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In economic difficult times, it makes sense to scout for investment opportunities with robust business models and sustainable dividends. Despite the uncertainty, many companies have a good ongoing business operation and they are still confident about the economic future. That's the reason why they have raised dividends. Last week, 36 stocks and funds raised dividends of which 24 have a dividend growth of more than 10 percent. The average dividend growth amounts to 26.33 percent. However, I screened the recent dividend growth stocks by real bargains, measured by a P/E ratio of less than 15. These are the detailed results:

1. Seadrill (SDRL) has a market capitalization of $16.68 billion. The company generates revenues of $4,192.00 million and has a net income of $1,506.00 million. The firm's earnings before interest, taxes, depreciation and amortization (EBITDA) amounts to $2,337.00 million. Because of these figures, the EBITDA margin is 55.75% (operating margin 42.32% and the net profit margin finally 35.93%).

The total debt representing 57.09% of the company's assets and the total debt in relation to the equity amounts to 173.94%. Last fiscal year, a return on equity of 24.91% was realized. Twelve trailing months earnings per share reached a value of $2.86. Last fiscal year, the company paid $3.06 in the form of dividends to shareholders. The company announced to raise dividends by 21.30%.

Here are the price ratios of the company: The P/E ratio is 12.48, Price/Sales 4.02 and Price/Book ratio 2.78. Dividend Yield: 9.20%. The beta ratio is not calculable.

2. Safeway (SWY) has a market capitalization of $4.42 billion. The company generates revenues of $43,630.20 million and has a net income of $518.20 million. The firm's earnings before interest, taxes, depreciation and amortization (EBITDA) amounts to $2,283.40 million. Because of these figures, the EBITDA margin is 5.23% (operating margin 2.60% and the net profit margin finally 1.19%).

The total debt representing 35.89% of the company's assets and the total debt in relation to the equity amounts to 146.89%. Last fiscal year, a return on equity of 11.91% was realized. Twelve trailing months earnings per share reached a value of $1.76. Last fiscal year, the company paid $0.56 in the form of dividends to shareholders. The company announced to raise dividends by 20.70%.

Here are the price ratios of the company: The P/E ratio is 10.44, Price/Sales 0.10 and Price/Book ratio 1.48. Dividend Yield: 3.81%. The beta ratio is 0.80.

3. Northrop Grumman (NOC) has a market capitalization of $14.61 billion. The company generates revenues of $26,412.00 million and has a net income of $2,086.00 million. The firm's earnings before interest, taxes, depreciation and amortization (EBITDA) amounts to $3,775.00 million. Because of these figures, the EBITDA margin is 14.29% (operating margin 12.40% and the net profit margin finally 7.90%).

The total debt representing 15.54% of the company's assets and the total debt in relation to the equity amounts to 38.20%. Last fiscal year, a return on equity of 17.55% was realized. Twelve trailing months earnings per share reached a value of $7.72. Last fiscal year, the company paid $1.97 in the form of dividends to shareholders. The company announced to raise dividends by 10.00%.

Here are the price ratios of the company: The P/E ratio is 7.52, Price/Sales 0.55 and Price/Book ratio 1.43. Dividend Yield: 3.79%. The beta ratio is 1.09.

4. Protective Life (PL) has a market capitalization of $2.03 billion. The company generates revenues of $3,566.14 million and has a net income of $339.32 million. The firm's earnings before interest, taxes, depreciation and amortization (EBITDA) amounts to $1,341.84 million. Because of these figures, the EBITDA margin is 37.63% (operating margin 14.22% and the net profit margin finally 9.51%).

The total debt representing 3.86% of the company's assets and the total debt in relation to the equity amounts to 48.45%. Last fiscal year, a return on equity of 8.98% was realized. Twelve trailing months earnings per share reached a value of $4.16. Last fiscal year, the company paid $0.62 in the form of dividends to shareholders. The company announced to raise dividends by 12.50%.

Here are the price ratios of the company: The P/E ratio is 6.03, Price/Sales 0.63 and Price/Book ratio 0.49. Dividend Yield: 2.87%. The beta ratio is 2.90.

5. ACE Limited (ACE) has a market capitalization of $24.39 billion. The company generates revenues of $16,834.00 million and has a net income of $1,585.00 million. The firm's earnings before interest, taxes, depreciation and amortization (EBITDA) amounts to $4,861.00 million. Because of these figures, the EBITDA margin is 28.88% (operating margin 12.68% and the net profit margin finally 9.42%).

The total debt representing 5.27% of the company's assets and the total debt in relation to the equity amounts to 18.81%. Last fiscal year, a return on equity of 6.68% was realized. Twelve trailing months earnings per share reached a value of $6.72. Last fiscal year, the company paid $1.38 in the form of dividends to shareholders. The company announced to raise dividends by 69.00%.

Here are the price ratios of the company: The P/E ratio is 10.72, Price/Sales 1.45 and Price/Book ratio 0.99. Dividend Yield: 2.72%. The beta ratio is 0.75.

6. KeyCorp (KEY) has a market capitalization of $7.06 billion. The company generates revenues of $2,889.00 million and has a net income of $976.00 million. The firm's earnings before interest, taxes, depreciation and amortization (EBITDA) amounts to $1,842.00 million. Because of these figures, the EBITDA margin is 63.76% (operating margin 33.01% and the net profit margin finally 23.95%).

The total debt representing 13.03% of the company's assets and the total debt in relation to the equity amounts to 116.79%. Last fiscal year, a return on equity of 9.53% was realized. Twelve trailing months earnings per share reached a value of $0.92. Last fiscal year, the company paid $0.10 in form of dividends to shareholders. The company announced to raise dividends by 66.70%.

Here are the price ratios of the company: The P/E ratio is 8.09, Price/Sales 1.73 and Price/Book ratio 0.73. Dividend Yield: 2.70%. The beta ratio is 0.87.

7. Assurant (AIZ) has a market capitalization of $3.02 billion. The company generates revenues of $8,272.80 million and has a net income of $538.96 million. The firm's earnings before interest, taxes, depreciation and amortization (EBITDA) amounts to $895.88 million. Because of these figures, the EBITDA margin is 10.83% (operating margin 8.54% and the net profit margin finally 6.51%).

The total debt representing 3.60% of the company's assets and the total debt in relation to the equity amounts to 19.95%. Last fiscal year, a return on equity of 11.16% was realized. Twelve trailing months earnings per share reached a value of $6.07. Last fiscal year, the company paid $0.70 in the form of dividends to shareholders. The company announced to raise dividends by 16.70%.

Here are the price ratios of the company: The P/E ratio is 5.81, Price/Sales 0.37 and Price/Book ratio 0.64. Dividend Yield: 2.38%. The beta ratio is 1.31.

8. Cabot (CBT) has a market capitalization of $2.34 billion. The company generates revenues of $3,102.00 million and has a net income of $197.00 million. The firm's earnings before interest, taxes, depreciation and amortization (EBITDA) amounts to $384.00 million. Because of these figures, the EBITDA margin is 12.38% (operating margin 7.83% and the net profit margin finally 6.35%).

The total debt representing 22.25% of the company's assets and the total debt in relation to the equity amounts to 47.01%. Last fiscal year, a return on equity of 12.91% was realized. Twelve trailing months earnings per share reached a value of $2.67. Last fiscal year, the company paid $0.72 in form of dividends to shareholders. The company announced it will raise dividends by 11.10%.

Here are the price ratios of the company: The P/E ratio is 13.82, Price/Sales 0.75 and Price/Book ratio 1.59. Dividend Yield: 2.17%. The beta ratio is 1.80.

9. HollyFrontier (HFC) has a market capitalization of $5.83 billion. The company generates revenues of $15,439.53 million and has a net income of $1,059.70 million. The firm's earnings before interest, taxes, depreciation and amortization (EBITDA) amounts to $1,876.14 million. Because of these figures, the EBITDA margin is 12.15% (operating margin 11.12% and the net profit margin finally 6.86%).

The total debt representing 11.78% of the company's assets and the total debt in relation to the equity amounts to 23.34%. Last fiscal year, a return on equity of 34.68% was realized. Twelve trailing months earnings per share reached a value of $6.49. Last fiscal year, the company paid $0.34 in the form of dividends to shareholders. The company announced to raise dividends by 50.00%.

Here are the price ratios of the company: The P/E ratio is 4.34, Price/Sales 0.38 and Price/Book ratio 1.13. Dividend Yield: 2.13%. The beta ratio is 0.96.

10. Spartan Stores (SPTN) has a market capitalization of $397.99 million. The company generates revenues of $2,533.06 million and has a net income of $32.54 million. The firm's earnings before interest, taxes, depreciation and amortization (EBITDA) amounts to $103.24 million. Because of these figures, the EBITDA margin is 4.08% (operating margin 2.68% and the net profit margin finally 1.28%).

The total debt representing 23.28% of the company's assets and the total debt in relation to the equity amounts to 57.25%. Last fiscal year, a return on equity of 11.23% was realized. Twelve trailing months earnings per share reached a value of $1.27. Last fiscal year, the company paid $0.20 in the form of dividends to shareholders. The company announced it will raise dividends by 23.10%.

Here are the price ratios of the company: The P/E ratio is 13.71, Price/Sales 0.16 and Price/Book ratio 1.29. Dividend Yield: 1.84%. The beta ratio is 0.41.

11. Primerica (PRI) has a market capitalization of $1.40 billion. The company generates revenues of $1,103.09 million and has a net income of $178.28 million. The firm's earnings before interest, taxes, depreciation and amortization (EBITDA) amounts to $660.50 million. Because of these figures, the EBITDA margin is 59.88% (operating margin 25.01% and the net profit margin finally 16.16%).

The total debt representing 3.00% of the company's assets and the total debt in relation to the equity amounts to 21.09%. Last fiscal year, a return on equity of 12.10% was realized. Twelve trailing months earnings per share reached a value of $2.29. Last fiscal year, the company paid $0.10 in form of dividends to shareholders. The company announced to raise dividends by 66.70%.

Here are the price ratios of the company: The P/E ratio is 10.23, Price/Sales 1.27 and Price/Book ratio 1.07. Dividend Yield: 0.85%. The beta ratio is not calculable.

Source: 11 Cheap Stocks With Recent Dividend Hikes