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Do you prefer stocks that pay big dividend income? For a closer look at some interesting high dividend yield stocks, we ran a screen.

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

We then screened for those with bullish sentiment from institutional investors, with significant net institutional purchases over the last quarter representing at least 5% of share float. This indicates that institutional investors such as hedge fund managers and mutual fund managers expect these names to outperform.

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Do you think these stocks pay reliable dividend income? 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 $168.13M, most recent closing price at $19.55. Dividend yield at 4.71%, payout ratio at 46.40%. Net institutional purchases in the current quarter at 930.2K shares, which represents about 12.76% of the company's float of 7.29M 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 $409.89M, most recent closing price at $9.92. Dividend yield at 4.03%, payout ratio at 42.12%. Net institutional purchases in the current quarter at 1.1M shares, which represents about 9.88% of the company's float of 11.13M shares.

3. The Bank Of Nova Scotia (NYSE:BNS): Offers various personal, commercial, corporate, and investment banking services in Canada and internationally. Market cap at $57.41B, most recent closing price at $50.48. Dividend yield at 4.36%, payout ratio at 44.37%. Net institutional purchases in the current quarter at 77.5M shares, which represents about 6.8% of the company's float of 1.14B shares.

*Institutional data sourced from Fidelity, all other data sourced from Finviz.

Source: 3 High Dividend Yield Stocks Being Snapped Up By Hedge Funds