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Many small-cap companies are paying dividends. As a matter of fact, 291 companies among the 600 companies which are included in the S&P SmallCap 600 index are paying dividends, 133 of them have a dividend yield greater than 2%, 79 companies have a yield greater than 3%, and 39 companies have a yield of over 4%.

In this article, I tried to find out if the five stocks, which have the highest dividend yield among the small-cap stocks included in the S&P SmallCap 600 index, are at a bargain now.

In this article, I will give the corresponding fundamental parameters for these five companies and my own opinion about them. Nonetheless, these data and my opinion should only serve as a basis for further research. All the data for this article were taken from Portfolio123, Yahoo Finance and finviz.com on October 06.

The table below presents the top five highest dividend yielders, their forward annual dividend rate, the forward yield, the payout ratio and the dividend rate of growth for the past five years.

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Prospect Capital Corporation (NASDAQ:PSEC)

Prospect Capital Corporation is a business development company. It specializes in middle market, mature, mezzanine finance, later stage, emerging growth, buyouts, recapitalizations, turnaround, growth capital, development, cash flow term loans, and bridge transactions.

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Source: company presentation

Prospect Capital Corporation has a very low trailing P/E of 10.40 and a very low forward P/E of 8.53. The price to book value is low at 1.01, and the average annual earnings growth estimates for the next five years is at -0.10%. The forward annual dividend yield is very high at 11.98%, and the payout ratio is at 120%. The annual rate of dividend growth over the past year was high at 8%, over the past three years was at 4.39%, and over the past five years was at 1.80%.

Growth

Prospect Capital Corporation has recorded strong revenue growth, during the last year, the last three years and the last five years, as shown in the table below.

Source: Portfolio123

Prospect Capital Corporation's sales growth has been much better than that of the industry median, the sector median and the S&P 500 median, but its earnings growth has been inferior, as shown in the table below.

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Source: Portfolio123

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Source: company presentation

Margins

Prospect Capital Corporation's margins have been much better than that of the industry median, the sector median and the S&P 500 median, as shown in the table below.

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Source: Portfolio123

Stock valuation

Most of Prospect Capital Corporation's valuation metrics have been better than that of the industry median, the sector median and the S&P 500 median, as shown in the table below.

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Source: Portfolio123

Prospect Capital Corporation has recorded strong revenue growth, and considering its compelling valuation metrics, and the fact that the stock is trading at book value, PSEC stock can move higher. Furthermore, the very rich dividend represents a gratifying income.

Risks to the expected capital gain and to the high dividend payment include; a downturn in the U.S. economy, and the company's massive debt of $1.68 billion.

Considering all the factors, in my opinion, PSEC stock is quite attractive.

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Chart: finviz.com

Capstead Mortgage Corp. (NYSE:CMO)

Capstead Mortgage Corporation operates as a real estate investment trust in the United States.

Capstead Mortgage Corporation has a very low trailing P/E of 11.50 and a very low forward P/E of 8.75. The price to book value is very low at 0.90, and the average annual earnings growth estimates for the next five years is quite high at 10%. The PEG ratio is at 1.15, and the price to free cash flow is very low at 9.86. The forward annual dividend yield is very high at 10.68%, and the payout ratio is at 128%. The annual rate of dividend growth over the past five years was very high at 34.38%.

Growth

Capstead Mortgage Corporation has recorded strong earnings and dividend growth, and negative revenue growth, during the last five years, as shown in the table below.

Source: Portfolio123

Margins

Capstead Mortgage Corporation's margins have been much better than that of the industry median, the sector median and the S&P 500 median, as shown in the table below.

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Source: Portfolio123

Stock valuation

Capstead Mortgage Corporation's valuation metrics have been much better than that of the industry median, the sector median and the S&P 500 median, as shown in the table below.

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Source: Portfolio123

Capstead Mortgage Corporation has recorded strong earnings growth, and it has good earnings growth prospects. Considering its compelling valuation metrics, and the fact that the stock is trading way below book value, CMO stock can move higher. Furthermore, the very rich dividend represents a gratifying income.

Risks to the expected capital gain and to the high dividend payment include; a downturn in the U.S. economy, and the company's massive debt of $12.74 billion.

Considering all the factors, in my opinion, CMO stock is quite attractive.

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Chart: finviz.com

NTELOS Holdings Corp. (NASDAQ:NTLS)

NTELOS Holdings Corp., through its subsidiaries, provides digital wireless communications services to consumers and businesses primarily in Virginia and West Virginia, as well as parts of Maryland, North Carolina, Pennsylvania, Ohio, and Kentucky.

NTELOS Holdings Corp. has a trailing P/E of 20.33 and a low forward P/E of 14.84. The price-to-sales ratio is very low at 0.83, and the average annual earnings growth estimates for the next five years is quite high at 13.25%. The forward annual dividend yield is very high at 9.08%, and the payout ratio is at 185%. The annual rate of dividend growth over the past five years was quite high at 10.49%.

The NTLS stock price is 11.30% above its 20-day simple moving average, 9.05% above its 50-day simple moving average and 28.71% above its 200-day simple moving average. That indicates a short-term, mid-term and long-term uptrend.

Growth

NTELOS Holdings Corp. has recorded moderate revenue growth, and negative earnings growth during the last year, the last three years and the last five years, as shown in the table below.

NTELOS Holdings' sales and dividend growth have been better than that of the industry median, the sector median and the S&P 500 median, but its earnings growth has been inferior, as shown in the table below.

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Margins

Some of NTELOS Holdings' margins have been better than that of the industry median, the sector median and the S&P 500 median, and some have been worse, as shown in the table below.

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Stock valuation

Some of NTELOS Holdings' valuation metrics have been better than that of the industry median, the sector median and the S&P 500 median, and some have been worse, as shown in the table below.

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NTELOS Holdings Corp. has recorded revenue and earnings growth, and it has good earnings growth prospects. Considering its good valuation metrics, and the fact that the stock is in an uptrend, NTLS stock can move higher. Furthermore, the very rich dividend represents a gratifying income.

Risks to the expected capital gain and to the high dividend payment include; a downturn in the U.S. economy, and the company's debt of $492 million.

Considering all the factors, in my opinion, NTLS stock is quite attractive.

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Chart: finviz.com

Government Properties Income Trust (NYSE:GOV)

Government Properties Income Trust is an office real estate investment trust, or REIT.

Government Properties Income Trust has a trailing P/E of 21.76 and a forward P/E of 21.76. The price to book value is at 1.26, and the average annual earnings growth estimates for the next five years is at 1.75%. The forward annual dividend yield is very high at 7.32%, and the payout ratio is at 139%. The annual rate of dividend growth over the past three years was high at 23.37%.

Growth

Government Properties Income Trust has recorded strong revenue and dividend growth, and negative earnings growth, during the last year, the last three years and the last five years, as shown in the table below.

Government Properties Income Trust's sales growth has been better than that of the industry median, the sector median and the S&P 500 median, but the earnings growth has been worse, as shown in the table below.

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Margins

Most of Government Properties Income Trust's margins have been better than that of the industry median, the sector median and the S&P 500 median, as shown in the table below.

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Stock valuation

Some Government Properties Income Trust's valuation metrics have been better than that of the industry median, the sector median and the S&P 500 median, and some have been worse, as shown in the table below.

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Most analysts rate the GOV stock as an underperform, but I think a hold rate is the most appropriate.

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Chart: finviz.com

Medical Properties Trust Inc. (NYSE:MPW)

Medical Properties Trust, Inc. operates as a real estate investment trust (REIT) in the United States.

Medical Properties Trust has a trailing P/E of 17.00 and a low forward P/E of 14.20. The price to book value is at 1.48, and the average annual earnings growth estimates for the next five years is at 6.40%. The forward annual dividend yield is very high at 6.63%, and the payout ratio is at 100%.

Growth

Medical Properties Trust has recorded strong revenue and EPS growth, during the last year, the last three years and the last five years, as shown in the table below.

Medical Properties Trust's sales and earnings growth have been better than that of the industry median, the sector median and the S&P 500 median, as shown in the table below.

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Margins

Medical Properties Trust's margins have been much better than that of the industry median, the sector median and the S&P 500 median, as shown in the table below.

(click to enlarge)

Stock valuation

Some Medical Properties Trust's valuation metrics have been better than that of the industry median, the sector median and the S&P 500 median, and some have been worse, as shown in the table below.

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Most analysts rate the MPW stock as a hold, and I think this rating is the most appropriate.

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Chart: finviz.com

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Source: 5 Small-Cap Top Dividend Yielders; Are They Bargain Stocks Now?