The purpose of any business is to offer a product or service and, in return, make profits at the end of the day. In smaller businesses, profits can be distributed in simple ways. However, if you have a company listed on the stock exchange, specific procedures must be followed to ensure everyone gets their share. A dividend is a perfect option for returning profits to the company’s stakeholders. The board of directors announces the dividend, which may be distributed as shares or cash payment.

Investing in dividend stocks can be an effective strategy for long-term wealth creation. Such investments allow you to appreciate your capital and allow passive income growth. The key is to find the stocks that pay a consistently high dividend yield.

Here is a list of ten high-dividend stocks you may or may not know about.

Saratoga Investment Corp.

Saratoga Investment (SAR) is a publicly traded business development company (BDC) that specializes in providing financing solutions to middle-market companies in the United States. The stock is currently hovering around the $25 mark, and its latest quarterly stock dividend was 68 cents per share, offering an impressive 11.3% yield.

Cal-Maine Foods, Inc.

Cal-Maine Foods (CALM), founded in 1957, is headquartered in Jackson, Mississippi. The company is primarily focused on the production, grading, packaging, and sale of shell eggs. Cal-Maine Foods operates across multiple states and distributes its products to a diverse customer base, including national and regional grocery store chains, club stores, and food service distributors. The stock is currently around the $47 mark. The most recently announced quarterly dividend amounted to $1.35 per share, with an 11.5% dividend yield.

Devon Energy

Devon Energy (DVN) is an independent hydrocarbon exploration and production company engaged in the exploration, development, and production of oil, natural gas, and natural gas liquids. Devon Energy Corp. last announced a dividend in Dec. 2022, amounting to $1.35 per share. This leaves an annual dividend yield of 11.2%.

Coterra Energy

Coterra Energy (CTRA) is a Houston, Texas-based hydrocarbon exploration company. The company’s shares are about $25 at the moment. Their most recent dividend was 20 cents per share, down from recent quarters. The dividend yield is 3.51%.

KeyCorp Inc.

KeyCorp (KEY) is a bank holding company that offers a range of retail and commercial banking, commercial mortgage and special servicing, consumer finance and leasing, investment management, and investment banking products and services. Currently, the company’s shares are around $9.50. The most recent share dividend from the company was 20.5 cents, with an impressive 8.6% dividend yield.

Comerica Inc.

Comerica Incorporated (CMA) is a financial services company based in the United States. Comerica offers a range of banking and financial products and services for individuals, businesses, and institutional clients. The company has several subsidiaries. Its current stock price is over $34, and its most recent dividend was 71 cents per share with an 8.3% dividend yield.

Western Union

Western Union (WU) is Denver, Colorado-based global financial services and communications company known for its money transfer services. Western Union’s various products and services include money transfers, payment solutions, and financial services for businesses and individuals. The stock price for Western Union is about $12 WU with a 7.7% dividend yield and a 23.5 cents per share dividend.

Townsquare Media, Inc.

Townsquare Media (TSQ) is an American radio network and media company based in Purchase, New York. The company started in radio and branched into digital media toward the end of the 2000s, beginning with the acquisition of the MOG Music Network. It currently has over 2,400 employees. Townsquare Media shares were hovering around the $8.25 mark and offered a quarterly dividend of 18.75 cents per share with an 8.03% dividend yield.

Evolution Petroleum

Evolution Petroleum (EPM) is an independent energy company centred on the acquisition, development, and production of oil and natural gas properties in the United States. The current stock price is $7.36, and the company last offered a quarterly dividend of 12 cents per share and a 6.84% dividend yield.

AT&T Inc.

AT&T (T), a multinational telecommunications conglomerate based in the United States, offers a wide range of communication and entertainment services to consumers, businesses, and government agencies. AT&T has one of the largest communications networks in the world. Currently, its stock prices are about $17, and it has an impressive per-share dividend of 27.75 cents, with a 6.52% dividend yield.

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