A lot of investors will use market sell-offs like the one we have been experiencing over the past two months, to pick up high-dividend yielding stocks on the cheap. As the stock goes down, assuming they don’t cut the value of their dividend in the process, their payout goes up relative to the price per share that you pay. So, it can be said that the time to buy stocks with high dividends couldn’t be better, but then again on the other hand, the risk couldn’t be greater.

You’ll find that the stocks below are sporting some pretty nice dividends, but don’t just dive into one of the stocks listed below without doing first the necessary due diligence required. Some of these stocks could see their dividends slashed in the coming months if the market sell-off continues – but no one knows for sure and that is why, with anything, you have to weigh the risk and reward before placing the bet.

On a side note, I would say this particular stock screen elicits a lot of controversy about the quality of the dividends, and whether they are dependable. I realize that not all of these companies are going to be able to keep the high dividend that they are paying out – I’m just trying to give you some ideas for you to generate fixed incomes in a bad economy. I can tell you this though, stocks such as NLY are fairly good divi plays. On the other hand from what I’ve read and heard, WHX’s divi is very questionable in regards to its sustainability.

So caution is urged on EVERY ONE of the stocks listed below. Heck, every trade in general you make requires you to take caution. Oh, and if it trades below $5, I left it out of the screen results.

Here are the 23 Highest Dividend Stocks.