Investors who are looking for a beaten-down stock with enormous growth potential and pays a strong dividend should consider Frontier Communications (FTR - Get Report) .

Despite beating Wall Street's earnings estimates in its fiscal third quarter, FTR stock has gotten punished, falling as much as 10% to a new 52-week low since the company's Nov. 3 earnings report. At around $5 a share, FTR stock has fallen 25% in 2015, including 8% declines in just the past three months.

But with a 10.5-cent quarterly dividend that yields 8.40% annually, FTR stock may be worth the risk. Headquartered in Stamford, Conn., Frontier will begin trading ex-dividend on Friday, Dec. 11. That's the last day its management will finalize its roster of shareholders to whom it will mail dividend checks. Frontier's dividend yield is more than six percentage points higher the 2.00% yield paid out by the average stock in the S&P 500 (SPX) index.

Frontier will make its 10.5-cent quarterly cash payment on Dec. 31 to shareholders of record as of Tuesday, Dec. 15. This marks the fifth straight quarter Frontier has paid the same dividend. But beyond its dividend, there are tons of reason to hold FTR shares, which have fallen despite strong execution by the company.

Sure, Frontier does not get the recognition of, say, larger media players like Comcast (CMCSA - Get Report) or Time Warner Cable (TWC) , but the company grew third-quarter revenue by a solid 25% year over year -- more than doubling Comcast's 11% revenue growth and beating Time Warner Cable's growth by five-fold.

What's more, Frontier not only ended its fiscal third quarter with more than three million residential customers and almost 2.5 million broadband customers, it continues to grow its business customers and video customers -- ending the quarter with 300,000 and a half million, respectively. And in its attempt to take on bigger rivals, the company has become increasingly aggressive in both its marketing and deal making. Its 2013 acquisition of Connecticut pay television, Internet, and landline phone subscribers from AT&T (T - Get Report) is one example.

These maneuvers should create value in the quarters and years ahead, explaining why FTR stock has consensus buy rating and an average analyst 12-month price target of $6, suggesting some 20% gains from current levels. In short, FTR stock -- despite its punishment -- looks attractive here. And its strong dividend yield would be a near-term bonus.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.