Written by Brett Owens (ContrarianOutlook.com)

Most dividend stock prices are on the high side, but, believe it or not, there are a few quality dividend growers that are still pretty cheap...There aren’t many firms growing their payout meaningfully every year and selling below book today... [but here are] 5 dividend growers at “free lunch” prices today.

1. Metlife, Inc. (NYSE:MET) is the cheapest big name on the board, trading for 85% of book. Insurers are like banks – when you see them trading below book, you should immediately ask yourself: “Why?” If you can then debunk the headline concerns, you should then buy.

In recent years, insurance stocks had fallen out of favor, with low interest rates to blame. Reason being, insurance firms typically invest their float – the premiums they collect – into safe interest-bearing securities for additional income. Low rates bring low insurance profits.

Many insurers rallied along with rates beginning last August, but Metlife has lagged. MET is getting set to spin off its US retail business, while at the same time arguing for the removal of its designation as a “systemically important financial institution,” and the costly regulatory burdens that come with it. The spinoff and/or progress on the SIFI front may spark the stock to catch up with its peers – and its dividend, which is up 45% in the last four years.

2. Reinsurer Everest Re Group Ltd. (NYSE:RE) has rallied above its liquidation value, but it still trades for just seven times free cash flow (FCF). That’s “easy money” for management, which loves to repurchase shares when they are too cheap. Over the last five years, they’ve bought back nearly one-quarter of the company while boosting their payout by 160%:

3. Prudential Financial Inc. (NYSE:PRU) has been a dedicated regular on my “too cheap” list. Last May I said it had 25% upside, and that proved conservative – the stock has rallied 34% in just 11 months.

“Pru” now trades for book, but just 3.2 times FCF. The company is still atoning for its 2013 dividend cut in investors’ eyes, but management has repented since then by boosting its payout by 88% over this time period while reducing shares outstanding by 8%. The firm’s focus on retirement solutions should serve it well in the years ahead, with 10,000 baby boomers hanging it up every day. Shares pay 2.8% today.

4. Janus Capital (JNS) sits lower today than it did when the legendary bond strategist, Bill Gross, joined the firm but Janus has increased its dividend by 38% during Gross’ reign, and it’s due for another hike. Shares pay 3.4% today, their highest mark ever. As I’ve said before, while buying stocks at all-time highs can be scary, buying yields at all-time highs is often a simple yet effective market timing strategy:

5. We’ll close with a small bargain name boasting big dividend growth – Federal Agriculture Mortgage (NYSE: AGM) aka “Farmer Mac.” If there’s one thing I love more than payout hikes, it’s dividends that actually accelerate higher. When this happens, the attached stock price often has trouble keeping pace – and that’s exactly what’s happening with Farmer Mac’s price and payout:

“Farmer Mac” buys and guarantees farm loans. It was hit hard in 2008, but business is booming today. Investors, however, continue to suffer post-traumatic stress about this name – which is why shares trade for less than three times annual FCF.