Three high-yield dividend stocks trade at cheap forward earnings multiples, signaling growth potential.

Three NYSE-listed dividend stocks—Dow, U.S. Bancorp, and Target—are trading at forward price-to-earnings multiples that are equal to or lower than their trailing multiples, indicating expected earnings growth. Dow offers the highest yield but faces cyclical risks after cutting its dividend. U.S. Bancorp shows solid earnings growth and a rising dividend, though credit risks remain. Target boasts a 50-year dividend increase streak with stable earnings recovery. Investors should consider their risk tolerance when choosing among these income-generating stocks.