These 3 dividend stocks are recommended by top Wall Street analysts for their high yields.

The positive consumer price index report for April boosted investors' expectations of rate cuts from the Federal Reserve, which could benefit dividend-paying stocks.

In a lower interest rate environment, dividend payers become more attractive to income investors as they offer competitive yields compared to Treasurys.

Despite a challenging macroeconomic environment, several dividend-paying companies have demonstrated their resilience and ability to continue paying dividends based on recent results.

According to TipRanks, Wall Street's top pros have identified three attractive dividend stocks.

Ares Capital

The first stock on this week's list is ARCC, a company that specializes in providing financing solutions for small- and middle-market companies. On May 1, the company released its first-quarter results and declared a quarterly dividend of 48 cents per share, payable on June 28. ARCC stock boasts an attractive dividend yield of 9.1%.

Kenneth Lee, an RBC Capital analyst, maintained a buy rating on ARCC stock with a price target of $22, despite the company's core earnings per share falling slightly below his estimate. However, he highlighted that the first-quarter portfolio activity, including originations, was significantly higher than expected in a typically slower quarter.

Despite a slight increase in the non-accrual rate, ARCC's credit performance remained strong, with a low rate of 1.7% compared to the industry average of nearly 3.8%.

"Our Outperform rating is maintained, as we value ARCC's robust risk management, stable dividends, and competitive scale advantages," stated Lee.

Due to its size, capital position, access to resources, experienced leadership team, and expectation of delivering above-average annualized return on equity, Lee is optimistic about ARCC's prospects.

Among more than 8,800 analysts tracked by TipRanks, Lee ranks No. 40. His ratings have been successful 71% of the time, with each delivering an average return of 17.2%. (See Ares Capital's Ownership Structure on TipRanks)

Brookfield Infrastructure Partners

(BIP), a prominent international infrastructure corporation, operates a range of long-lasting assets in various sectors, including utilities, transportation, midstream, and data. The company recently released its first-quarter financials and declared a quarterly distribution of $0.405 per unit.

This quarterly distribution represents a 6% year-over-year increase and is due on June 28. BIP's annualized distribution is $1.62 per unit, resulting in a yield of 5.3%.

Devin Dodge, a BMO Capital analyst, maintained a buy rating on BIP stock after the first-quarter results were mostly in line with expectations. However, he reduced his price target from $40 to $36 due to the impact of higher interest rates on the stock's valuation.

Triton International's container-leasing business is benefiting from the Red Sea crisis, which has led to the lengthening of some shipping trade routes and increased global demand for containers.

The analyst anticipates that BIP will prioritize capital deployment on tuck-in opportunities within its existing businesses. He noted that the company's acquisition pipeline includes large-scale opportunities in Asia-Pacific, North America, and Europe. The analyst predicts that new investment activity will increase through 2024.

Dodge stated that BIP's portfolio companies are performing well, the yield is attractive, and the valuation appears undemanding.

Among more than 8,800 analysts tracked by TipRanks, Dodge ranks No. 582. His ratings have been profitable 68% of the time, with each delivering an average return of 10.6%. (See Brookfield Infrastructure's Insider Trading Activity on TipRanks)

Realty Income

The final dividend pick for this week is (O), a real estate investment trust that invests in a variety of commercial real estate and has a portfolio of over 15,450 properties in the U.S. and Europe.

The company paid a monthly dividend of $0.257 per share on May 15. Based on the annualized dividend amount of $3.08 per share, the stock's dividend yield is 5.6%.

RBC Capital analyst Brad Heffern maintained a buy rating on Realty Income stock with a price target of $58 after the company's first-quarter results. The analyst highlighted that the Q1 2024 results surpassed his expectations, with an impressive capitalization rate of 8.2% on acquisitions.

The majority of the first-quarter acquisitions were in Europe, accounting for 95% of the acquisition volumes. The company attributed this to improved confidence in the macroeconomic outlook and motivated sellers. In contrast, higher interest rates and macro uncertainty in the U.S. affected Q1 deal volumes. However, the company expects the U.S. volumes to increase in the second half, with a clearer picture of interest rates and the macro outlook.

Heffern stated that O has one of the highest-quality net lease portfolios in the space, with an above-average investment grade weighting, a strong industrial portfolio, and a high proportion of tenants with public reporting requirements.

Among more than 8,800 analysts tracked by TipRanks, Heffern ranks No. 505. His ratings have been profitable 48% of the time, with each delivering an average return of 12%. (See Realty Income Stock Buybacks on TipRanks)