NEW YORK ( TheStreet) -- Citigroup ( C) and Bank of America ( BAC) may be popular with investors, but those looking for dividends have to look elsewhere.

TheStreet ran a screen for financial stocks with a market cap of more than $1 billion that have a price-to-earnings ratio of less than 10 and a dividend yield of more than 5%. Here are five stocks that meet those criteria and may be worth a look.

First, though, a few words of caution. Though price-to earnings is a popular way of looking at a stock, you need to ask yourself if past earnings are sustainable. As for the dividend, no one says a company can't cut it, or even eliminate it.

5. Banco Santander ( STD)

Spain's largest bank has a dividend yield of 5.78% and trades at just 9.14 times trailing earnings. Its footprint extends throughout Continental Europe, the U.K. and in the U.S. under the Sovereign Bank brand. Santander also has a large presence in Latin America, particularly in Mexico, Brazil, Chile and Argentina. Investors have punished Santander shares due to concerns about high levels of debt in Europe and weakness in the Spanish economy, which fell victim to real estate speculation much like the worst areas of the U.S. Shares have fallen more than 25% over the past year. Still, Banco Santander's strong balance sheet and global footprint position it well for a rebound.

4. Chimera Investment Corp. ( CIM)

Chimera is a real estate investment trust, a tax designation meaning it must distribute 90% of its income to investors. It invests in an array of securities backed by real estate. Sound scary? A good time to be scared would have been at the start of Feb. 2008 when the shares were worth $19. Now that they're worth $4 and change it might now be such a bad deal, especially if Chimera can defend its dividend, which yields more than 16.5%.

3. Cincinnati Financial Corp. ( CINF)

This Fairfield, Ohio-based property and casualty insurer earned $27 million after taxes in the second quarter. Its revenues in the first half of the year were roughly flat versus the same period last year, as higher investment income compensated for lower insurance premiums. Nonetheless, the company cited improved underwriting results in the second quarter versus the same period in 2009. It said it was forced to cut prices in the first half of the year to slow the loss of account renewals.

2. KKR Financial Holdings ( KFN)

This asset management firm invests chiefly in collateralized loan obligations--pools of corporate debt securities. It has a dividend yield of 5.61% and a price to earnings ratio of just 4.9. Like Chimera, it is also a real estate investment trust for tax purposes. Sandler O'Neill analyst Michael Sarcone rates it a "buy," citing strong second quarter earnings, rising cash flow, and increased earnings potential going forward.

1. Mercury General ( MCY)

Los Angeles-based Mercury General was the 13th largest underwriter of private passenger automobile insurance in 2008, according to a Stifel, Nicolaus report. It also offers other types of insurance such as homeowners and commercial auto. While it has done most of its business in California, it has branched out lately to other states, including Florida, Texas and New Jersey. It has a dividend yield of over 6% and traded at 8.36 times trailing earnings. Stifel nonetheless rates it a "sell," arguing fair value for the stock is $38. It closed at $40.87 on Thursday.

-- Written by Dan Freed in New York.

>To see these stocks in action, visit the 5 Cheap Financial Stocks With Big Dividends portfolio on Stockpickr.


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