ASO - 2 Dividend Stocks to Double Up on Right Now
2024-07-21 04:40:00 ET
2024 is on pace to become another banner year for the stock market, with the benchmark S&P 500 delivering total returns of 17% year to date. However, the strong performance has been uneven and several stocks have yet to fully recover from 2022's drops. Roughly 30% of the index's components trade down so far in 2024, including some otherwise dependable dividend stocks.
Unfortunately, some of those stocks may never fully recover. But there are at least two underperforming dividend stocks that show clear potential to bounce back. While they do, their dividends are strong enough to offer growing annual yields at attractive valuations. Let's take a closer look at why these two dividend stocks are worth doubling up on.
Academy Sports and Outdoors (NASDAQ: ASO) is a former military surplus retail chain that transformed itself into a sporting goods and outdoors retailer. The $3.9 billion company operates 284 stores located primarily in the Southern United States. Academy's stock price has fallen almost 19% so far in 2024 as its sales have stagnated. Management says Academy Sports' performance has been tamped down by consumers being challenged by the "current macroeconomic environment."
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2 Dividend Stocks to Double Up on Right Now