Do you prefer stocks that pay big dividends? For a closer look at stocks with big dividend yields, we ran a screen.

We began by screening for stocks paying dividend yields above 4% and sustainable payout ratios below 50%. We then screened for those with low-volatility, with average intra-day volatility over the last month under 2% (meaning, on average, these stocks have traded within a 2% range each day).

We then screened for those that appear undervalued relative to the Graham Number. The Graham Number is 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.

Do you think these stocks pay attractive dividends? Use this list as a starting point for your own analysis.

List sorted by potential upside implied by the Graham Number.

** 1. CenterPoint Energy, Inc. (NYSE:CNP):** Operates as a public utility holding company in the United States. Market cap at $8.65B, most recent closing price at $20.24. Dividend yield at 4.00%, payout ratio at 44.07%. Average intra-day volatility over the last month at 1.76%. Diluted TTM earnings per share at 3.16, and a MRQ book value per share value at 10.03, implies a Graham Number fair value = sqrt(22.5*3.16*10.03) = $26.70. Based on the stock's price at $19.62, this implies a potential upside of 36.11% from current levels.

** 2. Universal Health Realty Income Trust (NYSE:UHT):** Operates as a real estate investment trust in the United States. Market cap at $495.14M, most recent closing price at $39.08. Dividend yield at 6.24%, payout ratio at 38.87%. Average intra-day volatility over the last month at 1.59%. Diluted TTM earnings per share at 6.25, and a MRQ book value per share value at 15.06, implies a Graham Number fair value = sqrt(22.5*6.25*15.06) = $46.02. Based on the stock's price at $38.29, this implies a potential upside of 20.19% from current levels.

* 3. Public Service Enterprise Group Inc. (NYSE:PEG):* Operates in the energy industry primarily in the northeastern and mid Atlantic United States. Market cap at $15.57B, most recent closing price at $30.78. Dividend yield at 4.61%, payout ratio at 48.61%. Average intra-day volatility over the last month at 1.42%. Diluted TTM earnings per share at 2.89, and a MRQ book value per share value at 21, implies a Graham Number fair value = sqrt(22.5*2.89*21) = $36.95. Based on the stock's price at $31.68, this implies a potential upside of 16.64% 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.