In this article, we discuss 5 cheap dividend stocks with over 6% yield. If you want to read our detailed analysis of dividend payments, go directly to read 10 Cheap Dividend Stocks with Over 6% Yield.
5. Prospect Capital Corporation (NASDAQ:PSEC)
Dividend Yield as of June 26: 10.11%
Share Price as of June 26: $7.12
Prospect Capital Corporation (NASDAQ:PSEC) is an American business development company that provides services related to debt and equity investments to middle-market companies across the country. In 2017, the company trimmed its monthly payout by 28% and currently offers a dividend of $0.06 per share every month. The stock’s dividend yield stood at 10.11%, as of June 26.
In fiscal Q3 2022, Prospect Capital Corporation (NASDAQ:PSEC) reported a net investment income of $0.22, which exceeded market estimates by $0.04. The company’s total investment income stood at $181.3 million, up 13.8% from the same period last year. In May, the management paid its 60th consecutive dividend to shareholders.
The number of hedge funds tracked by Insider Monkey owning stakes in Prospect Capital Corporation (NASDAQ:PSEC) stood at 6 in Q1, declining from 9 in the previous quarter. The collective value of these stakes is over $18.4 million. Two Sigma Advisors owned the largest stake in the company in Q1, valued at over $11 million.
4. New Residential Investment Corp. (NYSE:NRZ)
Dividend Yield as of June 26: 10.18%
Share Price as of June 26: $9.82
New Residential Investment Corp. (NYSE:NRZ) is an American mortgage-based real estate investment trust that provides mortgage servicing rights and related investment services to consumers. In Q1 2022, the company reported a 10% growth in its book value per share to $12.56. Its gross revenue for the quarter came in at $1.73 billion, showing a 47.7% year-over-year growth.
At the end of Q1 2022, 19 hedge funds in Insider Monkey’s database owned stakes in New Residential Investment Corp. (NYSE:NRZ), valued at $57.6 million. In comparison, 19 hedge funds held positions in the company in the previous quarter, with stakes worth over $80.8 million.
On June 17, New Residential Investment Corp. (NYSE:NRZ) declared a quarterly dividend of $0.25 per share, consistent with its previous dividend. The stock’s dividend yield was recorded at 10.18% on June 26. Keefe Bruyette mentioned New Residential Investment Corp. (NYSE:NRZ) in its June investors’ note, expecting the company’s book value to increase in Q2. The firm raised its price target on the stock to $14.25, while maintaining an Outperform rating on the shares.
3. Oaktree Specialty Lending Corporation (NASDAQ:OCSL)
Dividend Yield as of June 26: 10.25%
Share Price as of June 26: $6.44
Oaktree Specialty Lending Corporation (NASDAQ:OCSL) is a California-based asset management firm. As of May, the company’s assets under management stood at over $164 billion. In fiscal Q2 2022, it reported a total investment income of $64.3 million, which beat analysts’ estimates by $5.77 million and also showed a 53.5% growth from the same period last year. However, the company’s EPS of $0.08 missed consensus by $0.09.
In May, Oaktree Specialty Lending Corporation (NASDAQ:OCSL) raised its quarterly dividend for the straight 8th quarter to $0.165 per share. The company’s payout ratio stands at 68.4% and its dividend yield came in at 10.25%, as of June 26.
Howard Marks’ Oaktree Capital Management was the largest stakeholder of Oaktree Specialty Lending Corporation (NASDAQ:OCSL) in Q1, owing over 5 million shares, worth nearly $37 million. In addition to this, 9 hedge funds in Insider Monkey’s database held positions in the company in Q1, with stakes valued at $86.4 million.
2. Global Partners LP (NYSE:GLP)
Dividend Yield as of June 26: 10.32%
Share Price as of June 26: $23.07
Global Partners LP (NYSE:GLP) operates gasoline stations and convenience stores in Northeast America and also owns one of the largest terminal networks in New York and New England. Earlier this year, the company completed its acquisition of retail stores and convenience store assets from Consumer Petroleum Connecticut, expanding its operations in the state.
In Q1 2022, Global Partners LP (NYSE:GLP) reported a GAAP EPS of $0.76, which exceeded estimates by $0.87. The company’s revenue for the quarter stood at $4.5 billion, experiencing a 76.5% year-over-year growth. Moreover, its volume was recorded at 1.5 billion gallons, up from 1.3 billion gallons recorded during the same period last year.
On April 26, Global Partners LP (NYSE:GLP) announced a quarterly dividend of $0.595 per share, up 1.7% from the previous dividend. The stock’s dividend yield came in at 10.32%, as of June 26.
At the end of Q1 2022, 2 hedge funds in Insider Monkey’s database owned stakes in Global Partners LP (NYSE:GLP), the same as in the previous quarter. The consolidated value of these stakes is over $3.6 million.
1. Broadmark Realty Capital Inc. (NYSE:BRMK)
Dividend Yield as of June 26: 11.98%
Share Price as of June 26: $7.01
Broadmark Realty Capital Inc. (NYSE:BRMK) is a Washington-based specialty real estate finance company that provides financing solutions to its consumers.
Broadmark Realty Capital Inc. (NYSE:BRMK) currently offers a monthly dividend of $0.17 per share and has been raising its dividends for the past two years. The stock’s dividend yield, as of June 26, came in at 11.98%. In June, Piper Sandler initiated its coverage of Broadmark Realty Capital Inc. (NYSE:BRMK) with a Neutral rating, appreciating the company’s long-term investment opportunities. The firm further expressed concerns regarding the ongoing uncertain environment for construction loans.
As per Insider Monkey’s Q1 2022 data, 7 hedge funds reported owning stakes in Broadmark Realty Capital Inc. (NYSE:BRMK), down from 11 in the previous quarter. These stakes hold a consolidated value of over $50 million. Farallon Capital was the company’s leading shareholder in Q1, owning shares worth nearly 5 million.
You can also take a look at 11 Best Crypto Stocks To Buy Now and 10 Small-Cap Stocks to Buy According to Billionaire Steve Cohen
