Five Solid Dividend Stocks for Volatile Markets

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Dividend Yield: 11.5%
EPS Growth %: -16.7%

When stocks sink, it's never a good thing...except for dividend investors.

With widespread European debt issues to the left, a slowdown in Chinese growth to the right, and stagnant legislation, high unemployment, and a shifty economy in the middle, what's an investor to do...?

Here's a list of the top five plays for sketchy markets. Some are safer than others, but none is going away anytime soon:

Frontier Communications (NYSE: FTR). Frontier still has a market cap of about $4.3 billion and pays 18.75 cents per quarter. Though shares have trickled lower from a 52-week high of $9.55 just about this time last year, its current price of $4.27 means a juicy yield of 17.5 percent.

Frontier started seeing more pressure over the last week when AT&T and Verizon (NYSE: VZ) released earnings, each showing a decline in wireline subs. Whether another company will move to acquire Frontier with it's digestible market cap is yet to be seen, but investors might get a little pop from a deal.
Annaly Capital Management (NYSE: NLY). Annaly is a solid performer which is just about flat from the same period last year. The firm has a market cap north of $16 billion, and pays a quarterly dividend of 57 cents. With shares at $16.85, that's a yield of 13.5 percent.

Though some might be put off by Annaly being a mortgage REIT, this is by far one of the best deals out there for dividend investors.
Nokia Corporation (NYSE: NOK). We know what you're thinking, "Nokia? Are you guys on drugs." If loving Finnish mobile device giants who still issue solid sales performance in the discount handset market is being on drugs, then consider us addicts.

Nokia is suffering from the same disease Frontier up there was hit with: Apple (Nasdaq: AAPL) and Google (Nasdaq: GOOG). Shares are currently about 57 percent lower than in February of last year. That drop means its 12 cent quarterly payout is yielding 9.6 percent.

Though some may mull M&A, Nokia's market cap of $18.5 billion is a little rich. The company might also see renewed interest with its Lumia series of smartphones based on Microsoft's (Nasdaq: MSFT) Windows Phone platform.
Transocean (NYSE: RIG). This one is a little touchy, but not out of reach. Though it got a favorable ruling last week the BP plc (NYSE: BP) must indemnify Transocean from certain third-party compensatory charges related to the Gulf of Mexico oil spill in 2010, Transocean might still be responsible for further punitive damages, fines and penalties.

At a $15 billion market cap, shares have shown a little rebound from December through January. The firm pays a 79 cent quarterly dividend which yields 6.7 percent at today's prices.
AT&T Inc. (NYSE: T). AT&T is paying out 44 cents per quarter with an annual yield of 6.0 percent. Shares have been channel-locked between $27.50 and $30 over the last few months, meaning a 6 percent yield is a more reliable income driver than a more volatile equity.

With a market cap over $170 billion, this telecom giant isn't going anywhere for a while either. Investors might actually want to wait for a pullback to get a better yield.