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Dividend-yielding stocks are valued like any other stocks – in other words, they don’t get any special treatment for offering investors little annual or quarterly bonuses. As such, they can be overvalued or undervalued the same way that any other investment can. And, like other investments, when they are undervalued is the best time to buy. We used price-to-book and price-to-earnings ratios to pick undervalued stocks. Here is a list of high-dividend yielding stocks (at least 4% dividend yield) that have P/B ratios less than 1.5 and forward P/E ratios of 16 or less.

Ameren Corporation (NYSE:AEE) is a diversified utilities company with a $7.93 billion market cap. It has a forward P/E ratio of 13.94 and a P/B ratio of 0.99. AEE pays a 4.89% dividend yield and has a beta of 0.62. It recently traded at $32.75 a share. Phill Gross and Robert Atchinson’s Adage Capital Management initiated a new $44.03 million position in AEE during the third quarter. Jim Simons’ Renaissance Technologies is also a fan. The fund had $30.15 million in AEE at the end of September.

Chimera Investment Corp. (NYSE:CIM) is a diversified real-estate investment trust (REIT) with a $2.64 billion market cap. It has a forward P/E ratio of 5.35 and a P/B ratio of 0.79. CIM pays a 17.12% dividend yield and has a beta of 1.24. It recently traded at $2.57 a share. David Costen Haley’s HBK Investments increased its stake in CIM to $3.16 million in the third quarter. Ken Griffin’s Citadel Investment Group also increased its position in the company during the third quarter.

Hudson City Bancorp (NASDAQ:HCBK) is a savings and loans company with a $3.53 billion market cap. It has a forward P/E ratio of 10.00 and a P/B ratio of 0.71. HCBK pays a 4.78% dividend yield and has a beta of 0.75. It recently traded at $6.70 a share. Jim Simons’ Renaissance Technologies had $15.88 million in HCBK at the end of September. D.E. Shaw’s D E Shaw, Cliff Asness’ AQR Capital Management and Phill Gross and Robert Atchinson’s Adage Capital Management are also fans.

MFA Financial, Inc. (NYSE:MFA) is a diversified real-estate investment trust (REIT) with a $2.40 billion market cap. It has a forward P/E ratio of 6.94 and a P/B ratio of 0.91. MFA pays a 14.86% dividend yield and has a beta of 0.32. It recently traded at $6.73 a share. Brian Taylor’s Pine River Capital Management, Chuck Royce’s Royce & Associates and Stuart Peterson’s Artis Capital Management each had significant positions in MFA at the end of the third quarter.

Annaly Capital Management, Inc. (NYSE:NLY) is a diversified real-estate investment trust (REIT) with a $15.63 billion market cap. It has a forward P/E ratio of 7.00 and a P/B ratio of 0.98. NLY has a 14.15% dividend yield and a beta of 0.30. It recently traded at $16.11 a share. Bill Miller’s Legg Mason Capital Management had $116.86 million invested in NLY at the end of September after increasing its holding in the company by +91% during the third quarter. Michael Lowenstein’s Kensico Capital is also a fan of NLY.

Old Republic International Corp. (NYSE:ORI) is a surety and title insurance company with a $2.40 billion market cap. It has a forward P/E ratio of 14.03 and a P/B ratio of 0.63. ORI pays a 7.56% dividend yield and has a beta of 0.84. It recently traded at $9.26 a share. Alan Fournier’s Pennant Capital Management had more than $44.69 million invested in ORI at the end of the third quarter. ORI is also a top pick for Ric Dillon’s Diamond Hill Capital and Chuck Royce’s Royce & Associates.

People’s United Financial, Inc. (NASDAQ:PBCT) is a savings and loans company with a $4.75 billion market cap. It has a forward P/E ratio of 15.48 and a P/B ratio of 0.87. PBCT pays a 4.79% dividend and has a beta of 0.32. It recently traded at $13.16 a share. Phill Gross and Robert Atchinson’s Adage Capital Management had $12.19 million invested in PBCT while Steve Cohen’s SAC Capital Advisors had just over $10.09 million invested in the company.

Whirlpool Corp. (NYSE:WHR) is an appliance company with a $3.74 billion market cap. It has a forward P/E ratio of 8.09 and a P/B ratio of 0.88. WHR pays a 4.08% dividend yield and has a beta of 1.88. It recently traded at $48.97 a share. John Paulson’s Paulson & Co. Had $124.78 million invested in WHR at the end of the third quarter. Ron Gutfleish’s Elm Ridge Capital and Cliff Asness’ AQR Capital Management are also fans of the company.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Source: 8 Undervalued, High-Dividend Stocks