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During the last year, the First Israel Fund Inc. (NYSEMKT:ISL) has practically doubled, going from a little over $8 per share to above $16 per share today. Many investors have been looking towards Israeli stocks for buying opportunities recently.

To help reduce risk, there are several stocks of companies based in Israel that pay dividends. came up with a list of Israeli stocks worth looking into. Please note that several of these stocks have very short term dividend track records, some dividends have fluctuated significantly, and some companies have skipped dividends altogether for certain years.

Blue Square Israel Ltd. (NYSE:BSI), which trades on the NYSE, operates a chain of supermarkets in Israel. They have paid dividends at least once a year and generally twice a year for the last ten years, however, they skipped a dividend in 2009. The stock has a current yield of 10.9% based on the last two dividend payments. The P/E is 48.

Cellcom Israel Ltd. (NYSE:CEL) is a cellular communications company that yields 8%. The company has paid quarterly dividends since June 2007. They trade on the NYSE. The P/E is 10.5.

Elbit Systems Ltd. (NASDAQ:ESLT) makes and markets defense electronic systems and electro-optic systems. This company has paid dividends, usually quarterly for the last ten years and currently yields 2.8%. The P/E is 11.5.

Formula Systems (1985) Ltd. (NASDAQ:FORTY), which trades on NASDAQ, develops and sells information technology solutions and services to large corporations. The stock has a yield of 9.3%, and the stock is going ex dividend on April 1. They have a very short dividend track record. The P/E is 16.

Ituran Location & Control Ltd. (NASDAQ:ITRN), on NASDAQ, provides stolen vehicle recovery and tracking services. They have operations in Israel, Brazil, Argentina, and the United States. The stock has a P/E of 13. The stock yields 10% and has paid annual dividend payments since 2006. They recently went ex dividend.

MIND C.T.I., Ltd. (NASDAQ:MNDO) creates and sells mediation, rating, billing, and customer care software for communication companies. The stock yields 11.6%, and has paid dividends annually for eight years. The stock just went ex dividend a few days ago. The company’s P/E is 1.6.

The mobile telecommunications company, Partner Communications Co. Ltd. (NASDAQ:PTNR), which trades on NASDAQ, has a yield of 7.1%, based on last year's dividends. They have paid quarterly dividends since 2005. The P/E is 11.

Teva Pharmaceutical Industries Ltd. (NYSE:TEVA) makes and sells generic pharmaceuticals, pharmaceutical ingredients, and animal health pharmaceuticals. This is one of the longest dividend payers on the list, paying quarterly for over 15 years. The current yield is 1%, the P/E is 28.5.

If you like high dividend stocks, including those of other countries, you should check out the lists at

Disclosure: Author does not own any of the above-mentioned stocks.

Source: 8 Top Yielding Israeli Stocks