Today, Fool.com producer Austin Smith looks at Pitney Bowes, a company that looks increasingly cheap on paper and has a great dividend to boot -- but the company's valuation can be misleading.

Right now, Pitney Bowes is priced for marginally lower earnings going forward, but with a defaulting post office and cheaper alternatives, earnings could quiet down a bit faster than analysts are projecting.

Instead, you should consider more stable dividends like The 3 Dow Stocks Dividend Investors Need. Uncover these top picks absolutely free -- just click here to read more.

Austin Smith and The Motley Fool have no positions in the stocks mentioned above. Motley Fool newsletter services recommend FedEx and UPS. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.