEY), growing from 34 in the preceding quarter. The consolidated value of these stakes is over $334 million.

3. CSX Corporation (NASDAQ:CSX)

Number of Hedge Fund Holders: 64
P/E Ratio as of November5: 16.08
Share Price as of November 5: $30.40

CSX Corporation (NASDAQ:CSX) is a Florida-based transportation and logistics company. It is primarily involved in the rail transportation of goods, making it one of the largest Class I railroads in North America. It is one of the best dividend stocks on our list as the company has been rewarding shareholders with growing dividends for the past 18 years. The company currently pays a quarterly dividend of $0.11 per share and has a dividend yield of 1.45%, as of November 5.

At the end of Q2 2023, 64 hedge funds in Insider Monkey’s database reported having stakes in CSX Corporation (NASDAQ:CSX), up from 61 in the previous quarter. The overall value of these stakes is nearly $4 billion.

2. Pfizer Inc. (NYSE:PFE)

Number of Hedge Fund Holders: 73
P/E Ratio as of November5: 17.08
Share Price as of November 5: $31.2

An American multinational pharmaceutical company, Pfizer Inc. (NYSE:PFE) has been raising its dividends for 13 years in a row. The company pays a quarterly dividend of $0.41 per share and has a dividend yield of 5.25%, as recorded on November 5.

As of the end of Q2 2023, 73 hedge funds tracked by Insider Monkey reported owning stakes in Pfizer Inc. (NYSE:PFE), which remained unchanged from the previous quarter. These stakes have a total worth of over $1.5 billion. Diamond Hill Capital was the company’s largest shareholder, owning nearly 7 million shares in the company.

1. Bank of America Corporation (NYSE:BAC)

Number of Hedge Fund Holders: 90
P/E Ratio as of November5: 7.96
Share Price as of November 5: $28.4

Bank of America Corporation (NYSE:BAC) tops our list of the best dividend stocks to buy now. The American financial services company pays a quarterly dividend of $0.24 per share and offers a dividend yield of 3.38%, as of November 5. It has been paying regular dividends to shareholders consistently for the past 24 years.

At the end of Q2 2023, 90 hedge funds in Insider Monkey’s database owned investments in Bank of America Corporation (NYSE:BAC), compared with 91 in the previous quarter. The total value of these stakes is more than $31.7 billion.

You can also take a look at 13 Cash-Rich Dividend Stocks To Buy Now and 12 Best Metal Stocks To Invest In

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