That said, it’s possible to find shares that offer the best of both worlds. Indeed, heavy stock market volatility has made it even simpler for investors to do this. Panic selling has led to top-class dividend stocks being sold off alongside the duds.

Here are two big-yielding dividend shares that I’m considering buying right now.

ITV

Broadcasting colossus ITV (LSE: ITV) could see ad revenues sink in the near term as inflation soars and consumer spending sinks. The latest Advertising Agency/WARC bellwether report in July actually reduced its ad spend forecasts for 2023. It even warned that spending could fall 1% next year.

However, as a long-term investor, there’s a lot that I like about ITV. I think the vast sums it’s investing in its streaming platforms will reap fruit as viewer habits evolve. The company already has a great track record on this front and its ITV Hub delivered 814m streams in the first half, up 8% year on year.

I also think its development of ITV Studios into a global production giant will deliver big profits. The division already has a swathe of money-spinning hits under its belt like The Voice and Love Island that it sells for big bucks. And the company continues to execute an ambitious expansion strategy to grow the unit. It bought a majority stake in nature programme developer Plimsoll in July for a cool £103.5m.

Heavy share price weakness means ITV shares trade on a forward P/E ratio of 5.8 times. On top of this, the former FTSE 100 firm boasts a terrific 8% dividend yield for 2022. I think this makes it one of the best-value dividend stocks out there.

And what’s more, 2022’s projected dividend is covered a healthy 2.2 times by anticipated earnings. This boosts my faith that the broadcaster will meet brokers’ payout forecasts.

TBC Bank Group

There are plenty of big-yielding banks for me to choose from today. Lloyds and its 5.5% forward yield is especially popular with investors seeking long-term passive income.

But I’d rather invest my money in TBC Bank Group (LSE: TBCG). Its 8.6% dividend yield for 2022 is one reason. So is its focus on the white-hot developing market of Georgia.

This is a region where financial product penetration is low, and where personal income levels are growing rapidly. It’s a combination which helped TBC Bank’s loan book rise 14.8% in the first half from the same point in 2021.

Like ITV, TBC Bank also offers excellent all-round value despite recent share price gains. On top of that 8%+ dividend yield it trades on a forward P/E ratio of 3.7 times.

What’s more, the company’s projected dividend is covered a healthy 3.1 times by anticipated earnings. I think it’s a top buy despite the problem of rising costs.

TBC Bank

Dividend yield: 11.2%

Investing in UK banking stocks normally involves checking out a Lloyds, a Barclays or an HSBC. I’d look past the usual suspects though and choose TBC Bank Group (LSE: TBCG), another big dividend-paying stock.

First of all this income stock offers far superior value to those other bank shares. On top of its double-digit dividend yield TBC trades on a fractional price-to-earnings (P/E) ratio of just 2.6 times.

Second, I think TBC’s long-term outlook is far superior. This is because it operates in Georgia where economic growth is tipped to balloon over the next decade at least. Strong trading conditions drove TBC’s net profit 46% higher in the three months to March.

The bank could endure some near term difficulties as the economic situation worsens. But I believe this risk is more than baked into its ultra-low valuation.

SSE

Dividend yield: 5.1%

Utilities stocks and energy producers are great safe havens for investors when times get tough.

Water, electricity and broadband supply are essential at all points of the economic cycle. This means profits and cash flows at suppliers remain stable over time, giving them the means (and the confidence) to pay decent dividends during good times and bad.

SSE (LSE: SSE) is one such stock I particularly like. As a long-term investor I applaud its decision to focus on renewable energy, a hot growth sector as the world transitions away from fossil fuels.

Events like the heatwaves seen across Europe and in parts of the US this week are becoming more common. And they’re hastening lawmakers’ attempts to move from oil and gas, creating a favourable environment for firms like SSE to operate in.

Companies like this will have a critical role to play in the United Kingdom’s goal of net zero by 2050. This is why last year the firm announced plans to accelerate green energy investment over the next decade.

Investors need to be aware of the high debts that utilities companies like this carry. This can have an impact on dividend payments and particularly in this era of rising interest rates. Higher rates increase the cost that businesses pay to service their debts.

However, over the long haul I believe the benefits of investing in SSE today outweigh the risks it faces. And at current prices I think the FTSE 100 stock is too cheap to miss. As well as that 5% dividend yield, the business trades on a price-to-earnings growth (PEG) ratio of just 0.6.

The metric is calculated by dividing the company’s share price by its earnings per share.

However, it’s worth noting that a very low P/E could be a sign that something is wrong. 

So, here are some of the cheapest UK-listed stocks according to the metric.

Bank of Georgia

The Bank of Georgia (LSE:BGEO) has a P/E ratio of just 3.7. That’s very low, particularly for a financial services company. In fact, it’s so low that I might think that something is amiss here.

The share price plummeted after Russia’s invasion of Ukraine. Both countries are major trading partners of Georgia, despite Tbilisi’s uneasy relationship with Moscow.

The stock has recovered somewhat, but the falling share price belies the strength of the Georgian economy and the bank’s operations.

The bank delivered £192m in pre-tax profit last year, which is exceptional considering the impact of Covid-19.

The Georgian economy is continuing to grow and this is reflected by the performance of its peers in H1.

The economy may expand more slowly than expected this year, and that would hurt revenue. But this is yet to be seen. Tbilisi is currently filled with Russian émigrés. Georgians don’t like it, but it won’t be bad for business.

TBC Group

We’re in Georgia again. TBC Group (LSE:TBCG) is its number one bank. The share price has largely mirrored that of the Bank of Georgia.

It has a P/E ratio of around 2.4 having made $299m in pre-tax profits last year. Its current market cap is just £669m. That means it must be the the cheapest non-distressed asset on the UK stock market.

In May, TBC said that profits were up year on year as the Georgian economy boomed. First-quarter net profits jumped 46% from the same quarter last year to 224m lari (£61m). Uzbek operations were also expanding in line with expectations, it said.

Risks are very similar to those faced by the Bank of Georgia. But on the whole, I see Georgia as an attractive and stable growth market for long-term returns.

Barclays

Barclays (LSE:BARC) has a P/E of four. Yes, there are definitely stocks on the index with lower ratios, but they’re much riskier. For example, Polymetal has a P/E just above one. But that’s a really distressed stock.

This FTSE 100 bank is a giant of the financial services industry. Total income for the first quarter rose 10% to £6.5bn, despite big litigation and conduct charges.

There’s plenty of uncertainty around the UK economy, but there are upsides for banks as interest rates rise. In fact, this week, Credit Suisse said it expected upgrades to lenders’ guidance for net interest margins and net interest income.

The forecast downturn in the UK economy is unlikely to be good for business. But in the long run, things will improve for Britain. Either way, I’d buy more Barclays shares with the P/E at its current levels.

I’ve actually bought all of the stocks on this list, and would buy more at the current prices.

Vistry Group

Dividend yield: 8.5%

Frantic action by the Bank of England (BoE) poses a threat to housebuilders like Vistry Group (LSE: VTY). This week, the BoE raised interest rates for a fifth straight month and vowed to “act forcefully” if inflation keeps growing.

This poses a threat to the housing market by putting buyer affordability under pressure. That said, it’s hard to ignore the resilience of the homebuilders despite recent interest rate rises. Crest Nicholson actually raised its earnings guidance earlier this week.

It’s my opinion too that the rock-bottom valuations of firms like Vistry more than reflect the danger posed by rate rises. This developer trades on a price-to-earnings (P/E) ratio of just 6.1 times.

Most recent financials from the FTSE 250 business showed its average private sales rate up 15% between 1 January and 18 May. I expect its newbuild properties to continue selling well, given the massive shortage of available homes entering the market.

Taylor Wimpey

Dividend yield: 7.5%

For the same reason I’m considering increasing by holding in Taylor Wimpey following recent share price weakness. As well as a large dividend yield, the housebuilder trades on a P/E multiple of just 6.4 times.

I’ve enjoyed some fat dividends from the FTSE 100 business down the years. Companies like this are highly cash generative and recent trading here suggests I might continue to receive a healthy passive income. Its order book stood at a handsome £3bn as of 17 April.

Rising interest rates and growing building costs are a danger to Taylor Wimpey and Vistry. But, in my opinion, the possible rewards on offer from these shares outweigh the risks.

TBC Bank Group

Dividend yield: 8.8%

Investing in cyclical shares like TBC Bank Group (LSE: TBCG) could be extra risky for me as the economic landscape deteriorates. This has the potential to strike revenues hard and push up loan impairments.

On the plus side, interest rates are also rising rapidly in Georgia. This is good for bank profits because it raises the margin between the interest rate paid to savers and applied to borrowers. Rate increases will help reduce the impact of worsening economic conditions on TBC’s profits.

I like this FTSE 250 share as it gives me exposure to a fast-growing emerging economy. Georgian GDP was rising at an average rate of 4% a year between 2011 and 2021, according to the World Bank.

TBC offers excellent all-round value today as it also trades on a P/E ratio of just 3.3 times for 2022. I also like the fact that the predicted dividend is covered 3.4 times by anticipated earnings. This gives a wide margin of safety in case profits come in less than expected.

Stocks started falling towards the end of last week as US inflation data came in higher than analysts had anticipated. This was compounded by negative economic forecasts in the UK and Germany, as well as new Covid-19 restrictions in China.

The correction appeared to have come to a halt yesterday, so now looks like a good time to buy in.

These are three stocks that I own and I’m looking to buy more of them. Currently, I’m looking at buying more Legal & General and Persimmon shares. I’ve already bought more TBC stock.

Legal & General

Legal & General stock is down 6% over the week. But I think it’s a good opportunity to buy more of this big-dividend stock.

The yield has been increasing in recent months as the share prices fell. The L&G dividend has also been growing. Last year’s payout of 18.45p was 5% higher than the previous year. That’s a smaller increase than usual, due to the pandemic, but it’s still good to see it increasing.

Right now, I could expect a 7.4% dividend yield. Of course, dividends are never guaranteed.

The business performed well last year with a 39% increase in annual pre-tax profits. Full-year pre-tax profit rose to £2.49bn, while profit after tax was up 28% to £2.05bn.

Negative economic forecasts for the next two years won’t help this firm. But in the long run, I’m positive on L&G.

Persimmon

Housebuilder Persimmon is another dividend big hitter. It actually offers a whopping 10.2% dividend yield.

But the reason Persimmon is on this list is because its recently become one of my favourite housebuilders. It is seemingly less exposed to the costs of the cladding crisis than other developers.

The firm expects to spend £75m on recladding homes in the UK. This is less than 10% of the company’s pre-tax profits in 2021.

Moreover, house prices are at record levels and this will help Persimmon’s margins. Earlier this week, housebuilder Crest Nicholson upgraded its forecast for the year, highlighting higher prices being achieved.

Yes, higher interest rates could hurt the sector in the near future, but in the long run, the UK has a shortage of homes and I’m confident that demand will remain strong.

TBC Bank

Georgia’s number one bank is a personal favourite of mine. I backed it when Russia invaded Ukraine and the bank’s share price collapsed. It has since jumped 16%.

However, the stock is down 9% over the last week.

Despite this, all the signs have been positive. TBC is coming off the back of a stellar 2021. It has a P/E ratio of just three.

The bank said in May that profits were up year on year as the Georgian economy boomed. First-quarter net profits rose 46% year on year to 224m lari (£61m).

It also said that its Uzbek operations were expanding in line with expectations.

I see Georgia as a democratic, stable and high-growth market. Georgia’s economy grew by a further 14.4% in Q1 despite the war in Ukraine.

Valuation

The P/E ratio is a metric for valuing a firm based on its stock price and the earnings per share over the trialing 12 months or last reporting year. Based on the current share price and financials for the year ending December 31 2021, the Bank of Georgia has a P/E ratio of just 3.18. That’s very low, particularly for a financial services company. In fact, it’s so low that it feels to me like something must be wrong.

The P/E figure reflects the bank’s earnings per share of 364p for 2021 and the current share price of 1,160p. More broadly, we can see that the Bank of Georgia has a current valuation of £544m while delivering £192m in pre-tax profit last year.

Why did the share price fall?

The share price fell following Russia’s invasion of Ukraine and the subsequent introduction of Western sanctions against Moscow. Despite a troubled relationship with its northern neighbour Russia, along with Ukraine, they’re two of Georgia’s largest trading partners. As a result, Georgian economic growth forecasts were slashed to 2.5%.

But for me, the economic fallout from the war has been too heavily factored into the share price. I see Georgia as a high-growth market in the long run. It’s one of the most democratic and forward-looking nations in the former Soviet space and has one of the best ease of business rankings in the world. In fact, for a long time, it was ranked number one.

Finances

Its performance was good in 2021, buoyed by strong economic data. In March, Georgia’s Office for National Statistics said the economy had grown 14.6% year-on-year. The Bank of Georgia in turn posted that pre-tax profit of £192m, more than any year in the last five. Despite poor performance during the pandemic, it still delivered profits and I believe it has a strong future ahead of it as Georgia’s number two bank and an international operator.

An alternative

Georgia’s largest financial organisation, TBC Bank, is also in the FTSE 250. In fact, it represents a similar opportunity to the Bank of Georgia. It has a trailing-12-month P/E ratio of 3.2 and experienced a bumper year in 2021. Pre-tax profit for the 12 months to December 31 rose to £226m, massively up from 2020. 

TBC Bank has also expanded its operations outside Georgia. The company recently noted that the Georgian banking business will remain its core strategy, but highlighted the upside of its Uzbek business.

Risks

There could be some short-term pain for these two banks as we’re yet to see how the Georgian economy will fare due to the war. How it will impact trade and tourism is uncertain, although it hasn’t put off Russians. Direct flights from London to Tbilisi haven’t restarted — they haven’t operated since spring 2020. Equally, the war may deter big spending visitors from the Middle East.

Despite these risks, I’m a shareholder in both banks and looking to buy more.

For me, the two stocks below look like positive additions to my portfolio, offering plenty of upside potential and some dividends.

TBC Bank

TBC Bank (LSE:TBCG) said that profits soared in 2021 but the share price has been dragged down by the invasion of Ukraine. Annual profit more than doubled, driven by strong income and the recovery of the Georgian economy. Pre-tax profit for the year to December 31 rose to £226m, representing a sizeable increase from 2020. 

TBC Bank is Georgia’s largest private financial organisation and operates in Georgia, Azerbaijan, Uzbekistan and Israel. While the growth of Georgian business is core to its strategy, the bank has highlighted the importance of its Uzbek operations. “The Uzbek market should give us a competitive edge by providing a material contribution to our growth and diversification over the years to come,” the company said in a statement. 

Like other Georgian stocks, TBC’s valuation is heavily linked with the growth in its domestic market. Last year, the country’s economy grew by 14.6%, while average real GDP growth was equal to 16.3% over the year. But growth has been revised (slightly) downwards from initial estimates this year after the Russian invasion of Georgia. Tbilisi has tried to stay out of the conflict in an attempt not to anger its much larger neighbour. Russian sanctions or aggression could be a big issue for TBC Bank. Despite this risk, I’ve recently bought the stock.

Buying at today’s price, I can expect a 2.8% dividend yield. It’s not world-beating, but it’s definitely good to have.

Cambridge Cognition Holdings

Cambridge Cognition Holdings (LSE:COG) has been tipped to grow by analysts. The Cambridge-based neuroscience firm makes specialist software to help design clinical trials. The firm also makes computerised cognitive assessment platforms that are used by hospitals in 100 countries.

Earlier in April, the firm delivered strong results for the year ended 31 December 2021, with revenue growth of 50%. Sales order intake was also a record for the second year running. Gross profit rose 49% to £8.1m for 2021 from £5.4m in 2020. The improved performance was driven by a record number of clinical-trial contracts. According to Singer Capital Markets, Cambridge Cognition Holdings sales should rise 25% over the next year. New products such as NeuroVocalix could be an important part of revenue growth.

Investing in such a small company with a limited product range can be risky, but I’m bullish on this one and am looking to add it to my portfolio. I also think the macro trends will benefit the firm with brain health assessments becoming more important in years to come amid ageing populations, particularly in the West.

TBC Bank

TBC Bank is Georgia’s largest private financial organisation. The Tbilisi-based bank operates in Georgia, Azerbaijan, Uzbekistan and Israel.

TBC’s share price collapsed earlier this year after Russia invaded Ukraine. The event raised concerns about Georgian security (two regions of Georgia have been occupied by the Russian military for near 15 years) and its economic growth. The stock’s valuation is heavily linked with the growth in its domestic market. Last year, the country’s economy grew by 14.6%, while average real GDP growth was equal to 16.3% over the year.

However, like the Bank of Georgia, TBC has also recently released positive company data. TBC Bank said annual profit more than doubled in 2021, driven by strong income and a recovery in the Georgian economy. Pre-tax profit for the 12 months to December 31 rose to £226m, massively up from 2020.

The bank noted that the Georgian banking business will remain its core strategy, but highlighted the upside of its Uzbek business. “The Uzbek market should give us a competitive edge by providing a material contribution to our growth and diversification over the years to come,” the company said in a statement.

Despite a recent jump, this stock is still trading at a 30% discount versus three months ago. I’ll be buying some for my portfolio.

Royal Mail

Last week, Liberum downgraded its stance on Royal Mail to “sell” from “hold“, exacerbating the share’s fall over the last year. At the time of writing, the British postal service is currently trading at 325p a share, down from from highs of over 600p last summer.

Despite Liberum’s downgrade, I think Royal Mail Group looks like a good addition to buy portfolio, offering long-term growth potential. One reason for this is the firm’s transition to being a parcels-focused business, which has greater margins than just letters. The pandemic helped Royal Mail in this transition as demand for sending parcels soared.

Moreover, Royal Mail has also pushed forward with the automation of its sorting operations. Just a few years ago, nearly all parcels were being sorted by hand. Nowadays, that figure is around 50%, marking a considerable shift away from costly, labour-intensive manual processing. Coupled with the massive increase in parcel numbers, the group should be able to transform its revenue in the future.

One issue that could certainly hurt profits in the near term is inflation, notably the impact of rising wages. Salaries represent a considerable proportion of the company’s costs.

Buying today, I could expect a a dividend of 3%. That’s certainly not world-beating. But it’s the growth that interests me. The company’s price-to-earnings ratio is just 6.3. I’ll be adding this stock to my portfolio.

This particular banking giant is the largest in Georgia, meaning it’s in great shape to exploit soaring economic growth there in the 2020s. The experts at Statista, for example, think the economy there will grow between 5.2% and 5.8% each year between 2022 and 2026. By comparison, the British economy is tipped to grow closer to 2% towards the middle of the decade.

TBC Bank has been expanding into other emerging markets in recent years too, to boost profits growth. It operates Uzbekistan’s only digital bank.

Better value than the Lloyds share price

I’m also taken by the better value for money that TBC offers compared with Lloyds. The Georgian bank trades on a price-to-earnings (P/E) ratio of 4.9 times for 2022, far better than the 8 times the Lloyds share price currently commands.

Moreover, TBC Bank also offers superior value when it comes to dividends. The yield here sits at a mighty 6.3% for next year. This is much better than the 5.2% that Lloyds offers and smashes the broader 1.9% average for FTSE 250 shares.

Why I’d buy TBC Bank today

Clearly, Lloyds still offers terrific value for money. And I can understand why many UK share investors might prefer to invest in the FTSE 100 bank instead of TBC.

It’s a well-established name and a giant in the British banking industry, whereas its Georgian counterpart is less familiar to most. Furthermore, banking regulations are much more stringent in the UK than in Georgia. This perhaps provides better peace of mind over the robustness of its operations and the quality of its investments.

That said, the National Bank of Georgia has taken significant steps over the past few years to improve risk management processes and overall stability in the country’s banking system and the broader economy. More work is needed, but I’m encouraged by the central bank’s commitment to keep rapidly modernising its financial sector.

I also like the fact TBC is a leader in areas like digital banking. This compares with Lloyds which is fighting a rearguard action to see off the online-led challenger banks like Starling and Monzo. It faces high costs as a result and a steady loss of market share.

Of course, TBC isn’t totally immune to the threat of competition. Bank of Georgia, for example, is another major player in the country’s banking sector. But the competitive pressures are much less suffocating here than those faced by Lloyds. I think TBC Bank could help me make a lot of money and would much rather buy it over Lloyds shares.

5.4% dividend yields

Buying UK banking shares isn’t without risk right now. Not only could their profits sink again if the Covid-19 crisis soars out of control and the economic recovery hits the skids. Their margins are also in danger as central banks maintain ultra-loose monetary policy.

That being said, I think TBC Bank Group (LSE: TBCG) offers the sort of value that’s hard to ignore. I think a forward price-to-earnings (P/E) ratio of six times reflects the impact of these threats on future earnings. And what’s more, a 5.4% dividend yield makes it a very attractive UK share to buy right now.

As a long-term investor, I’m thinking of buying TBC Bank as the economic outlook for its home territory of Georgia remains compelling. GDP growth in the emerging market has been robust over the past couple of decades. And I expect the economy to start booming again once the Covid-19 crisis retreats.

Another great UK dividend share

Grabbing a slice of the e-commerce action is another hot investment theme for this decade. I think a great way to do this is to buy Urban Logistics REIT (LSE: SHED).

I think this UK dividend share’s a top buy because it operates in a white-hot territory of online retail. A recent Adobe report shows e-commerce on these shores attracted the most new users of any market last year. As well, Adobe notes the UK e-retail sector is growing twice as fast as in the US, with total sales up 75% year-on-year in the first quarter.

Concerns over sustainability are rising, and this threatens to harm Urban Logistics’ profits if it subsequently impacts consumer behaviour to a massive degree.

But I still think things are looking good for the property powerhouse as people graduate from the high street to cyberspace. This dividend share boasts a bulky 4.7% yield for this fiscal year (to March 2022).

A top penny stock

Fellow property stock Assura (LSE: AGR) might not pack a dividend yield quite as high as that of Urban Logistics.  For 2021, its number sits at decent-if-unspectacular 3.8%.

Still, for those seeking dependable payout growth year after year, I think this UK dividend share’s a great buy. If broker projections hit the mark, annual dividends would have risen every year for almost a decade.

Assura’s brilliant record pays testament to its ultra-defensive operations. As a developer and provider of primary healthcare properties it can expect revenues to continue rolling in during good times and bad.

In fact, the steady growth of Britain’s elderly population means that the need for its services could balloon as healthcare demand rises.

It’s worth remembering that Assura is committed to acquisitions to drive the bottom line. This capital-intensive strategy could thus damage shareholder returns later down the line if dividends are scaled back.

But as things stand, I think this penny stock is a great UK dividend share for me to buy right now.