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Do you prefer stocks that pay part of their return in dividend income? For a closer look at some interesting dividend stocks, we ran a screen.

We began by screening for stocks paying big dividend income, with dividend yields above 4% and sustainable payout ratios below 50%.

We then screened for those with the optimism of smart money institutional investors, which include hedge fund managers and mutual fund managers. We screened for those stocks with significant net institutional purchases over the last quarter, representing at least 5% of share float. This indicates that smart money investors expect these names to outperform.

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

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

List sorted by net institutional purchases over the last quarter as a percent of share float.

1. Bridge Bancorp, Inc. (NASDAQ:BDGE): Operates as the holding company for The Bridgehampton National Bank that provides a range of commercial and consumer banking services in eastern Long Island, New York. Market cap at $165M, most recent closing price at $19.48. Dividend yield at 4.72%, payout ratio at 46.40%. Net institutional purchases in the current quarter at 1.2M shares, which represents about 16.93% of the company's float of 7.09M shares.

2. FutureFuel Corp. (NYSE:FF): Engages in the manufacture and sale of specialty chemicals and bio-based products primarily in the United States. Market cap at $406.59M, most recent closing price at $9.84. Dividend yield at 4.07%, payout ratio at 47.10%. Net institutional purchases in the current quarter at 979.6K shares, which represents about 8.8% of the company's float of 11.13M shares.

3. Brookfield Infrastructure Partners L.P. (NYSE:BIP): Operates in the utilities, transport and energy, and timber sectors. Market cap at $4.93B, most recent closing price at $31.54. Dividend yield at 4.76%, payout ratio at 31.99%. Net institutional purchases in the current quarter at 12.0M shares, which represents about 7.36% of the company's float of 163.05M shares.

4. Washington Banking Co. (NASDAQ:WBCO): Operates as the bank holding company for Whidbey Island Bank that provides community commercial banking services in northwestern Washington. Market cap at $214.95M, most recent closing price at $13.94. Dividend yield at 4.02%, payout ratio at 19.40%. Net institutional purchases in the current quarter at 621.1K shares, which represents about 5.31% of the company's float of 11.69M shares.

*Institutional data sourced from Fidelity, 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.

Source: 4 Stocks Yielding 4% Being Bought Up By Hedge Funds