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The market sell off over the past two months has been both swift and brutal, but for investors looking to build a position in dividend stocks, it’s been a gift. Falling prices create higher dividend yields, and higher dividend yields can offer protection against further market declines. With that in mind, I created a list of the highest yielding stocks on the S&P 500 to serve as a starting point for income oriented investors.

Ticker Company Price Forward P/E Div Yield Total Return YTD
FTR Frontier Communications Corporation 6.97 28.57 10.92% -24.97%
CTL CenturyLink Inc. 33.70 20.74 8.56% -24.48%
WIN Windstream Corporation 11.63 13.97 8.55% -13.29%
PBI Pitney Bowes Inc. 18.18 8.43 8.12% -21.01%
MO Altria Group, Inc. 25.71 12.21 6.50% 7.51%
BMS Bemis Company, Inc. 28.60 12.46 6.41% -10.45%
HCN Health Care REIT, Inc. 45.84 43.80 6.36% 0.51%
CINF Cincinnati Financial Corporation 25.59 17.16 6.26% -17.12%
T AT&T Inc. 27.99 11.54 6.14% -0.61%
RAI Reynolds American Inc. 35.76 13.00 6.13% 12.88%
PBCT People's United Financial Inc. 10.56 13.86 6.00% -21.88%
CMS CMS Energy Corporation 18.88 10.91 5.98% 4.85%
FII Federated Investors, Inc. 16.39 9.98 5.98% -35.45%
HCP HCP, Inc. 33.23 22.10 5.79% -5.98%
HCBK Hudson City Bancorp, Inc. 5.65 7.23 5.76% -54.19%
VZ Verizon Communications Inc. 34.71 14.37 5.72% 0.87%
DUK Duke Energy Corporation 18.24 13.84 5.54% 6.67%
AEE Ameren Corporation 28.40 12.86 5.53% 3.53%
ETR Entergy Corporation 61.88 9.83 5.41% -9.36%
Average 15.62 6.61% -10.63%

With an average yield of over 6.6%, these stocks are offering more than double the yield of long term government securities. Plus, these shares look relatively cheap, with a forward P/E just over 15x and several of the stocks trading for under 10x earnings.

Following is a bit more information on each company:

Frontier Communications Corporation provides communications services to rural areas and small and medium-sized towns and cities. The company offers a variety of voice, data, and internet, and television services.

CenturyLink Inc. is an integrated communications company that provides communications services, including voice, internet, data and video services. The company operates throughout the United States.

Windstream Corporation offers telecommunications services to residential and business customers in rural communities in the United States. The company provides local telephone, high-speed internet, long distance, network access, and video services in multiple states.

Pitney Bowes Inc. sells and finances, rents, and services integrated mail and document management systems. The company offers a full suite of equipment, supplies, software and services for end-to-end mailstream solutions.

Altria Group, Inc. is a holding company. The company, through subsidiaries, manufactures and sells cigarettes and other tobacco products, including cigars and pipe tobacco. Altria holds an interest in a brewery company.

Bemis Company, Inc. manufactures flexible packaging products and pressure sensitive materials. The company markets its products to customers throughout the United States, Canada, and Europe, as well as Mexico and the Asia Pacific region. Bemis' products are used in the food, medical, chemical, agribusiness, pharmaceutical, sanitary products, printing, and graphic industries.

Health Care REIT, Inc. is a real estate investment trust. The trust invests in senior housing and health care real estate. Health Care also provide an extensive array of property management and development services. The trust owns interests in nursing homes, retirement centers, assisted living facilities, and specialty care hospitals.

Cincinnati Financial Corporation, through its subsidiaries, offers property and casualty and life insurance. The company markets a variety of insurance products and provides leasing and financing services.

AT&T Inc. is a communications holding company. The company, through its subsidiaries and affiliates, provides local and long-distance phone service, wireless and data communications, internet access and messaging, IP-based and satellite television, security services, telecommunications equipment, and directory advertising and publishing.

Reynolds American Inc., through its subsidiaries, manufactures tobacco and smokeless tobacco products. The company's subsidiary sells its products in the United States and its territories.

People's United Financial Inc. is a savings and loan holding company. The company provides commercial banking, retail and business banking, and wealth management services to individual, corporate and municipal customers.

CMS Energy Corporation is an energy company operating primarily in Michigan. The company, through its subsidiaries provides electricity and/or natural gas to its customers in Michigan. CMS Energy also invests in and operates non-utility power generation plants in the United States and abroad.

Federated Investors, Inc. provides investment management products and related financial services. The company sponsors, markets and provides investment-related services to various investment products, including mutual funds and separate accounts (which include separately managed accounts, institutional accounts, sub-advised funds and other managed products).

HCP, Inc. is a real estate investment trust. The trust invests in health care related real estate throughout the United States. HCP's properties include senior housing, life sciences, medical offices, hospitals, and skilled nursing homes.

Hudson City Bancorp, Inc. is a bank holding company. The company, through its banking subsidiary, is a federally chartered stock savings bank that offers traditional deposit products, residential real estate mortgage loans and consumer loans. Hudson also purchase mortgages and mortgage-backed securities and other securities issued by U.S. government-sponsored enterprises.

Verizon Communications Inc. is an integrated telecommunications company that provides wire line voice and data services, wireless services, internet services, and published directory information. The company also provides network services for the federal government including business phone lines, data services, telecommunications equipment and payphones.

Duke Energy Corporation is an energy company located primarily in the Americas that owns an integrated network of energy assets. The company manages a portfolio of natural gas and electric supply, delivery, and trading businesses in the United States and Latin America.

Ameren Corporation is a public utility holding company. The company, through its subsidiaries, generates electricity, delivers electricity and distributes natural gas to customers in Missouri and Illinois.

Entergy Corporation is an integrated energy company that is primarily focused on electric power production and retail electric distribution operations. The company delivers electricity to utility customers in Arkansas, Louisiana, Mississippi, and Texas. Entergy also owns and operates nuclear plants in the northern United States

Source: Market Drawdown Has Made These 19 High Yielding Stocks Attractively Priced