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If you're looking to trade on earnings season, and believe history has a way of repeating itself, you may be interested in the following stock list.

We started with a universe of stocks reporting in the second half of April, with market caps above $300 million (for stability) and offering dividend yields above 3% to benefit the high-yield income investors.

We then looked for stocks with a history of surprising the market with positive earnings reports, with an average earnings surprise of at least 5% over the last five quarterly reports.

We then researched their 13F's looking for those with bullish sentiment from institutional investors, with significant net institutional purchases over the last quarter representing at least 5% of share float. This indicates that institutional investors such as hedge fund managers and mutual fund managers expect these names to continue to outperform into the future.

The List

Our final list consisted of 8 companies.

Do you think these stocks are ready to repeat history like hedge funds expect? Use this list as a starting point for your own analysis.

Interactive Chart: Press Play to compare changes in dividend yield for the last two years for stocks mentioned below.

1. Kohlberg Kravis Roberts & Co. (KKR): A private equity and venture capital firm specializing in acquisitions, leveraged buyouts, management buyouts, and mezzanine investments in large cap companies.

  • Market cap at $13.86B, most recent closing price at $20.20.
  • Dividend yield at 6.15%. Earnings date: 04/22/13.
  • Net institutional purchases in the current quarter at 17.5M shares, which represents about 7.45% of the company's float of 234.85M shares.
  • Top institutional owners are Morgan Stanley (7.68% stake), Lexington Partners VI Holdings (7.48%) and FMR LLC (5.95%)
  • In Mar 2012: Reported EPS at 0.99 vs. estimate at 0.74 (surprise of 33.8%). In Jun 2012: Reported EPS at 0.74 vs. estimate at 0.16 (surprise of 362.5%). In Sep 2012: Reported EPS at 0.69 vs. estimate at 0.48 (surprise of 43.8%). In Dec 2012: Reported 0.48 vs. estimate at 0.22 (surprise of 118.2%. [Average earnings surprise at 139.58%].

2. The Blackstone Group (BX): Provides alternative asset management and financial advisory services worldwide.

  • Market cap at $23.93B, most recent closing price at $20.91.
  • Dividend yield at 3.51%. Earnings date: 04/18/13.
  • Net institutional purchases in the current quarter at 30.8M shares, which represents about 5.64% of the company's float of 546.05M shares.
  • Top institutional owners are Morgan Stanley (4.97% stake), FMR LLC (4.69%) and Waddell & Reed Financial (4.07%)
  • In Mar 2012: Reported EPS at 0.44 vs. estimate at 0.4 (surprise of 10%). In Jun 2012: Reported EPS at 0.19 vs. estimate at 0.11 (surprise of 72.7%). In Sep 2012: Reported EPS at 0.55 vs. estimate at 0.42 (surprise of 31%). In Dec 2012: Reported 0.59 vs. estimate at 0.47 (surprise of 25.5%. [Average earnings surprise at 34.8%].

3. CBL & Associates Properties Inc. (CBL): Engages in acquisition, development, and management of properties.

  • Market cap at $3.88B, most recent closing price at $24.01.
  • Dividend yield at 3.82%. Earnings date: 04/29/13.
  • Net institutional purchases in the current quarter at 10.6M shares, which represents about 6.82% of the company's float of 155.40M shares.
  • Top institutional owners are FMR LLC (14.95% stake), Vanguard Group (11.86%) and T. Rowe Price Associates (5.33%).
  • In Mar 2012: Reported EPS at 0.49 vs. estimate at 0.47 (surprise of 4.3%). In Jun 2012: Reported EPS at 0.53 vs. estimate at 0.49 (surprise of 8.2%). In Sep 2012: Reported EPS at 0.54 vs. estimate at 0.51 (surprise of 5.9%). In Dec 2012: Reported 0.62 vs. estimate at 0.58 (surprise of 6.9%. [Average earnings surprise at 6.32%].

4. Questcor Pharmaceuticals, Inc. (QCOR): Provides prescription drugs for central nervous system and inflammatory disorders.

  • Market cap at $1.69B, most recent closing price at $28.79.
  • Dividend yield at 3.47%. Earnings date: 04/29/13.
  • Net institutional purchases in the current quarter at 2.9M shares, which represents about 6.% of the company's float of 48.35M shares.
  • Top institutional owners are FMR LLC (15.70%), Deerfield Management (8.46%) and Vanguard Group (6.49%)
  • In Mar 2012: Reported EPS at 0.61 vs. estimate at 0.52 (surprise of 17.3%). In Jun 2012: Reported EPS at 0.69 vs. estimate at 0.64 (surprise of 7.8%). In Sep 2012: Reported EPS at 0.97 vs. estimate at 0.77 (surprise of 26%). In Dec 2012: Reported 1.09 vs. estimate at 1 (surprise of 9%. [Average earnings surprise at 15.02%].

5. Parkway Properties Inc. (PKY): Engages in the operation, acquisition, ownership, management, and leasing of office properties.

  • Market cap at $1.02B, most recent closing price at $18.12.
  • Dividend yield at 3.29%. Earnings date: 04/29/13.
  • Net institutional purchases in the current quarter at 15.9M shares, which represents about 44.95% of the company's float of 35.37M shares.
  • Top institutional owners are TPG Group Holdings (SBS) Advisors, Inc. (42.09% stake), Vanguard Group (7.64%) and The Private Management Group (3.58%)
  • In Mar 2012: Reported EPS at 0.43 vs. estimate at 0.33 (surprise of 30.3%). In Jun 2012: Reported EPS at 0.32 vs. estimate at 0.3 (surprise of 6.7%). In Sep 2012: Reported EPS at 0.36 vs. estimate at 0.28 (surprise of 28.6%). In Dec 2012: Reported 0.27 vs. estimate at 0.24 (surprise of 12.5%. [Average earnings surprise at 19.52%].

6. Herbalife Ltd. (HLF): A network marketing company, sells weight management, nutritional supplement, energy, sports and fitness, and personal care products worldwide.

  • Market cap at $3.83B, most recent closing price at $37.20.
  • Dividend yield at 3.12%. Earnings date: 04/29/13.
  • Net institutional purchases in the current quarter at 17.2M shares, which represents about 22.66% of the company's float of 75.92M shares.
  • Top institutional owners are FMR LLC (13.86% stake), Morgan Stanley (7.61%) and The Vanguard Group (5.31%)
  • In Mar 2012: Reported EPS at 0.88 vs. estimate at 0.81 (surprise of 8.6%). In Jun 2012: Reported EPS at 1.1 vs. estimate at 0.96 (surprise of 14.6%). In Sep 2012: Reported EPS at 1.04 vs. estimate at 1.01 (surprise of 3%). In Dec 2012: Reported 1.05 vs. estimate at 1.03 (surprise of 1.9%. [Average earnings surprise at 7.02%].

7. Belo Corp. (BLC): Operates as a television company.

  • Market cap at $968.17M, most recent closing price at $10.14.
  • Dividend yield at 3.12%. Earnings date: 04/22/13.
  • Net institutional purchases in the current quarter at 4.8M shares, which represents about 5.04% of the company's float of 95.29M shares.
  • Top institutional owners are Fairpointe Capital LLC (8.14% stake), The Vanguard Group (6.18%) and Canyon Capital Advisors (4.14%)
  • In Mar 2012: Reported EPS at 0.14 vs. estimate at 0.12 (surprise of 16.7%). In Jun 2012: Reported EPS at 0.24 vs. estimate at 0.19 (surprise of 26.3%). In Sep 2012: Reported EPS at 0.24 vs. estimate at 0.22 (surprise of 9.1%). In Dec 2012: Reported 0.37 vs. estimate at 0.33 (surprise of 12.1%. [Average earnings surprise at 16.05%].

8. First Community Bancshares, Inc. (Bluefield) (FCBC): Operates as a financial holding company of First Community Bank, N.

  • Market cap at $312.18M, most recent closing price at $15.57.
  • Dividend yield at 3.12%. Earnings date: 04/24/13.
  • Net institutional purchases in the current quarter at 1.0M shares, which represents about 6% of the company's float of 16.67M shares.
  • Top institutional owners are Wellington Management Company, LLP (6.12% stake), Wells Fargo (5.09%) and The Vanguard Group (4.41%).
  • In Mar 2012: Reported EPS at 0.32 vs. estimate at 0.27 (surprise of 18.5%). In Jun 2012: Reported EPS at 0.32 vs. estimate at 0.29 (surprise of 10.3%). In Sep 2012: Reported EPS at 0.44 vs. estimate at 0.35 (surprise of 25.7%). In Dec 2012: Reported 0.41 vs. estimate at 0.4 (surprise of 2.5%. [Average earnings surprise at 14.25%].

*Institutional data sourced from Fidelity, EPS data from Yahoo Finance, all other data sourced from Finivz.

Source: Institutional Investors Are Buying These 8 Dividend Stocks Reporting In April With A History Of Upside