If you've got money sitting in the bank that you can afford to invest in the stock market today, targeting dividend stocks can be a great move to make right now. Many investors have been putting money into bonds and high-yielding assets which are less risky than stocks. But with interest rates potentially coming down later this year, that could push the pendulum back in the other direction; dividend stocks could soon be hot buys again.

Not only could they possess some underrated upside, but because some of them trade at discounted valuations, you can also generate plenty of recurring-dividend income from them. Three stocks with high-dividend yields of more than 5% that can make for good investments today are Realty Income (O 2.53%), TC Energy (TRP 1.80%), and Western Union (WU 0.63%). If you invest $30,000 across these three stocks, then together, they could generate around $2,000 in annual dividends.

1. Realty Income

Realty Income is a real estate investment trust (REIT) which gives investors a great mix of stability and dividends. Unfortunately, with risk-averse investors not bullish on REITs in a high-interest rate environment, the stock has struggled -- year to date, shares of Realty Income are down 4%.

But the business itself remains solid. Realty Income has a diverse mix of clients in its portfolio spanning many different industries. And as of March 31, the REIT's occupancy rate was high at 98.6%. Same-store rental revenue also grew by a modest 0.8%. Realty Income has also continued to grow its dividend. In March, it increased its monthly dividend for the 124th time since 1994.

On a quarterly basis, the company pays out $0.77 in dividends, which is well below the funds from operations (FFO) per share it generated this past quarter of $0.94.

Investing $10,000 into Realty Income could generate $560 in dividends over the course of a full year.

2. TC Energy

Canadian-based pipeline company TC Energy is a key player in the North American oil and gas industry. But while it generates revenue from multiple countries, its U.S. natural gas pipelines business is by far its largest segment. For the first three months of the year, TC Energy's segmented earnings totaled 2.3 billion Canadian dollars ($1.7 billion). Of that total, the U.S. natural pipeline business brought in just over CA$1 billion ($0.7 billion).

The company is planning to spin off its smaller liquids pipelines business into South Bow Corporation. Investors who buy the stock today will receive shares of South Bow when the spin-off takes place, which will likely be later this year. And management says that investors will "remain whole" in terms of dividends following the spin-off. By splitting into two separate entities, the company can better focus its growth initiatives, which can make for a safer investment in the long run.

Today, TC Energy pays an incredibly high dividend, yielding around 7.3%. Putting $10,000 into the stock would mean your annual dividend income from this investment could total $730.

3. Western Union

Financial stock Western Union trades at a deep discount of less than eight times its trailing earnings. That's a fairly low multiple for what's still a solid business. Over the years, Western Union has established itself as a safe way to transfer money across the globe.

While it may not make for a top growth stock given the rising competition in the payments industry, it's clear that demand remains relatively strong. For the period ending March 31, Western Union's revenue totaled more than $1 billion, and the top line rose by a modest rate of 1%. Rising expenses did chip away at earnings, which fell by 6% to $142.7 million. But earnings per share (EPS) of $0.41 for the quarter were unchanged from the previous year. And that's still well above the rate of the company's quarterly dividend of $0.235.

The stock's dividend yields 7.1%, meaning that a $10,000 investment here would generate about $710 in annual dividends. This would put your total dividend income across the three stocks on this list at roughly $2,000.