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10 Stocks With Special Dividend Potential

10. iGate Corporation (IGTE) is headquartered in Fremont, Calif. and provides offshore IT and operations outsourcing services, with most of its business concentrated in North America. The stock is rated a B (Good) by TheStreet Ratings.

While iGate's revenue declined during 2009 amid cuts in spending among its financial services customers, top-line revenue for the first quarter of 2010 was $57.9 million, increasing 29% year-over-year. Net income for the first quarter was $11.6 million compared to $5 million a year earlier.

iGate's regular annual dividend is 11 cents a share, which translates to a yield of 0.90%, based on Friday's closing price of $12.25.

Jefferies & Company analyst Joseph Vafi initiated his firm's coverage of iGate on May 3 with a "Buy" rating and a 12-month target of $15, saying the company was trading at "a meaningful discount to offshore peers" based on 2011 earnings estimates. As of Friday's close, the stock had pulled back 7% since Vafi's report was published, although it was up 24% year-to-date.
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