Most investors don't keep tabs on their companies' fundamental values. That's a mistake. If you take the time to read past the headlines and crack a filing now and then, you're in a much better position to spot potential trouble early. Better yet, you'll improve your odds of finding the underappreciated home run stocks that provide the market's best returns.

We can help you keep tabs on your companies with, our free, personalized stock-tracking service. Here are three dividend stocks for your watchlist.

1. Frontier Communications (NYSE: FTR)
Frontier Communications is in the wireline telecom business. Its stock has been hit hard over the past month after the company reported worse-than-expected earnings. Frontier closed on its acquisition of portions of Verizon's wireline business last year and had some integration issues that are affecting earnings. Its cash flow, however, has been more than ample to cover interest payments on its debt and still fund its large 9.3% dividend. I like Frontier better than competitor Windstream (Nasdaq: WIN), because Frontier has more room to grow its dividend once its integration is complete and begins paying down debt.

2. CAPS' Weekly Top Stock Idea: RAIT Financial Trust (NYSE: RAS)
Each week, I cull a top stock idea from the pitches on CAPS, The Motley Fool's 170,000-member free investing community. RAIT Financial Trust, a pick from December, caught my eye, since its shares have fallen recently. RAIT, along with competitors American Capital Agency (Nasdaq: AGNC) and Northstar Realty Finance (NYSE: NRF), are REITs focused on the real estate financing market. While the company didn't pay a large dividend this year, it looks undervalued based on a sum-of-parts valuation and could pay a large dividend in 2011. See the pitch selected for CAPS' weekly top stock idea. If you want to follow my weekly picks, you can subscribe to the series' RSS feed or follow us on Twitter.

3. Suburban Propane Partners (NYSE: SPH)
Suburban Propane Partners is a distributor of propane, fuel oil, and natural gas. The stock has fallen slightly over the past month as weather during the company's fiscal first quarter, which ended in December, was warmer than average, causing people to use less propane. While competitor Ferrellgas Partners (NYSE: FGP) yields 7.7%, more than Suburban Propane Partners' 6.1%, Suburban Propane Partners is better run, with an EBITDA margin of 15.7% compared with Ferrellgas Partners' 10.1%. Suburban Propane Partners also has a stronger balance sheet than Ferrellgas Partners, with a debt-to-equity ratio of 92.5%, compared with almost 2,000% for Ferrellgas.

My Foolish bottom line
Consider the three stocks above along with the 13 names in a free report from The Motley Fool's expert analysts, 13 High-Yielding Stocks to Buy Today. A senior retail analyst dubbed one of the picks as "the dividend play of a lifetime." Tens of thousands have requested access to this report, and today I invite you to download it at no cost to you. To get instant access to the names of these 13 high-yielders, simply click here -- it's free.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.