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When an investor is screening stocks he or she generally sets their own unique criteria. Whether they are looking for a specific yield threshold or affordability based on P/E ratios, they have variables in place to screen in the stocks the meet their requirements and screen out the stocks that don't. In this article, I've narrowed my search down to 2 stocks that show promise over the next few quarters and carry at least a 7% yield. These two companies are also trading below a P/E ratio of 15.

American Capital Agency (AGNC) - Headquartered in Bethesda, Maryland, AGNC currently trades at a P/E ratio of 5.06 and yields 15% ($5.00), making the stock very inexpensive when compared to most standards. AGNC currently trades at about $33.85/share and in a 52-week range of $22.03/share (52-week low) and $33.51/share (52-week high). For investors looking to establish a position, I would do so from an income standpoint rather than a growth standpoint since the company's yield is very attractive and the stock is trading at the higher end of the 52-week range.

There are two positive things investors should consider in terms of AGNC. First, the company has a number of its mortgages near or at current maturity levels. Second, AGNC has been growing at a remarkable rate when compared to their industry peers. The company's FFO has come in at 1,128% since 2008. The outlook for AGNC looks pretty good when compared to such companies as Annaly Capital (NLY), which has had its FFO only grow 21% during the same period.

Colony Financial, Inc. (CLNY) - Headquartered in Santa Monica, California, CLNY currently trades at a P/E ratio of 11.88 and yields 8.3% ($1.40), making the stock very inexpensive when compared to most standards. CLNY currently trades at about $17.10/share and in a 52-week range of $11.92/share (52-week low) and $18.56/share (52-week high). For investors looking to establish a position, I would do so from an income standpoint and growth standpoint since the company's yield is very attractive and the stock is trading at the higher end of the 52-week range.

There are three things investors should consider when it comes to CLNY. First the company currently yields 8.3% and carries a payout ratio of 92.79%. Second, the company comes in with an analysts rating of 1.5, which is at the higher end of the 1.0 - 5.0 scale set by most analysts. Finally, the company has demonstrated EPS growth of 23.35%. A small to medium sized position would be best in the beginning and the addition of shares could occur when the company announces dividend distributions.

Source: 2 Affordable And Promising Stocks Yielding At Least 7%