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Despite the outsized gains by the bond proxy sectors this year, which include telecoms, utilities and real estate investment trusts (REITs), one of those sectors still trades cheap to the S&P 500. While utilities trade at 17.3 times estimated 2016 earnings and REITs at 18.8, telecoms trade at a low 13.8 times, which is far below the S&P 500 at 16.6%. In addition, the telecoms have been hit by waves of profit-taking, which have knocked them down into a range that looks inviting.

In an interesting note, RBC makes the case that while the bond proxy stocks are definitely at a premium, as a group they trade in line with the S&P 500. While acknowledging that they may be more susceptible to rising rates, the firm also cites investor appetite for them when yields remain low, which they could for some time.

We screened for quality telecom stocks that pay solid and dependable dividends. These four look very attractive now.

AT&T

This stock has had an incredible run this year but is off over 10% in less than a month. AT&T Inc. (NYSE: T) is the world’s largest provider of pay TV, with TV customers in the United States and 11 Latin American countries. In the United States, the AT&T wireless network has the nation’s self-described strongest 4G LTE signal and most reliable 4G LTE. The company also helps businesses worldwide serve their customers better with mobility and highly secure cloud solutions.

With its shares trading at a very cheap 14.3 times estimated 2016 earnings, the company continues to expand its user base, and strong product introductions from smartphone vendors have not only driven traffic but increased device financing plans.

The company reported inline numbers for the second quarter, and while the consolidated revenue number was slightly higher than the Merrill Lynch estimate, the EBITDA was slightly below. Company management noted it is on track to meet or exceed current estimates for the year.

Many Wall Street analysts have cited the company’s positive commentary on free cash flow, in addition to improving video/broadband trends later this year, with single truck-roll and new converged offerings expected to be coming in October. The recent FCC initiative to open up the set-top business may be part of the reason the stock has been hit hard recently.

AT&T investors are paid a 4.8% dividend. The Wall Street consensus price objective is $42.84. Shares closed Tuesday at $39.97.

CenturyLink

This is the largest of the rural local exchange carriers (RLECs) and is expected to continue get a large dose of government money to provide continuing internet service in rural areas. CenturyLink Inc. (NYSE: CTL) is a global communications, hosting, cloud and IT services company enabling millions of customers to transform their businesses through innovative technology solutions.

CenturyLink offers network and data systems management, Big Data analytics and IT consulting, and it operates more than 55 data centers in North America, Europe and Asia. The company provides broadband, voice, video, data and managed services over a robust 250,000-route-mile U.S. fiber network and a 300,000-route-mile international transport network.

Top Wall Street analysts have liked like the stock over the past year as the company transforms itself from a telecom to a technology company. While some have worried over CenturyLink maintaining the dividend, most are positive on the comparisons for the second half of the year and sequential revenue stability. They also cite an update on the data center sale progress and the potential for stock buybacks as additional positives.

CenturyLink investors receive a gigantic 7.83 % dividend. The consensus target price is $29.85. The stock ended trading on Tuesday at $27.44.

Frontier Communications

This is another RLEC that many top analysts have remained very positive on. Frontier Communications Corporation (NASDAQ: FTR) offers residential services, such as fiber-to-the-home and fiber-to-the-node broadband, as well as traditional copper-based broadband products; and commercial services, including Ethernet, dedicated Internet, multiprotocol label switching, time division multiplexing, data transport services, and optical transport services.

Frontier also provides the Frontier Secure suite of products for computer security, cloud backup and sharing, identity protection, equipment insurance and technical support. Its unified messaging services includes call forwarding, conference calling, caller identification, voicemail and call waiting services. It provides long distance network services and packages of communications services as well.

The company reported solid numbers in the first quarter, but the second-quarter print was messy and the stock has been hit hard. The company has guided inline to ahead of Wall Street estimates on post-Verizon deal cash flow. Frontier is the highest yielding non-energy component in the S&P 500, and most big firms see the dividend easily covered by current cash flow.

Frontier investors receive a huge 9.37% dividend. The consensus target is $5.85, and shares closed most recently at $4.48.

Verizon Communications

This top telecommunications stock is rated Buy across Wall Street. Verizon Communications Inc. (NYSE: VZ) is a global leader in delivering the digital world. Verizon Wireless operates America’s self-described most reliable wireless network, with 109.5 million retail connections nationwide. Verizon also provides converged communications, information and entertainment services over America’s most advanced fiber-optic network, and it delivers integrated business solutions to customers worldwide.

The company reported solid second-quarter earnings; however, revenues came in short of Wall Street and Merrill Lynch expectations. The analysts note that management kept guidance in line with expectations, excluding the impact of the strike-related work stoppage.

Verizon also announced back in the summer the purchase of Yahoo’s core operating business for $4.8 billion in cash. The analysts feel it plays into Verizon’s strategic drive to expand into advertising and content, and they also think the transaction is largely immaterial from a financial perspective.

Verizon investors are paid a 4.5% dividend. The consensus price objective is set at $54.09. Shares closed Tuesday at $51.45.

Some profit-taking selling has knocked these four companies back into very reasonable valuation levels. While more conservative accounts may want to stock with the large cap telcos, aggressive income accounts may want to consider the two RLECs.