13 Best Dividend Stocks to Buy Under $20

2. Gray Media, Inc. (NYSE:GTN)

Share Price as of July 18: $5.09

Gray Media, Inc. (NYSE:GTN) is one of the best dividend stocks under $20. The company remained focused on enhancing its local content lineup, especially in the area of professional and college sports broadcasting. Efforts were also directed toward streamlining the cost structure, reinforcing the balance sheet, and boosting overall financial flexibility.

In the first quarter of 2025, Gray Media, Inc. (NYSE:GTN)’s total revenue reached $782 million, reflecting a 5% decline compared to the same period in 2024, though it exceeded the upper end of the company’s guidance by 1%. Core advertising revenue came in at $344 million, down 8% year-over-year. This drop aligned with expectations and was largely attributed to the Super Bowl airing on 33 FOX channels in 2025 versus 54 CBS channels the previous year, as well as the impact of having one fewer selling day due to Leap Day in 2024.

Gray Media, Inc. (NYSE:GTN) reported an operating cash flow of $132 million, up from $68 million in the same period last year. The company ended the quarter with $210 million available in cash, compared with $135 million at the end of December 2024. It offers a quarterly dividend of $0.08 per share and has a dividend yield of 6.46%, as of July 21.