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In a recession year, there may be little growth in the economy, but that does not mean our portfolios have to suffer. In the time we are waiting for the stock market to pick up again, holding high yield dividend stocks is the best way to increase profits. We look for solid companies that provide consistent dividend. Here are 5 dividend stocks that have good consistent dividend payouts and are expected to grow when the market recovers.

Pfizer Inc. (PFE)
Sector: Healthcare
Industry: Drug Manufacturers – Major
Company: Pfizer is the largest pharmaceutical manufacturer with $26B in cash reserves and has been paying a consistent dividend over the years. Pfizer has a huge research and development (R&D) unit and it is only a matter of time before they launch a new blockbuster drug.
Price: $18.27 (as of close on 1/2/2009)
Annual Dividend: $1.28
Annual Dividend Yield: 7.01% (as of close on 1/2/2009)
Dividend Payout Frequency: Quarterly
Recent Dividend Payouts:
5-Nov-08 $ 0.32 Dividend
6-Aug-08 $ 0.32 Dividend
7-May-08 $ 0.32 Dividend
6-Feb-08 $ 0.32 Dividend

Verizon Communications Inc. (VZ)
Sector: Technology
Industry: Telecom Services – Domestic
Company: Verizon Communications, Inc. provides communication services in the United States and internationally. They are well known for their excellent wireless network. Since the introduction of FIOS, the demand for the fiber optics network in residential units has skyrocketed. Verizon is in a good position for growth and carries little risk.
Price: $34.64 (as of close on 1/2/2009)
Annual Dividend: $1.84
Annual Dividend Yield: 5.31% (as of close on 1/2/2009)
Dividend Payout Frequency: Quarterly
Recent Dividend Payouts:
8-Oct-08 $ 0.46 Dividend
8-Jul-08 $ 0.43 Dividend
8-Apr-08 $ 0.43 Dividend
1-Apr-08 $ 0.17 Dividend
8-Jan-08 $ 0.43 Dividend

General Electric Co. (GE)
Sector: Conglomerates
Industry: Conglomerates
Company: General Electric Company (GE) is a diversified company with four segments: GE Capital, Energy Infrastructure, Technology Infrastructure, and NBC Universal.
They operate in the areas of technology, media, and financial services. With $16B in cash, a high dividend yield, and diversity in multiple verticals, GE is a safe bet.
Price: $17.07 (as of close on 1/2/2009)
Annual Dividend: $1.24
Annual Dividend Yield: 7.26% (as of close on 1/2/2009)
Dividend Payout Frequency: Quarterly
Recent Dividend Payouts:
24-Dec-08 $ 0.31 Dividend
18-Sep-08 $ 0.31 Dividend
19-Jun-08 $ 0.31 Dividend
21-Feb-08 $ 0.31 Dividend

Consolidated Edison Inc. (ED)
Sector: Utilities
Industry: Diversified Utilities
Company: Consolidated Edison, Inc. is one of the largest energy providers in New York City, but also provides electric, gas, and steam utility services in many parts of the United States. Even during recession, everyone has to pay their electric and gas bills. ED should be a reassuring bet and has good dividend payouts.
Price: $39.26 (as of close on 1/2/2009)
Annual Dividend: $2.34
Annual Dividend Yield: 5.96% (as of close on 1/2/2009)
Dividend Payout Frequency: Quarterly
Recent Dividend Payouts:
7-Nov-08 $ 0.585 Dividend
11-Aug-08 $ 0.585 Dividend
12-May-08 $ 0.585 Dividend
11-Feb-08 $ 0.585 Dividend

Altria Group Inc. (MO)
Sector: Consumer Goods
Industry: Cigarettes
Company: Altria Group, Inc., through its subsidiaries, engages in the manufacture and sale of cigarettes and other tobacco products in the United States and internationally.
Price: $15.20 (as of close on 1/2/2009)
Annual Dividend: $1.28
Annual Dividend Yield: 8.42% (as of close on 1/2/2009)
Recent Dividend Payouts:
22-Dec-08 $ 0.32 Dividend
11-Sep-08 $ 0.32 Dividend
11-Jun-08 $ 0.29 Dividend
31-Mar-08 $ 51.060001 Dividend
17-Mar-08 $ 0.75 Dividend

The average dividend yield of the 5 stocks comes out to approximately 6.80%. The best time to buy them is before the market enters an uptrend.

Disclaimer: As of the article published date, the author holds shares of PFE and GE.

Credits: Data provided by Yahoo! Finance