Stocks With the Highest Dividend Yields in the S&P 500

Telecoms and a regional bank are among the stocks with the highest dividend yields in the benchmark index.

illustration of dividend stocks with highest yield
(Image credit: Getty Images)

Experienced equity income investors know that blindly buying stocks with the highest dividend yields can be a dangerous game.

Indeed, an unusually high dividend yield can actually be a warning sign. That's because stock prices and dividend yields move in opposite directions. It's possible that a too-good-to-be-true dividend yield is simply a side effect of a stock having lost a lot of value. 

And anytime a company's stock is slumping badly, it's worth wondering if its dividend is sustainable at current levels.

Case in point: look at what happened with Newell Brands (NWL) earlier this year.

Newell, whose portfolio of products ranges from Rubbermaid and Sharpie to Oster and Yankee Candle, is having a tough 2023. Shares lost a third of their value through mid-May, pushing up the yield on NWL's dividend to as much as 9.7%.

That seemed pretty obviously unsustainable, and indeed it was. On May 16, Newell cut its quarterly dividend by almost 70% to 7 cents per share. The company intends to use the cash formerly earmarked for shareholders to pay down debt, which is probably a good idea. Nonetheless, the yield on Newell's dividend tumbled to below 3% from knocking on the door of 10%.

Stocks with the highest dividend yields

So, yes, sometimes stocks with the highest dividend yields can be fool's gold. And this could be pertinent to a least a couple of the stocks with the highest dividend yields in the S&P 500 today. 

Two of the companies listed below have entered elite-yield territory only because their stock prices have come under duress. And that has at least a few analysts worried about the sustainability of the payouts going forward. 

With those caveats out of the way, below please find the five S&P 500 stocks with the highest dividend yields.

Market data, analysts' estimates and analysts' recommendations are as of November 6, 2023, courtesy of YCharts and S&P Global Market Intelligence. Stocks are listed by dividend yields, from lowest to highest.

Dan Burrows
Senior Investing Writer,

Dan Burrows is Kiplinger's senior investing writer, having joined the august publication full time in 2016.

A long-time financial journalist, Dan is a veteran of SmartMoney, MarketWatch, CBS MoneyWatch, InvestorPlace and DailyFinance. He has written for The Wall Street Journal, Bloomberg, Consumer Reports, Senior Executive and Boston magazine, and his stories have appeared in the New York Daily News, the San Jose Mercury News and Investor's Business Daily, among other publications. As a senior writer at AOL's DailyFinance, Dan reported market news from the floor of the New York Stock Exchange and hosted a weekly video segment on equities.

Once upon a time – before his days as a financial reporter and assistant financial editor at legendary fashion trade paper Women's Wear Daily – Dan worked for Spy magazine, scribbled away at Time Inc. and contributed to Maxim magazine back when lad mags were a thing. He's also written for Esquire magazine's Dubious Achievements Awards.

In his current role at Kiplinger, Dan writes about equities, fixed income, currencies, commodities, funds, macroeconomics, demographics, real estate, cost of living indexes and more.

Dan holds a bachelor's degree from Oberlin College and a master's degree from Columbia University.

Disclosure: Dan does not trade stocks or other securities. Rather, he dollar-cost averages into cheap funds and index funds and holds them forever in tax-advantaged accounts.