Finding stocks that pay safe, high dividend yields is increasingly difficult as recession fears cause companies to hoard cash. Overall dividend payout for S&P 500 companies fell 2.3% in the second quarter from the prior period, the first drop after seven quarters of record payouts, according to S&P Dow Jones Indices. With that in mind, CNBC Pro looked to find stocks that are paying high dividends that they can pay. And the stocks are cheaply valued. These were our criteria using FactSet data: dividend yield above 4%. Dividend payout ratio less than 50%. Dividend increase in four of the last five years. Debt-equity ratio less than 80%. The current forward price-earnings ratio is cheaper than its average forward P/E over the past five years. (Values are at the end of last week). Along with several banking stocks, drug maker Pfizer and children’s clothing maker Carter’s are on the list. Pfizer pays a dividend yield of 4.6%, a sizeable income payout in this uncertain second half environment. And the stock is trading at a 9% discount to its five-year forward average P/E. (Forward P/E looks at a stock’s price relative to the consensus earnings estimate for the next 12 months.) Carter’s pays a 4% dividend and trades at a 10% discount.