Stocks have surged over the past few months. That rally has pushed most major stock market indexes toward their all-time highs. A big driver has been an expansion of valuation multiples. The S 500 currently trades at 23.5 times earnings, while the Nasdaq 100 is above 31. So bargains are few and far between.

However, several high-yield dividend stocks trade at compelling discounts right now, including Agree Realty (NYSE: ADC), Iron Mountain (NYSE: IRM), and Ryman Hospitality Properties (NYSE: RHP). Here's why value investors should take a closer look at these income stocks.

Agree Realty is a real estate investment trust (REIT) focused on free-standing retail properties. Last year, it generated $3.95 per share of adjusted funds from operations (FFO). With shares recently trading around $56 apiece, it sells for about 14 times FFO. That's quite a discount compared to the broader market indexes.

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Source Fool.com