Investors looking for high dividend stocks with high yields often find equities with substantial income distributions that are greatly outside of investor’s target price range.

However, income investors can reach for equities that provide similar levels of dividend yield at significantly more affordable prices. However, as all investors know, above-average dividend yields are nothing more than a good starting point for additional analysis. In addition to high yields, dividend stocks must meet additional performance criteria to warrant a consideration for becoming portfolio-worthy options.

Instead of doing their own research, investors could take a shortcut and invest in high dividend stock ETFs or pick their investment from indices that track equities with reliable records of strong and rising income distributions like the Dividend Aristocrats or the Dividend Kings.

However, investors who prefer to conduct their own research and customize their requirements can conduct their own analysis. Online screening tools — like the Dividend Screener available at DividendInvestor.com — offer a wide array of filters for honing in on the equities that meet the investor’s specific needs and wants.

In addition to above-average yields, the 20 dividend stocks on the list below meet additional requirements to ensure high probability of strong returns over the near term. Since the dividend yield is a simple ratio of the total annual dividend over the current share price, a yield increase might be a misleading metric. A sudden share price drop will increase the dividend yield. This sudden dividend yield enhancement might look enticing. However, losses from a falling share price will almost always outweigh gains from rising dividend distributions to deliver overall total losses.

Therefore, instead of choosing equities based solely on high yields, all equities on the list below meet additional criteria. In addition to a yield of at least 3%, all equities have boosted their annual dividend payout last year, have a market capitalization of at least $1 billion and have delivered a positive total return over the past 12 months. Also, the share prices of all equities on this list closed on February 19, 2020, at no more than $20 per share.

20 High Dividend Stocks Under $20: #20

Two Harbors Investment Corporation (NYSE:TWO)

Dividend Yield: 10.34%

Market Cap: $4.22B Billion

Sector: Financials

First Dividend: 2017

Dividends Paid: 3 years

Consecutive Annual Hikes: 2 years

Distribution Frequency: Quarterly

January 22, 2020 Closing Price: $15.48

Total Return (1Y, 3Y, 5Y): 23%, 39%, 41%

20 High Dividend Stocks Under $20: #19

Ares Capital Corporation (NASDAQ:ARCC)

Dividend Yield: 8.42%

Market Cap: $8.19B Billion

Sector: Financials

First Dividend: 2004

Dividends Paid: 16 years

Consecutive Annual Hikes: 2 years

Distribution Frequency: Semi-Annually

January 22, 2020 Closing Price: $19.01

Total Return (1Y, 3Y, 5Y): 23%, 37%, 61%

20 High Dividend Stocks Under $20: #18

Hercules Capital, Inc. (NYSE:HTGC)

Dividend Yield: 8.38%

Market Cap: $1.60B Billion

Sector: Financials

First Dividend: 2005

Dividends Paid: 15 years

Consecutive Annual Hikes: 2 years

Distribution Frequency: Semi-Annually

January 22, 2020 Closing Price: $15.28

Total Return (1Y, 3Y, 5Y): 28%, 26%, 39%

20 High Dividend Stocks Under $20: #17

Mobile TeleSystems PJSC (NYSE:MBT)

Dividend Yield: 8.36%

Market Cap: $10.68B Billion

Sector: IT & Communications

First Dividend: 2002

Dividends Paid: 18 years

Consecutive Annual Hikes: 1 year

Distribution Frequency: Semi-Annually

January 22, 2020 Closing Price: $10.77

Total Return (1Y, 3Y, 5Y): 55%, 34%, 56%

20 High Dividend Stocks Under $20: #16

American Finance Trust, Inc. (NASDAQ:AFIN)

Dividend Yield: 8.20%

Market Cap: $1.43B Billion

Sector: Financials

First Dividend: 2018

Dividends Paid: 2 years

Consecutive Annual Hikes: 1 year

Distribution Frequency: Monthly

January 22, 2020 Closing Price: $13.41

Total Return (1Y, 3Y, 5Y): 32%, 0%, 0%

20 High Dividend Stocks Under $20: #15

Arbor Realty Trust, Inc. (NYSE:ABR)

Dividend Yield: 8.11%

Market Cap: $1.65B Billion

Sector: Financials

First Dividend: 2004

Dividends Paid: 16 years

Consecutive Annual Hikes: 7 years

Distribution Frequency: Quarterly

January 22, 2020 Closing Price: $14.80

Total Return (1Y, 3Y, 5Y): 32%, 147%, 165%

20 High Dividend Stocks Under $20: #14

Ladder Capital Corporation (NYSE:LADR)

Dividend Yield: 7.26%

Market Cap: $2.01B Billion

Sector: Financials

First Dividend: 2015

Dividends Paid: 5 years

Consecutive Annual Hikes: 1 year

Distribution Frequency: Quarterly

January 22, 2020 Closing Price: $18.72

Total Return (1Y, 3Y, 5Y): 14%, 65%, 44%

20 High Dividend Stocks Under $20: #13

Golub Capital BDC, Inc. (NASDAQ:GBDC)

Dividend Yield: 7.16%

Market Cap: $2.47B Billion

Sector: Financials

First Dividend: 2010

Dividends Paid: 10 years

Consecutive Annual Hikes: 2 years

Distribution Frequency: Semi-Annually

January 22, 2020 Closing Price: $18.43

Total Return (1Y, 3Y, 5Y): 11%, 23%, 46%

20 High Dividend Stocks Under $20: #12

Redwood Trust, Inc. (NYSE:RWT)

Dividend Yield: 6.69%

Market Cap: $2.02B Billion

Sector: Financials

First Dividend: 1995

Dividends Paid: 25 years

Consecutive Annual Hikes: 2 years

Distribution Frequency: Quarterly

January 22, 2020 Closing Price: $17.95

Total Return (1Y, 3Y, 5Y): 22%, 27%, 19%

20 High Dividend Stocks Under $20: #11

Credit Suisse Group AG (NYSE:CS)

Dividend Yield: 5.27%

Market Cap: $16.79B Billion

Sector: Financials

First Dividend: 1993

Dividends Paid: 27 years

Consecutive Annual Hikes: 1 year

Distribution Frequency: Semi-Annually

January 22, 2020 Closing Price: $13.65

Total Return (1Y, 3Y, 5Y): 18%, 0%, -29%

20 High Dividend Stocks Under $20: #10

Brandywine Realty Trust (NYSE:BDN)

Dividend Yield: 4.68%

Market Cap: $2.86B Billion

Sector: Financials

First Dividend: 1996

Dividends Paid: 24 years

Consecutive Annual Hikes: 4 years

Distribution Frequency: Quarterly

January 22, 2020 Closing Price: $16.24

Total Return (1Y, 3Y, 5Y): 6%, 13%, 20%

20 High Dividend Stocks Under $20: #9

Independence Realty Trust, Inc. (NYSE:IRT)

Dividend Yield: 4.41%

Market Cap: $1.48B Billion

Sector: Financials

First Dividend: 2013

Dividends Paid: 7 years

Consecutive Annual Hikes: 1 year

Distribution Frequency: Quarterly

January 22, 2020 Closing Price: $16.31

Total Return (1Y, 3Y, 5Y): 61%, 97%, 112%

20 High Dividend Stocks Under $20: #8

Huntington Bancshares, Inc. (NASDAQ:HBAN)

Dividend Yield: 4.31%

Market Cap: $14.18B Billion

Sector: Financials

First Dividend: 1912

Dividends Paid: 108 years

Consecutive Annual Hikes: 9 years

Distribution Frequency: Quarterly

January 22, 2020 Closing Price: $13.91

Total Return (1Y, 3Y, 5Y): 5%, 10%, 51%

20 High Dividend Stocks Under $20: #7

Barclays PLC (NYSE:BCS)

Dividend Yield: 3.85%

Market Cap: $15.14B Billion

Sector: Financials

First Dividend: 1990

Dividends Paid: 30 years

Consecutive Annual Hikes: 2 years

Distribution Frequency: Semi-Annually

January 22, 2020 Closing Price: $9.08

Total Return (1Y, 3Y, 5Y): 19%, -14%, -33%

20 High Dividend Stocks Under $20: #6

Regions Financial Corporation (NYSE:RF)

Dividend Yield: 3.80%

Market Cap: $15.73B Billion

Sector: Financials

First Dividend: 1968

Dividends Paid: 52 years

Consecutive Annual Hikes: 7 years

Distribution Frequency: Quarterly

January 22, 2020 Closing Price: $16.31

Total Return (1Y, 3Y, 5Y): 7%, 16%, 93%

20 High Dividend Stocks Under $20: #5

First Horizon National Corporation (NYSE:FHN)

Dividend Yield: 3.79%

Market Cap: $4.92B Billion

Sector: Financials

First Dividend: 1895

Dividends Paid: 125 years

Consecutive Annual Hikes: 8 years

Distribution Frequency: Quarterly

January 22, 2020 Closing Price: $15.82

Total Return (1Y, 3Y, 5Y): 6%, -14%, 26%

20 High Dividend Stocks Under $20: #4

KeyCorp (NYSE:KEY)

Dividend Yield: 3.78%

Market Cap: $19.27B Billion

Sector: Financials

First Dividend: 1963

Dividends Paid: 57 years

Consecutive Annual Hikes: 9 years

Distribution Frequency: Quarterly

January 22, 2020 Closing Price: $19.56

Total Return (1Y, 3Y, 5Y): 17%, 12%, 58%

20 High Dividend Stocks Under $20: #3

Newmark Group, Inc. (NASDAQ:NMRK)

Dividend Yield: 3.53%

Market Cap: $1.80B Billion

Sector: Financials

First Dividend: 2018

Dividends Paid: 2 years

Consecutive Annual Hikes: 1 year

Distribution Frequency: Quarterly

January 22, 2020 Closing Price: $11.32

Total Return (1Y, 3Y, 5Y): 14%, 0%, 0%

20 High Dividend Stocks Under $20: #2

Algonquin Power & Utilities Corporation (NYSE:AQN)

Dividend Yield: 3.40%

Market Cap: $4.22B Billion

Sector: Utilities

First Dividend: 2009

Dividends Paid: 11 years

Consecutive Annual Hikes: 10 years

Distribution Frequency: Quarterly

January 22, 2020 Closing Price: $16.49

Total Return (1Y, 3Y, 5Y): 59%, 100%, 129%

20 High Dividend Stocks Under $20: #1

Steelcase, Inc. (NYSE:SCS)

Dividend Yield: 3.06%

Market Cap: $1.69B Billion

Sector: Industrials

First Dividend: 1998

Dividends Paid: 22 years

Consecutive Annual Hikes: 6 years

Distribution Frequency: Quarterly

January 22, 2020 Closing Price: $18.94

Total Return (1Y, 3Y, 5Y): 12%, 28%, 18%

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Ned Piplovic is the assistant editor of website content at Eagle Financial Publications. He graduated from Columbia University with a Bachelor’s degree in Economics and Philosophy. Prior to joining Eagle, Ned spent 15 years in corporate operations and financial management. Ned writes for www.DividendInvestor.com and www.StockInvestor.com.