Bad things can happen to good people. And bad things can happen to good stocks, too. Just because a stock has declined significantly doesn't mean that it isn't a solid long-term pick.

Some of these beaten-down stocks pay investors to wait for better days with attractive dividends. Here are three spectacular high-yield dividend stocks down 48% or more to buy right now.

1. Bank of America

Bank of America (BAC -0.96%) ranks as one of the biggest bank stocks, with a market cap of over $200 billion. It's also a big loser since early 2022, plunging 48% from its high.

One positive result of that huge sell-off is that Bank of America stock is now a bargain. Its shares trade at a forward earnings multiple of only 7.7x. BofA's price-to-book ratio is a low 0.78.

There's also another good side effect of the steep decline in Bank of America's share price. The company's dividend yield stands at nearly 3.8%. Look for the dividend to increase going forward, too, with BofA's payout ratio hovering around 25%. 

Worries about the fallout from the banking crisis earlier this year and the threat of a U.S. recession continue to hold Bank of America's stock down. However, the company remains strong financially. Its business is growing. This big bank won't be available at such a big discount forever.

2. Brookfield Infrastructure

You can buy Brookfield Infrastructure (BIP -0.77%) (BIPC -0.95%) in two ways. Its limited partnership (LP) units trade under the BIP ticker, while its corporate entity shares trade under the BIPC ticker. Both have plunged close to 50% since mid-2022.

Even with the dismal performance, Brookfield Infrastructure's valuation isn't nearly as appealing as Bank of America's. The LP's forward earnings multiple stands at more than 26.7x.

However, it's important to keep long-term growth prospects in mind when assessing stock valuations. Brookfield Infrastructure believes that its strategy of selling mature infrastructure assets and reinvesting in higher-growth assets (such as data centers) will enable it to generate after-tax internal rates of return of at least 12% to 15%.

In the meantime, income investors should love the infrastructure leader. BIP's distribution yield is north of 6.8%. BIPC's dividend yield is over 5.5%. Brookfield Infrastructure has increased its distribution for 14 consecutive years with a compound annual growth rate of 8%. I expect this streak of dividend hikes will continue.

3. Crown Castle

Crown Castle (CCI -1.18%) has been shellacked the worst of these three high-yield dividend stocks. Shares of the telecommunications real estate investment trust (REIT) have plummeted 58% since early 2022.

This massive decline was mainly due to Sprint's merger with T-Mobile. Sprint canceled its cell tower leases with Crown Castle, causing the REIT's revenue and profits to fall.

The good news, though, is that the worst should soon be over for Crown Castle. The company expects that its adjusted funds from operations (AFFO) will reach a trough in the first half of 2024. It then looks for AFFO to return to growth. Over the long term, Crown Castle projects organic AFFO growth of 7% to 8% per year. 

Investors salivating at Crown Castle's dividend yield of nearly 7.2% shouldn't have to worry about a dividend cut. The company is committed to keeping its dividend at the current level through 2024. Management is also confident that Crown Castle will be able to increase its dividend beyond 2025 once it gets past the remaining Sprint cancellations.