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The search for the next high-flying growth stock like Nvidia NVDA and Micron MU has consumed plenty of investors' attention right now, but tried-and-true strategies like income investing-which can include a focus on fixed-income securities, as well as dividend stocks -are still popular among many.

Targeting stocks with high dividend yields is solid investment strategy because these companies provide investors with a steady stream of income, which can easily be reinvested in an effort to boost returns. What's more, companies that offer large dividends tend to be financial stable, providing a reliable backbone to any portfolio.

And although the Zacks Rank does not involve dividends, we can still use our proven stock-picking system-which places an emphasis on earnings estimate revisions and earnings performance history-to find quality dividend stocks.

Today we have highlighted three stocks that should pique the interest of any income investor. These stocks each sport a Zacks Rank #1 (Strong Buy) and a respectable dividend yield. Check them out now:

1.       Buckle, Inc. ( BKE )

Buckle is a retailer of medium to better-priced casual apparel for young men and women. The company has certainly not been immune to retail's woes, but management seems to have things pointed in the right direction. Buckle has surpassed earnings estimates in two consecutive quarters, and our consensus estimate for its upcoming fiscal year has gained five cents over the past 60 days.

On top of this warming sentiment, Buckle has a P/E ratio of just 11.66, and its P/S ratio of 1.00 offers more evidence that its shares are undervalued right now. Furthermore, the company is generating $2.80 in cash per share right now, outpacing the "Retail - Apparel and Shoes" industry's average of $1.50.

But most importantly for income investors, Buckle currently offers a dividend yield of 5.26%.

2.       Xenia Hotels & Resorts, Inc. ( XHR )

Xenia is a self-advised and self-administered REIT, focusing primarily on premium full service, lifestyle, urban upscale hotels, lodging markets, and leisure destinations. Because of its status as a REIT, Xenia must return a sizeable chunk of its profits to investors, and the company's dividend yield currently sits at 5.07%.

On top of this strong yield, Xenia is witnessing strong earnings growth. Our current consensus estimates are for the company's EPS figures to pop 157% this fiscal year and 8% next fiscal year. Furthermore, Xenia's P/E ratio of 10.69 and RoE of 8.34% are significantly better than its industry average.

3.       Waddell & Reed Financial, Inc. ( WDR )

Waddell & Reed is an asset management and financial planning company. Founded in 1937, the company is currently the exclusive underwriter and distributor of 41 mutual fund portfolios. After surpassing earnings estimates in the second straight quarter, WDR starting witnessing solid estimate revision activity, lifting our consensus estimate for its upcoming fiscal year by nine cents within the past 60 days.

On top of this strong revision activity, the company is generating $2.65 in cash per share right now, outpacing its "Financial - Investment Management" industry's average of $1.40. WDR's RoE of 16.81% also outpaces its industry average.

And if these indicators of financial strength weren't enough, the company is currently serving up a 9.63% dividend.  

Want more stock market analysis from this author? Make sure to follow @ Ryan_McQueeney on Twitter!

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of NASDAQ, Inc.

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