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The current dividend yield of the S&P 500 index is about 2.5%. However some components in the index have much higher yields. The following components of the S&P 500 currently pay more than 5% dividends:

S.No. Name Ticker Dividend Yield as of June 4, 2010
1 Frontier Communications Corp FTR 12.10%
2 Windstream Corporation WIN 9.10%
3 CenturyTel, Inc. CTL 8.30%
4 Verizon Communications Inc. VZ 6.90%
5 Altria Group, Inc. MO 6.80%
6 Reynolds American, Inc. RAI 6.80%
7 AT&T Inc. T 6.80%
8 Pepco Holdings, Inc. POM 6.80%
9 Pitney Bowes Inc. PBI 6.40%
10 Progress Energy, Inc. PGN 6.40%
11 Health Care REIT, Inc. HCN 6.40%
12 Ameren Corporation AEE 6.20%
13 FirstEnergy Corp. FE 6.20%
14 NiSource Inc. NI 6.20%
15 Qwest Communications International Inc. Q 6.10%
16 Integrys Energy Group, Inc. TEG 6.00%
17 Duke Energy Corporation DUK 6.00%
18 Eli Lilly & Co. LLY 5.90%
19 HCP, Inc. HCP 5.90%
20 Pinnacle West Capital Corporation PNW 5.80%
21 Cincinnati Financial Corporation CINF 5.80%
22 CenterPoint Energy, Inc. CNP 5.70%
23 Bristol Myers Squibb Co. BMY 5.60%
24 Consolidated Edison, Inc. ED 5.60%
25 The Southern Company SO 5.50%
26 R.R. Donnelley & Sons Company RRD 5.50%
27 ProLogis PLD 5.50%
28 Lorillard Inc. LO 5.50%
29 Exelon Corporation EXC 5.50%
30 PPL Corporation PPL 5.40%
31 TECO Energy, Inc. TE 5.30%
32 American Electric Power Company, Inc. AEP 5.20%
33 SCANA Corporation SCG 5.20%
34 Philip Morris International Inc. PM 5.20%

Most of the stocks in this list are in the utility, telecom or consumer goods sector. Cigarette makers Altria Group, Reynolds American, Lorillard and Philip Morris International are consistent long-term dividend stocks. The three REITs included in the list are Prologis, HCP and Health Care REIT Inc.

Source: 34 S&P 500 Stocks Yielding More Than 5% Dividends