Do you prefer stocks that offer the opportunity for both dividend income and price appreciation? For ideas on how to start your search, we ran a screen.

We began by screening dividend stocks, with dividend yields above 1% and sustainable payout ratios below 50%, for those that have strong company liquidity, with current ratios above 3.

We then screened for those that appear undervalued relative to the Graham number, a measure of maximum fair value created by the "godfather of value investing" Benjamin Graham.

It is based off of a stock's EPS and book value per share (BVPS).

Graham Number = SQRT(22.5 x TTM EPS x MRQ BVPS)

The equation assumes that P/E should not be higher than 15 and P/BV should not be higher than 1.5. Stocks trading well below their Graham Number may be undervalued.

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

Do you think these stocks offer both growth and income? Use this list as a starting point for your own analysis.

** 1. Hecla Mining Co. (NYSE:HL):** Engages in the discovery, acquisition, development, production, and marketing of silver, gold, lead, and zinc. Dividend yield at 1.08%, payout ratio at 3.72%. Current ratio at 3.38. Diluted TTM earnings per share at 0.51, and a MRQ book value per share value at 4, implies a Graham Number fair value = sqrt(22.5*0.51*4) = $6.77. Based on the stock's price at $4.87, this implies a potential upside of 39.12% from current levels.

** 2. Janus Capital Group, Inc. (NYSE:JNS):** A publicly owned asset management holding company. Dividend yield at 2.19%, payout ratio at 19.59%. Current ratio at 5.62. Diluted TTM earnings per share at 0.78, and a MRQ book value per share value at 7.02, implies a Graham Number fair value = sqrt(22.5*0.78*7.02) = $11.10. Based on the stock's price at $9.16, this implies a potential upside of 21.17% from current levels.

** 3. National Presto Industries Inc. (NYSE:NPK):** Engages in the production and sale of housewares/small appliances, defense products, and absorbent products in North America. Dividend yield at 1.27%, payout ratio at 12.11%. Current ratio at 5.75. Diluted TTM earnings per share at 8.26, and a MRQ book value per share value at 46.96, implies a Graham Number fair value = sqrt(22.5*8.26*46.96) = $93.42. Based on the stock's price at $79.59, this implies a potential upside of 17.38% from current levels.

** 4. Reliance Steel & Aluminum Co. (NYSE:RS):** Operates metals service centers. Dividend yield at 1.08%, payout ratio at 10.46%. Current ratio at 3.95. Diluted TTM earnings per share at 4.58, and a MRQ book value per share value at 41.91, implies a Graham Number fair value = sqrt(22.5*4.58*41.91) = $65.72. Based on the stock's price at $55.36, this implies a potential upside of 18.71% from current levels.

*BVPS and EPS data sourced from Yahoo! Finance, all other data sourced from Finviz.

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