NEW YORK ( TheStreet) -- The steep decline in the broad market since late April has been painful for buy-and-hold investors but it may have also fostered bargains for those brave enough to put new money to work.

The S&P 500 dipped down into bear market territory during Tuesday's session, plumbing an intraday low of 1075, a drop of 21.2% from its near-term closing high of 1364 on April 29. With the market's valuation down at financial crisis levels of March 2009 earlier this week, research firm Birinyi Associates went looking for stocks trading at levels that offer "an attractive risk reward ratio."

To that end, the firm ran a screen on the S&P 1500 to find stocks whose dividend yields were higher than their P/E ratios.

As of Monday's close, 8 stocks fit the criteria -- Lincoln Educational Services ( LINC), USA Mobility ( USMO), Prospect Capital ( PSEC), Apollo Investment ( AINV), RR Donnelly ( RRD), United Online ( UNTD), Deluxe Corp. ( DLX), and Pitney Bowes ( PBI).

Birinyi also screened for stocks with yields within 50% of their P/E ratios, and excluded financial names, coming back with 39 companies, including Dow Chemical ( DOW), Eli Lilly ( LLY), Merck ( MRK), and Whirlpool Corp. ( WHR).

"While not a fool proof method of isolating companies that are under valued we, however, believe both lists are an interesting starting point, especially when all but one of the stocks listed yield higher than the 30-year treasury bond at 2.8%," Birinyi said.

Here's a look at the 8 stocks that were sporting yields above their P/E ratios as of Monday's close.

Content on this page requires a newer version of Adobe Flash Player.

Get Adobe Flash player

Lincoln Educational Services

P/E Ratio: 2.7X

Forward dividend yield: 13.3%

Shares of Lincoln Educational are down nearly 50% so far in 2011, scraping a 52-week low of $7.29 on Tuesday, as the for-profit education sector has been pressured by regulatory concerns and declining enrollments amid the slowdown in growth in the economy.

The company is slated to report its fiscal third-quarter results on Oct. 31, and the average estimate of analysts polled by Thomson Reuters is for a profit of 10 cents a share on revenue of $125.7 million in the September-ended quarter. Even an in-line report would mark a fourth consecutive quarter of declining revenue and Wall Street is bearish on the company with 6 of the 9 analysts covering the stock at hold.

Wunderlich Securities initiated coverage of Lincoln Educational at hold with a 12-month price target of $11 on Sept. 1, and the firm is skeptical that company executives have a handle on the health of the business.

"Multiple regulatory and economic pressures have forced enrollment dramatically lower, with Q2 starts declining 48%," Wunderlich said. "Management has called Q2 as the bottom and suggested the rate of decline will begin to improve in Q3, with positive growth some time in 2012. But management was surprised in Q2, and is burdened with fixed costs well above what is currently required. We would prefer to see evidence of improved visibility before endorsing the turn."

Content on this page requires a newer version of Adobe Flash Player.

Get Adobe Flash player

USA Mobility

P/E Ratio: 3.4X

Forward dividend yield: 7.9%

Shares of Springfield, Va.-based USA Mobility are down about 29% so far this year, and the company's third-quarter results are expected to arrive on Oct. 26. The stock's 52-week high of $19.21 stretches back to Dec. 13, and the shares were recently changing hands at $13.64, below both the 50-day and 200-day moving averages of $14.62 and $15.13, respectively.

The company, which provides wireless voice and messaging services as well as related software products, doesn't have sufficient analyst coverage to arrive at a consensus estimate.

For its second quarter ended June 30, USA Mobility posted a profit of $18.6 million, or 82 cents a share, on revenue of $65.2 million. The company also lifted its full-year outlook, forecasting revenue of $235 million to $248 million, up from a prior projection of $224 million to $240 million.

Content on this page requires a newer version of Adobe Flash Player.

Get Adobe Flash player

Prospect Capital

P/E Ratio: 7.5X

Forward dividend yield: 15.2%

Shares of Prospect Capital, a business development company that makes middle-market debt investments in private companies, have fallen nearly 16% in the past 52 weeks, and are off 32% at their current level of $8.40 from their 52-week high of $12.38 on March 11.

The company is slated to report its fiscal first-quarter on Nov. 11, and the average estimate of analysts polled by Thomson Reuters is for earnings of 27 cents a share in the September-ended period on revenue of $54.8 million.

Sentiment on Wall Street is overwhelmingly bearish, however, with 8 of the 9 analysts covering the stock at either hold (7) or underperform (1). The pessimism follows a poor fourth-quarter report in late August when the company missed the consensus view by more than 14%, reporting a profit of 31 cents a share vs. an estimate of 36 cents, weighed down by the shift of a loan to H&M to non-accrual status. At the time, Evercore Partners, which rates the stock at underperform, said interest and dividend income were lower than expected, and that a $100 million buyback authorization announced earlier in August likely wouldn't get much use.

"Given an 'advanced pipeline' of deals totaling $300 mil, we don't expect any share repurchases," the firm said in its Aug. 30 report, adding later: "We are lowering our target price to $9 from $10 to reflect lower peer valuations and increased concern about dividend coverage."

Content on this page requires a newer version of Adobe Flash Player.

Get Adobe Flash player

Apollo Investment

P/E Ratio: 8X

Forward dividend yield: 15.8%

Apollo Investment shares are down nearly 28% in the past year, but they've caught a bounce to $7.44 after scraping a 52-week low of $6.80 on Tuesday. Another BDC facing worries about bad loans, Apollo Investment is expected to report its fiscal second-quarter results on Nov. 3, and the average estimate of analysts polled by Thomson Reuters is for a profit of 24 cents a share in the September-ended quarter on revenue of $94.2 million.

The company has fallen short of Wall Street's consensus view in five of the past eight quarters, and the majority of sell-side analysts are in wait-and-see mode on the stock with 8 of 14 ratings at hold and the median 12-month price target at $11.

Ladenburg Thalmann issued an outlook for the BDCs in mid-September, saying it's "generally positive on the sector because demand remains consistent and because we are not of the opinion that the U.S. economy will enter into a recession." The firm lists Apollo Investment as one of the more aggressive BDCs that it covers, along with Triangle Capital ( TCAP) and Ares Capital ( ARCC).

Content on this page requires a newer version of Adobe Flash Player.

Get Adobe Flash player

R.R. Donnelly & Sons

P/E Ratio: 6.5X

Forward dividend yield: 7.9%

Shares of the Chicago-based provider of commercial printing services are down more than 20% so far in 2011, plumbing a 52-week low of $12.90 on Tuesday, marking the first time the stock has dipped below $13 since July 2009.

The company is seen reporting its fiscal third-quarter results on Oct. 31, and the average estimate of analysts polled by Thomson Reuters is for earnings of 51 cents a share on revenue of $2.68 billion.

Declining margins and the uncertain economy have weighed on the company, which also carries a significant amount of debt. As of June 30, R.R. Donnelly had $4.08 billion in debt on the balance sheet vs. $363 million in cash. The company has also struggled to grow on the top line, aside from its acquisition of Bowne, which was completed in November 2010.

Content on this page requires a newer version of Adobe Flash Player.

Get Adobe Flash player

United Online

P/E Ratio: 7.2X

Forward dividend yield: 8.2%

The only tech name on the list, United Online shares have dropped about 20% in 2011, seeing a modest bounce back up to $5.26 after sinking to a 52-week low of $4.80 in early August at the height of the broad market's volatility.

The Woodland Hills, Calif.-based company offers low-cost Internet access services under the Juno and NetZero banners, but it also operates the FTD flower retailing business and has a presence in social media with its Classmates site and other brands.

United Online is slated to report its third-quarter result on Nov. 9, and the average estimate of analysts polled by Thomson Reuters is for earnings of 18 cents a share on revenue of $185 million. Four of the six analysts covering the stock are bullish at either strong buy (2) or buy (2). Benchmark Co. weighed in on the potential for the company to pursue an acquisition in a research note issued in mid-September, and also expressed confidence in the dividend.

"We continue to believe that any acquisition would be an established business which fits with FTD or serves to fortify the Content & Media segment," wrote the firm, which has a buy rating and $7 price target on the stock. "Further, we suspect the acquired firm may be an underperforming business, but one that is still cash flow positive. Given that the dividend is currently paid out of cash flow from operations, and given that any deal would likely be financed through a combination of cash and debt, we would not expect the dividend to be at risk."

Content on this page requires a newer version of Adobe Flash Player.

Get Adobe Flash player

Deluxe Corp.

P/E Ratio: 5.52X

Forward dividend yield: 5.54%

Shares of Deluxe Corp., a Shoreview, Minn.-based provider of printing and promotional products and services, are down more than 20% year-to-date but are still up about 5% in the past 52 weeks. The stock was changing hands late Wednesday at $20.37.

The company is a steady earner that's struggling for topline growth. Third-quarter results are expected on Oct. 27, and the average estimate of analysts polled by Thomson Reuters is for a profit of 75 cents a share in the September-ended period on revenue of $357.9 million, flat with its earnings per share in the first two quarters of fiscal 2011.

Deluxe also has a considerable debt load, totaling $753 million as of June 30, and the company's cash balance is less than $20 million.

Content on this page requires a newer version of Adobe Flash Player.

Get Adobe Flash player

Pitney Bowes

P/E Ratio: 8.08X

Forward dividend yield: 8.11%

Founded in 1920 and listed on the New York Stock Exchange since 1950, Pitney Bowes is trying to reinvent itself, venturing into the cloud and bringing its mail and other business services into the digital realm.

Shares of the Stamford, Conn.-based company are down 20% so far in 2011, and the stock scraped a 52-week low of $17.95 on Tuesday before bouncing to close at $19.68 on Wednesday.

Pitney Bowes has topped Wall Street's earnings view in six of the past eight quarters and it's slated to report its fiscal third-quarter results on Nov. 1. The average estimate of analysts polled by Thomson Reuters is for earnings of 54 cents a share on revenue of $1.33 billion in the September-ended period.

>>To see these stocks in action, visit the 8 Stocks With Dividend Yields Above P/E portfolio on Stockpickr.

-- Written by Michael Baron in New York.

>To contact the writer of this article, click here: Michael Baron.

>To submit a news tip, send an email to: tips@thestreet.com
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

If you liked this article you might like

5 Stocks Under $10 Set to Soar

5 Stocks Under $10 Set to Soar

Lincoln Educational Services (LINC) Stock Jumps Following Earnings Release

Lincoln Educational Services (LINC) Stock Jumps Following Earnings Release

5 Stocks Under $10 Set to Soar

5 Stocks Under $10 Set to Soar

Lincoln Educational Services About To Put More Money In Your Pocket (LINC)

Lincoln Educational Services About To Put More Money In Your Pocket (LINC)

5 Under-$10 Stocks Making Big Moves Higher

5 Under-$10 Stocks Making Big Moves Higher