2023 High Dividend Stocks List | Highest Yields Up To 20.8%

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2023 High Dividend Stocks List | Highest Yields Up To 20.8%

Article updated on June 6th, 2023 by Ben Reynolds

Spreadsheet data updated daily

High dividend stocks are stocks with a dividend yield well in excess of the market average dividend yield of 1.6%.

The resources in this report focus on truly high yielding securities, often with dividend yields multiples higher than the market average.

Resource #1: The High Dividend Stocks List Spreadsheet

Note: The spreadsheet uses the Wilshire 5000 as the universe of securities from which to select, plus a few additional securities we screen for with 5%+ dividend yields.

The free high dividend stocks list spreadsheet has our full list of 270 individual securities (stocks, REITs, MLPs, etc.) with 5%+ dividend yields.

The high dividend stocks spreadsheet has important metrics to help you find compelling ultra high yield income investing ideas. These metrics include:

Resource #2: The 7 Best High Yield Stocks Now
This resource analyzes the 7 best high-yield stocks in detail. The criteria we use to rank high dividend securities in this resource are:

Additionally, a maximum of three stocks are allowed for any single sector to ensure diversification.

Resource #3: The High Dividend 50 Series
The High Dividend 50 Series is where we analyze the 50 highest-yielding securities in the Sure Analysis Research Database. The series consists of 50 stand-alone analysis reports on these securities.

Resource #4: More High-Yield Investing Research
– How to calculate your income per month based on dividend yield
– The risks of high-yield investing
– Other high dividend research

The 7 Best High Yield Stocks Now

This resource analyzes the 7 best high yielding securities in the Sure Analysis Research Database as ranked by the following criteria:

Note: Ranking data is from the June 4th, 2023 edition of the Sure Analysis spreadsheet.

Additionally, a maximum of three stocks are allowed for any single market sector to ensure diversification.

It’s difficult to define ‘best’. Here, we are using ‘best’ in terms of highest yields with reasonable and better dividend safety.

A tremendous amount of research goes into finding these 7 high yield securities. We analyze more than 850 income securities every quarter in the Sure Analysis Research Database. This is real analysis done by our analyst team, not a quick computer screen.

“So I think it was just looking at different companies and I always thought if you looked at 10 companies, you’d find one that’s interesting, if you’d look at 20, you’d find two, or if you look at 100 you’ll find 10. The person that turns over the most rocks wins the game. I’ve also found this to be true in my personal investing.”
– Investing legend Peter Lynch

Click here to download a PDF report for just one of the 850+ income securities we cover in Sure Analysis to get an idea of the level of work that goes into finding compelling income investments for our audience.

The 7 best high yield securities are listed in order by dividend yield below, from lowest to highest.

High Dividend Stock #7: City Office REIT (CIO)

City Office REIT is an internally-managed real estate investment trust focused on owning, operating, and acquiring high-quality office properties located primarily in the U.S. ‘sun belt’.

Its target markets possess a number of attractive demographic and employment characteristics, which the trust believes will lead to capital appreciation and growth in rental income at its properties.

City Office Company Overview

Source: Investor Presentation

The office REIT industry is facing headwinds from the trend toward remote work. COVID-19 greatly accelerated this trend.

City Office REIT has reduced its dividend significantly in recent years. The REIT’s dividend per share peaked at $0.94 from 2016 through 2019. The dividend per share is now $0.40.

While dividend reductions are never positive, the REIT now has a low payout ratio of just 30.5% of expected funds from operations (FFO) for fiscal 2023. The new lower payout ratio gives plenty of room for either income declines, or in a more bullish scenario, future dividend growth.

Even with its lower dividend per share, this REIT still has a high 7.9% dividend yield, which should appeal to investors looking for high yields with a margin of safety in the payout ratio.

Click here to download our most recent Sure Analysis report on Office Properties (CIO) (preview of page 1 of 3 shown below):

High Dividend Stock #6: Western Union (WU)

Western Union is the world leader in domestic and international money transfers. The company has a network of approximately 550,000 agents globally and operates in more than 200 countries. About 90% of agents are outside of the US.

Western Union operates three business segments:

Approximately 87% of revenue is now from C2C, 8% from Business Solutions and 5% from Other for full fiscal 2022. The company has generated $4.36 billion in revenue over its last 4 fiscal quarters.

Western Union if facing strong competition in the money transfer space. There’s significant innovation and disruption in the industry. Competitors are as varied as cryptocurrencies, Zelle, and PayPal (PYPL), among many others.

The company is expecting $1.60 in adjusted EPS at the midpoint of its guidance for fiscal 2023. If the company hits its guidance, this will be its lowest EPS year since 2016, when the company also had EPS of $1.60.

Western Union Outlook

Source: Investor Presentation

While Western Union is facing headwinds from fierce competition, the company has managed to pay steady or rising dividends since at least 2006 (the last year of dividend history on the company’s investor relations page). But while the dividend hasn’t decreased, it has stayed at the same rate since 2021.

Western Union has a payout ratio of 59% using expected fiscal 2023 adjusted EPS of $1.60. The dividend appears secure for now. The company’s long-term future will depend on how it is able to attract and retain customers in its highly competitive industry.

For now, investors get paid to hold the stock thanks to its high current dividend yield of 8.0%. And, Western Union has consistently repurchased its shares over the last decade for an additional boost for shareholders.

Click here to download our most recent Sure Analysis report on Western Union (preview of page 1 of 3 shown below):

High Dividend Stock #5: Lincoln National Corp. (LNC)

Lincoln National is an insurance company that offers retirement plan services, life insurance, and similar products to its customers. Lincoln National was founded more than 100 years ago, in 1905.


The company reported net losses in 2022, but that was primarily driven by unrealized and realized losses in its investment portfolio, which, in turn, were caused by the market turmoil we have seen in bond and equity markets.

Lincoln National generated adjusted operating income of $1.52 per share in its fiscal Q1 2023 report. This is down slightly from $1.55 per share in the same quarter a year ago. The company’s GAAP earnings were strongly negative at -$5.37 per share due mainly to unfavorable impacts investment fair value changes due to the recent adoption of LDTI accounting policies.

At current prices, Lincoln National trades with a high dividend yield of 8.0%. The dividend is well-covered with a payout ratio of just 25%, based on the consensus earnings-per-share estimate for the current year. The low payout ratio leaves room for the company to repurchase shares, which it has done consistently over the last decade.

Click here to download our most recent Sure Analysis report on LNC (preview of page 1 of 3 shown below):

Lincoln National (LNC)

High Dividend Stock #4: Altria Group (MO)

Altria Group was founded by Philip Morris in 1847. Today, it is a consumer staples giant. It sells the Marlboro cigarette brand in the U.S. and a number of other non-smokeable brands, including Skoal and Copenhagen.

The flagship brand continues to be Marlboro, which commands over 40% retail market share in the U.S.

Source: Investor Presentation

Altria has increased its dividend for over 50 years, placing it on the exclusive Dividend Kings list. This is a rare business longevity achievement that speaks to the staying power of the company’s brands.

Altria reported its fiscal Q1 results on April 27th, 2023. Adjusted EPS came in at $1.18, up 5.4% year-over-year. Altria continues to grow, which makes its 8.3% dividend yield even more attractive.

With smoking rates in a continuous decline, Altria’s future lies in its ability to expand beyond cigarettes. The company has managed this transition well so far. It owns 55% of Canadian marijuana producer Cronos Group (CRON), and a 35% stake in e-vapor manufacturer Juul Labs. Additionally, Altria recently acquired e-vapor manufacturer NJOY Holdings for $2.75 billion, and up to $500 million in additional contingency payments.

Click here to download our most recent Sure Analysis report on Altria (preview of page 1 of 3 shown below):

Altria Group (MO)

High Dividend Stock #3: MPLX LP (MPLX)

MPLX LP is a Master Limited Partnership that was formed by the Marathon Petroleum Corporation (MPC) in 2012. In 2019, MPLX acquired Andeavor Logistics LP.

The business operates in two segments:

The MLP throws off a considerable amount of distributable cash flow.



Source: Investor Presentation

For comparison, the company has a $33.3 billion market cap. MPLX trades for just 6.8x its distributable cash flow from fiscal 2022.

MPLX is the rare MLP that has actually repurchased units. The MLPS’s unit count declined in 2021 and 2022.

And, MPLX has a reasonable payout ratio of just 61% of expected fiscal 2023 distributable cash flows. The MLP’s high current dividend yield of 8.9% appears secure due to the solid payout ratio and continued business momentum.

Click here to download our most recent Sure Analysis report on MPLX (preview of page 1 of 3 shown below):


High Dividend Stock #2: Telephone & Data Systems (TDS)

Telephone & Data Systems is a telecommunications provider with a market cap of less than $700 million. The company was founded back in 1969 as a collection of 10 rural telephone companies.

The company now has an impressive streak of 49 consecutive years of dividend increases. And the stock has an extremely high dividend yield of 10.6%.

The elevated yield signals a depressed stock price. Shares of TDS are down more than 50% over the last year, as the company has struggled. Earnings-per-share were slightly negative in fiscal 2022, and are expected to be worse in fiscal 2023.

Asset manager GAMCO recently sent the company’s management a letter to try to spur action to improve results. While the company is struggling, it still has a solid customer base. Telephone & Data Systems generated $5.4 billion in sales over its last 4 fiscal quarters.

We expect the stock’s earnings-per-share to normalize. Our ‘normalized’ earnings-per-share estimate is $1.12, which is more in line with the 2017 through 2021 period, and would cover the dividend.

Note: Our Dividend Risk Score for TDS is based on normalized EPS of $1.12. It would likely have an ‘F’ Dividend Risk Score if actual current EPS were used.

Still, we caution investors that Telephone & Data Systems dividend is not covered by its earnings, which creates a difficult situation and the certainty of a dividend reduction if results do not improve.

Click here to download our most recent Sure Analysis report on Telephone & Data Systems (preview of page 1 of 3 shown below):

Telephone & Data Systems (TDS)

High Dividend Stock #1: Office Properties Income REIT (OPI)

Office Properties Income Trust is a REIT that currently owns 157 buildings, which are primarily leased to single tenants with high credit quality. The REIT’s portfolio currently has a 90.5% occupancy rate.

Office Properties Income Trust At A Glance

On April 11th, 2023 Office Properties Income Trust announced it will merge with Diversified Healthcare Trust (DHC) in an all share (no cash) transaction. OPI shareholders will own ~58% of the combined company. The combined company will pay a $1.00 per share dividend.

Both Diversified Healthcare Trust and Office Properties Income Trust carry high debt loads. The level of debt is concerning. The new lower dividend will allow the company to use cash to better manage its liabilities. And with a 13.0% dividend yield, the current yield is extremely high by any measure.

Click here to download our most recent Sure Analysis report on OPI (preview of page 1 of 3 shown below):

The High Dividend 50 Series

The High Dividend 50 Series is analysis on the 50 highest-yielding Sure Analysis Research Database stocks, excluding royalty trusts, BDCs, REITs, and MLPs.

Click on a company’s name to view the high dividend 50 series article for that company. A link to the specific Sure Analysis Research Database report page for each security is included as well.

More High-Yield Investing Resources

How To Calculate Your Monthly Income Based On Dividend Yield

A common question for income investors is “how much money can I expect to receive per month from my investment?”

To find your monthly income, follow these steps:

  1. Find your investment’s dividend yield
    Note: Dividend yield can be calculated as dividends per share divided by share price
  2. Multiply it by the current value of your holding
    Note: If you haven’t yet invested, multiply dividend yield by the amount you plan to invest
  3. Divide this number by 12 to find monthly income

To find the monthly income from your entire portfolio, repeat the above calculation for each of your holdings and add them together.

You can also use this formula backwards to find the dividend yield you need from your investments to make a certain amount of monthly dividend income.

The example below assumes you want to know what dividend yield you need on a $240,000 investment to generate $1,000/month in dividend income.

  1. Multiply $1,000 by 12 to find annual income target of $12,000
  2. Divide $12,000 by your investment amount of $240,000 to find your target yield of 5.0%

In practice most dividend stocks pay dividends quarterly, so you would actually receive 3x the monthly amount quarterly instead of receiving a payment every month. However, some stocks do actually pay monthly dividends. You can see our monthly dividend stocks list here.

The Risks Of High-Yield Investing

Investing in high-yield stocks is a great way to generate income. But it is not without risks.

First, stock prices fluctuate. Investors need to understand their risk tolerance before investing in high dividend stocks. Share price fluctuations means that your investment can (and almost certainly will) decline in value, at least temporarily (and possibly permanently) do to market volatility.

Second, businesses grow and decline. Investing in a stock gives you fractional ownership in the underlying business. Some businesses grow over time. These businesses are likely to pay higher dividends over time. The Dividend Champions are an excellent example of this; each has paid rising dividends for 25+ consecutive years.

What’s dangerous is when a business declines. Dividends are paid out of a company’s cash flows. If the business sees its cash flows decline, or worse is losing money, it may reduce or eliminate its dividend. Business decline is a real risk with high yield investing. Business declines often coincide with and or accelerate during recessions.

A company’s payout ratio gives a good gauge of how much ‘room’ a company has to pay its dividend. The payout ratio is calculated as dividends divided by income. The lower the payout ratio, the better, because dividends have more earnings coverage.

A company with a payout ratio over 100% is paying out more in dividends than it is making in profits, a long-term unsustainable situation. A company with a payout ratio of 50% is making double in income what it is paying out in dividends, so it has ‘room’ for earnings to decline significantly without reducing its dividend.

Third, management teams can change their dividend policies. Even if a company isn’t declining, the company’s management team may change priorities and reduce or eliminate its dividend. In practice, this typically occurs if a company has a high level of debt and wants to focus on debt reduction. But it could in theory happen to any dividend paying stock.

The risks of high yield investing can be reduced (but not eliminated) by investing in higher quality businesses in a diversified portfolio of 20 or more stocks. This reduces both business decline risk (by investing in high quality businesses) and the shock to your portfolio if any one stock does reduce or eliminate its dividend (through diversification).

Other High Dividend Research

The free spreadsheet of 5%+ dividend yield stocks in this article gives you more than 200 high yield income securities to review. You can download it below.

For investors looking for more high yield research and ideas, please see below.

High-Yield Individual Security Research

High-Yield ETF Research

While high dividend investing can create strong cash flows in the short-run, a dividend is never guaranteed, and high dividend stocks are potentially at risk of dividend reductions or suspensions if a recession occurs in the near future.

Investors should continue to monitor each stock to make sure their fundamentals and growth remain on track, particularly among stocks with extremely high dividend yields.

See the resources below to generate additional compelling investment ideas for dividend growth stocks and/or high-yield investment securities.

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