Whether you're building up your savings for retirement or just want some recurring cash flow, dividend stocks can be a great way to accomplish either goal. The three stocks listed below are good value buys that also pay dividends of more than 5% per year.

1. Canadian Imperial Bank of Commerce

Canadian Imperial Bank of Commerce (NYSE:CM) is a solid, long-term investment for buy-and-hold investors. One of Canada's top five banks, CIBC can provide investors with a lot of stability and the opportunity to earn a good dividend.

The bank's revenues have consistently come in at over $4.4 billion Canadian dollars in each of the past four quarters. However, there could still be a lot of growth available for the company, as it acquired PrivateBancorp a few years ago, a move that will open up many opportunities in the U.S.

In addition to returns from growth-driven share price gains, CIBC also pays investors a little more than 5% per year in dividends. And like many Canadian bank stocks, it has consistently increased its payouts over the years, as well. Five years ago, the stock was paying 1 Canadian dollar every quarter per share, but it has now increased to CA$1.44, which amounts to an average compounded annual growth rate (CAGR) of 7.6% per year.

Trading at around 10 times its book value, CIBC's stock also offers investors good value for the growth and dividends it offers.

Dividends spelled out over top of a piggy bank

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2. Xenia Hotels & Resorts

Xenia Hotels & Resorts (NYSE:XHR) has been generating strong returns for investors so far in 2019, with the stock up more than 23% since the beginning of the year. Even with the increase in share price, the stock is still paying investors a very good dividend of over 5.3% per year. While it doesn't have a long history of being a public company as it began trading back in 2015, it has consistently paid dividends and even increased them a few years ago.

The stock is an appealing buy. Its portfolio is full of luxury hotels and resorts, including big names like the Ritz-Carlton and the Fairmont.

With only 40 locations in its portfolio, the real estate investment trust (REIT) isn't full of too many different hotels and resorts to manage. Instead, it focuses on the key lodging destinations in the U.S., giving it greater odds for success over the long term. The company had shown steady growth in funds from operations over time, doubling between 2012 and 2018 and continuing to move upward more recently. That suggests Xenia's strategy has been working quite well.

3. Patterson Companies 

Patterson Companies (NASDAQ:PDCO) has struggled this year, as it's fallen 13% since January. However, the good news for dividend investors is that it gives them the opportunity to secure a better yield; the stock is now paying investors around 6% per year in dividends. That's good enough for the highest dividend on this list.

What makes it an even hotter buy is that the company has increased its dividend payments over the years, as well, and could continue to do so. From quarterly dividend payments of $0.20 in 2014 to $0.26 today, the payouts have increased by 30% and have an average CAGR of 5.4%.

Although Patterson may not have achieved much growth in recent years, it's definitely been stable. Revenues have been within a range of $5.3 billion to $5.6 billion in each of the past four years. Patterson stock currently trades right around its book value. With a focus on dental customers and animal health, the company's products and services make the stock a great option for investors looking for defensive stocks that may be more resilient during a recession.