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Cash flow growth is a very important part of dividend analysis – if a company pays a significant dividend yield, be sure that they have sufficient cash flows to maintain their yield.

We ran a screen on low debt dividend stocks, with most recent quarter total debt to assets below 0.2. We screened these stocks for those that have seen significant growth in cash flows, comparing trailing-twelve-month operating cash flow/common equity to the five-year average. Finally, we screened for those that have seen significant net institutional purchases over the current quarter.

Interactive Chart: Press Play to compare changes in analyst ratings over the last two years for the top six stocks mentioned below. Analyst ratings sourced from Zacks Investment Research.

We also created a price-weighted index of the stocks mentioned below, and monitored the performance of the list relative to the S&P 500 index over the last month. To access a complete analysis of this list's recent performance, click here.

Do you think these stocks pay reliable dividend yields? Use this list as a starting-off point for your own analysis.

List sorted by dividend yield.

1. IDT Corporation (NYSE:IDT): Operates as a telecommunications and energy company. Market cap of $462.56M. Dividend yield at 4.57%, payout ratio at 29.37%. TTM operating cash flow/common equity at 0.30 vs. 5-year average at -0.22. MRQ total debt/total assets at 0.06. Net institutional shares purchased over the current quarter at 676.3K, which is 4.36% of the company's 15.50M share float. The stock has gained 30.14% over the last year.

2. NL Industries Inc. (NYSE:NL): Operates in the component products industry in the United States, Canada, and Taiwan. Market cap of $630.63M. Dividend yield at 3.86%, payout ratio at 23.34%. TTM operating cash flow/common equity at 0.13 vs. 5-year average at 0.03. MRQ total debt/total assets at 0.08. Net institutional shares purchased over the current quarter at 291.5K, which is 4.40% of the company's 6.63M share float. The stock is a short squeeze candidate, with a short float at 5.43% (equivalent to 7.18 days of average volume). It's been a rough couple of days for the stock, losing 7.03% over the last week.

3. Tyco Electronics, Ltd. (NYSE:TEL): Provides engineered electronic components, network solutions, specialty products, and subsea telecommunication systems. Market cap of $12.17B. Dividend yield at 2.56%, payout ratio at 24.72%. TTM operating cash flow/common equity at 0.23 vs. 5-year average at 0.15. MRQ total debt/total assets at 0.15. Net institutional shares purchased over the current quarter at 167.8M, which is 38.81% of the company's 432.41M share float. It's been a rough couple of days for the stock, losing 8.2% over the last week.

4. City National Corp. (NYSE:CYN): Operates as the bank holding company for City National Bank that provides a range of banking, investing, and trust services to small to mid-sized businesses, entrepreneurs, professionals, and affluent individuals. Market cap of $2.19B. Dividend yield at 1.94%, payout ratio at 20.01%. TTM operating cash flow/common equity at 0.25 vs. 5-year average at 0.17. MRQ total debt/total assets at 0.04. Net institutional shares purchased over the current quarter at 1.5M, which is 3.20% of the company's 46.92M share float. It's been a rough couple of days for the stock, losing 5.66% over the last week.

5. Cohen & Steers Inc. (NYSE:CNS): Provides investment management services to individual and institutional investors through a range of investment vehicles. Market cap of $1.46B. Dividend yield at 1.77%, payout ratio at 47.39%. TTM operating cash flow/common equity at 0.24 vs. 5-year average at 0.19. MRQ total debt/total assets at 0.0. Net institutional shares purchased over the current quarter at 549.7K, which is 3.10% of the company's 17.75M share float. The stock is a short squeeze candidate, with a short float at 13.73% (equivalent to 10.93 days of average volume). The stock has gained 74.79% over the last year.

6. Nu Skin Enterprises Inc. (NYSE:NUS): Develops and distributes anti-aging personal care products and nutritional supplements worldwide. Market cap of $2.60B. Dividend yield at 1.54%, payout ratio at 24.91%. TTM operating cash flow/common equity at 0.40 vs. 5-year average at 0.32. MRQ total debt/total assets at 0.16. Net institutional shares purchased over the current quarter at 5.8M, which is 10.69% of the company's 54.25M share float. The stock is a short squeeze candidate, with a short float at 8.36% (equivalent to 6.05 days of average volume). The stock has had a good month, gaining 13.2%.

7. Pep Boys - Manny, Moe & Jack (NYSE:PBY): Provides automotive repair and maintenance services, tires, parts, and accessories. Market cap of $504.58M. Dividend yield at 1.25%, payout ratio at 15.64%. TTM operating cash flow/common equity at 0.23 vs. 5-year average at 0.13. MRQ total debt/total assets at 0.19. Net institutional shares purchased over the current quarter at 4.2M, which is 10.24% of the company's 41.02M share float. The stock is a short squeeze candidate, with a short float at 22.16% (equivalent to 12.97 days of average volume). The stock has had a good month, gaining 12.84%.

*Operating cash flow/common equity and total debt to assets data sourced from Screener.co, institutional data sourced from Fidelity, all other data sourced from Finviz.

Source: 7 Dividend Smart Money Picks With Low Debt, High Cash Flow Growth