Verizon Communications (NYSE: VZ) stock has taken a beating for a while now. Over the past three years, its shares are down close to 40%, and the stock is trading around the levels it was at in 2011. While the business hasn't been generating massive growth, it hasn't become an incredibly risky stock to own, either.

Investors appear to be overly bearish on the stock amid rising interest rates and concerns about where the economy is heading, and what that might mean for Verizon. Here's why the stock could be a steal of a deal for dividend investors right now.

On Oct. 24, Verizon posted its third-quarter earnings, for the period ending Sept. 30. Although revenue of $33.3 billion was down 2.6% and profits also fell by 2.8% to $4.9 billion, it was the strong free cash flow that should have investors bullish on the business.

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Source Fool.com