5 Best High Yield Dividend Stocks To Buy According to Billionaire Gabelli

In this article, we discuss 12 best high-yield dividend stocks to buy according to billionaire Gabelli. If you want to read our detailed analysis of Gabelli’s investment strategy and GAMCO Investor’s previous performance, go directly to read 12 Best High Yield Dividend Stocks To Buy According to Billionaire Gabelli.

5. Wells Fargo & Company (NYSE:WFC)

GAMCO Investors’ Stake Value: $39,871,229
Dividend Yield as of November 29: 3.23%

Wells Fargo & Company (NYSE:WFC) is a diversified financial services company that provides a range of banking, investment, mortgage, and consumer and commercial finance services. On October 24, the company declared a quarterly dividend of $0.35 per share, which was in line with its previous dividend. The stock has a dividend yield of 3.23%, as of November 29.

GAMCO Investors owned nearly 1 million shares in Wells Fargo & Company (NYSE:WFC) at the end of Q3 2023, worth roughly $40 million. The company represented 0.46% of billionaire Gabelli’s portfolio.

As of the close of Q3 2023, 77 hedge funds tracked by Insider Monkey reported having stakes in Wells Fargo & Company (NYSE:WFC), up from 75 in the preceding quarter. The collective value of these stakes is more than $4.32 billion.

4. State Street Corporation (NYSE:STT)

GAMCO Investors’ Stake Value: $45,741,313
Dividend Yield as of November 29: 3.94%

State Street Corporation (NYSE:STT) is a Boston-based global financial services company that primarily focuses on providing investment management, servicing, and research services to institutional investors. The company offers a quarterly dividend of $0.69 per share, having raised it by 10% in July this year. This marked the company’s 12th consecutive year of dividend growth, which makes STT one of the best dividend stocks in billionaire Gabelli’s portfolio. The stock’s dividend yield on November 29 came in at 3.94%.

The number of hedge funds tracked by Insider Monkey owning stakes in State Street Corporation (NYSE:STT) jumped to 40 in Q3 2023, from 32 in the previous quarter. The consolidated value of these stakes is over $670 million.

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

GAMCO Investors’ Stake Value: $51,474,153
Dividend Yield as of November 29: 4.08%

Southwest Gas Holdings, Inc. (NYSE:SWX) is a holding company that operates primarily in the natural gas distribution business. During the third quarter of 2023, GAMCO Investors increased its position in the company by 2% and ended up owning SWX stakes worth over $51.4 million. The company accounted for 0.59% of the firm’s 13F portfolio.

Southwest Gas Holdings, Inc. (NYSE:SWX) currently offers a quarterly dividend of $0.62 per share and has been growing its payouts for the past 15 years. With a dividend yield of 4.08%, as of November 29, SWX is one of the best high-dividend stocks in billionaire Gabelli’s portfolio.

At the end of Q3 2023, 21 hedge funds tracked by Insider Monkey reported having stakes in Southwest Gas Holdings, Inc. (NYSE:SWX), compared with 22 in the previous quarter. The consolidated value of these stakes is over $1 billion. With over 3.4 million shares, Corvex Capital was the company’s leading stakeholder in Q3.

2. National Fuel Gas Company (NYSE:NFG)

GAMCO Investors’ Stake Value: $62,414,092
Dividend Yield as of November 29: 3.90%

National Fuel Gas Company (NYSE:NFG) is a New York-based natural gas distribution company. It pays a quarterly dividend of $0.495 per share, having raised it by 4.2% in June this year. This marked the company’s 53rd consecutive year of dividend growth. The stock has a dividend yield of 3.90%, as of November 29, which makes NFG one of the best high-dividend stocks in billionaire Gabelli’s portfolio.

At the end of the September quarter of 2023, 23 hedge funds in Insider Monkey’s database owned stakes in National Fuel Gas Company (NYSE:NFG), worth nearly $170 million in total.

1. The Bank of New York Mellon Corporation (NYSE:BK)

GAMCO Investors’ Stake Value: $77,312,679
Dividend Yield as of November 29: 3.57%

The Bank of New York Mellon Corporation (NYSE:BK) tops our list of the best high-dividend stocks according to billionaire Gabelli. The global financial services company has been making regular dividend payments to shareholders for the past 21 years and it currently pays a quarterly dividend of $0.42 per share. The stock has a dividend yield of 3.57%, as of November 29.

The Bank of New York Mellon Corporation (NYSE:BK) was a part of 51 hedge fund portfolios at the end of Q3 2023, down slightly from 52 in the preceding quarter. The stakes held by these hedge funds have a consolidated value of over $765.6 million.

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