These 3 dividend stocks are recommended by top Wall Street analysts for generating passive income.

During market turbulence, dividend-paying stocks can provide investors with the necessary protection to weather volatile conditions.

Identifying suitable dividend payers can be challenging, but investors can rely on the expertise of Wall Street analysts to identify stocks with long-term growth potential and the ability to consistently generate cash flows to support continued dividends.

According to TipRanks, which ranks analysts based on their past performance, here are three attractive dividend stocks recommended by Wall Street's top experts.

OneMain Holdings

This week's initial dividend selection is (OMF), a financial organization concentrating on the requirements of non-prime consumers. OMF shares provide an enticing dividend yield of 8.1%.

In addition to regular dividends, OneMain increases shareholder returns through share repurchases. During the fourth quarter, the company bought back 531,000 shares at a cost of $20 million.

Kenneth Lee, an RBC Capital analyst, revised his model and forecasts for OMF stock and increased the price target from $50 to $55, indicating a more optimistic macroeconomic outlook. He maintained a buy rating on the stock, emphasizing the company's robust business model and strong capital generation capabilities.

According to Lee, OMF's new price target is based on a price-to-tangible book value (2025 estimate) multiple of 2.9x. He believes that the company deserves a premium multiple due to its ability to deliver a very high return on tangible common equity of more than 40%, with the cost of equity (under normalized conditions) estimated in the range of 9% to 10% and finance receivables expected to grow by mid- to high-single digits.

According to Lee, there are significant growth prospects in the non-prime personal loan markets, as these loans account for just 16% of total non-prime unsecured credit.

Among more than 8,700 analysts tracked by TipRanks, Lee ranks No. 76. His ratings have been profitable 68% of the time, with each delivering an average return of 17%. (See OneMain Holdings Financials on TipRanks)

Walmart

We shift our focus to Walmart (WMT), which recently declared a 9% increase in its annual dividend to 83 cents per share, marking its largest hike in over a decade. This announcement signifies the company's 51st consecutive year of dividend raises. Walmart's dividend yield is currently 1.4%.

After meeting with Walmart's management, Jefferies analyst Corey Tarlowe maintained a buy rating on WMT stock with a price target of $70. During the meeting, Tarlowe noted that the company is experiencing some signs of consumer stability. Specifically, he pointed out that the customer experience score increased by 140 basis points in fiscal 2024, which ended on January 31.

In fiscal 2024, Tarlowe observed a rise in private label penetration, improved e-commerce shopping experience, better order economics with increased e-commerce margins, and an increase in Sam's Club's membership levels, which is expected to drive top-line growth.

The analyst is optimistic about Walmart's international business. He anticipates that its sales will increase by high single digits annually and predicts that profits will more than double by fiscal 2028 compared to fiscal 2023.

Tarlowe stated that WMT's global advertising business experienced a 28% growth to approximately $3.4 billion last year, and he believes that advertising presents a significant opportunity for the company in the future.

Tarlowe ranks 537th among more than 8,700 analysts on TipRanks, with a profitable rating 65% of the time and an average return of 14.6% per rating. (See Walmart Ownership Structure on TipRanks)

SLB

This week's third dividend pick is oilfield services company (SLB). The company announced better-than-anticipated fourth-quarter results and increased its quarterly cash dividend by 10%. SLB stock offers a dividend yield of 2%.

Goldman Sachs included SLB on its U.S. Conviction List on April 1, with a price target of $62. Analyst Neil Mehta believes that the company is a leading energy services provider and provides exposure to international and offshore oil services growth at an attractive price-to-earnings multiple of 13x (based on 2025 earnings estimates).

Mehta emphasized SLB's capacity to produce robust free cash flow, which can drive capital returns and growth investments. The analyst anticipates management will repay more than 60% of its free cash flow through share buybacks and dividends.

The analyst believes that SLB's digital business is undervalued. He stated, "We believe SLB is uniquely positioned to expand its digital business given the industry is not as digitized and SLB is the only digital provider in the space that carries a competitive moat."

Mehta is ranked No. 176 among over 8,700 analysts on TipRanks. He has a successful rating record of 67%, with each rating delivering an average return of 12.7%. (Check out SLB Stock Buybacks on TipRanks)