Top 5 High Dividend Stocks To Buy According To Analysts

In this article, we discuss top 5 high dividend stocks to buy according to analysts. If you want to read our detailed analysis of dividend stocks and their performance over the years, go directly to read Top 20 High Dividend Stocks To Buy According To Analysts. 

5. Truist Financial Corporation (NYSE:TFC)

Upside Potential as of May 4: 74.1%
Average Price Target Based on Analyst Ratings: $45.2
Dividend Yield as of May 4: 8.01%

Truist Financial Corporation (NYSE:TFC) is an American bank holding company that provides services in commercial banking, credit cards, mortgages, and more. RBC Capital maintained an Outperform rating on the stock in April with a $46 price target, following the company’s recent quarterly earnings.

On April 25, Truist Financial Corporation (NYSE:TFC) declared a quarterly dividend of $0.52 per share, which was in line with its previous dividend. The stock has a dividend yield of 8.01%, as recorded on May 4. The company has a payout ratio of 42.2%, which makes it one of the best dividend stocks on our list.

At the end of Q4 2022, 44 hedge funds in Insider Monkey’s database reported owning stakes in Truist Financial Corporation (NYSE:TFC), up from 39 in the previous quarter. These stakes have a collective value of over $823.5 million.

Oakmark Funds mentioned Truist Financial Corporation (NYSE:TFC) in its Q1 2023 investor letter. Here is what the firm has to say:

“Truist Financial Corporation (NYSE:TFC) is among the largest regional banks in the U.S. The company has a strong deposit franchise with high local market share, predominantly focused in fast-growing southeastern markets. The company’s share price declined meaningfully this quarter, alongside most bank stocks, as investors grew concerned about mark-to-market losses on its securities portfolio and potential deposit outflows. We believe the company’s reputation, relationships and liquidity profile will allow it to weather this storm without material negative impact. The company’s shares are currently valued at a single-digit multiple of our estimate of normalized earnings power. We believe this is a very attractive price for such a high-quality regional banking franchise that has historically generated a high-teens return on its tangible equity. Furthermore, the company’s capital-light insurance brokerage subsidiary, which contributes little to tangible book value and just 10% of reported earnings, could be worth as much as 35% of the current stock price based on its recently announced minority sale price.”

4. KeyCorp (NYSE:KEY)

Upside Potential as of May 4: 77.9%
Average Price Target Based on Analyst Ratings: $15.73
Dividend Yield as of May 4: 9.28%

KeyCorp (NYSE:KEY) is an American commercial banking that also offers a wide range of financial services to its customers. The company currently offers a quarterly dividend of $0.205 per share and has a dividend yield of 9.28%, as of May 4. It is one of the best dividend stocks on our list as it maintains a 12-year streak of consistent dividend growth.

As of the end of the December quarter, 33 hedge funds tracked by Insider Monkey reported having stakes in KeyCorp (NYSE:KEY), the same as in the previous quarter. These stakes have a collective value of $582 million.

3. Innovative Industrial Properties, Inc. (NYSE:IIPR)

Upside Potential as of May 4: 78.6%
Average Price Target Based on Analyst Ratings: $122.3
Dividend Yield as of May 4: 10.5%

An American real estate investment trust company, Innovative Industrial Properties, Inc. (NYSE:IIPR) initiated its dividend policy in 2017 and has raised its dividends every year since then. The company offers a quarterly dividend of $1.80 per share and has a dividend yield of 10.5%, as of May 4. It is among the best dividend stocks on our list.

In April, UBS maintained a Buy rating on Innovative Industrial Properties, Inc. (NYSE:IIPR) with a $15 price target, highlighting the stock’s valuation.

At the end of December 2022, 14 hedge funds owned stakes in Innovative Industrial Properties, Inc. (NYSE:IIPR), up from 12 in the previous quarter, according to Insider Monkey’s database. The collective value of these stakes is roughly $300 million.

2. ACCO Brands Corporation (NYSE:ACCO)

Upside Potential as of May 4: 99.08%
Average Price Target Based on Analyst Ratings: $8.67
Dividend Yield as of May 4: 6.89%

ACCO Brands Corporation (NYSE:ACCO) is an American multinational manufacturing company that specializes in a wide range of technology and consumer products. Barrington raised its price target on the stock to $8 in March with an Outperform rating on the shares. The firm mentioned that the company is well-positioned to achieve its long-term target of organic growth.

ACCO Brands Corporation (NYSE:ACCO), one of the best dividend stocks, initiated its dividend policy in 2018 and has paid regular dividends to shareholders since then. The company currently offers a quarterly dividend of $0.075 per share for a dividend yield of 6.89%, as of May 4.

As per Insider Monkey’s database for Q4 2022, 18 hedge funds owned stakes in ACCO Brands Corporation (NYSE:ACCO), with a collective value of over $46.3 million. With over 2 million shares, AQR Capital Management was the company’s leading stakeholder in Q4.

1. Deluxe Corporation (NYSE:DLX)

Upside Potential as of May 4: 108.6%
Average Price Target Based on Analyst Ratings: $29.00
Dividend Yield as of May 4: 8.63%

Deluxe Corporation (NYSE:DLX) is a Minnesota-based payment and business technology company. On May 4, the company declared a quarterly dividend of $0.30 per share, which was consistent with its previous dividend. The stock’s dividend yield on May 4 came in at 8.63%.

At the end of Q4 2022, 9 hedge funds in Insider Monkey’s database reported having stakes in Deluxe Corporation (NYSE:DLX), down from 11 in the previous quarter. These stakes have a consolidated value of over $14.5 million.

You can also take a look at 10 Best Brewery and Distillery Stocks To Buy Now and 12 Best Performing Dividend ETFs in 2023

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