Dividend yields have been falling over the past year because of the nearly unabated rally in the stock market. The S&P 500's dividend yield is down to about 1.2%, near its lowest level in about 20 years. That's down from 1.6% at this time last year, following a more than 30% rally in the broad market index.

While dividend yields are generally lower these days, there are still some compelling income opportunities. Here are four top dividend stocks yielding more than 4% to scoop up this December.

Brookfield Renewable

Brookfield Renewable (BEPC -0.70%) (BEP -0.26%) currently yields over 4.5%. The leading global renewable-energy producer has grown its payout at a 6% compound annual rate over the past 20 years. It expects to deliver 5% to 9% annual growth in the future.

Four catalysts power that plan. The company expects a combination of inflation-linked rate increases on its existing power purchase agreements, margin enhancement activities like capturing higher market prices as legacy contracts expire, development projects, and M&A activities to grow its funds from operations (FFO) per share by more than 10% annually over the next decade. That growth is highly visible and secured through 2029 and increasingly visible and secured beyond that timeframe. A big factor is the company's massive backlog of development projects, which alone should add 4% to 6% to its FFO per share each year through the end of the decade.

Chevron

Chevron (CVX 0.01%) currently yields just over 4%. The oil giant has increased its dividend annually for 37 straight years. It has grown its payout at a peer-leading pace over the past five years, including by 8% earlier this year.

The company currently expects to deliver more than 10% annual free cash flow growth through 2027, assuming oil averages $60 a barrel. Fueling that forecast is its high-return capital program focused on investing in growing its lowest-cost and highest-margin assets. Meanwhile, the plan has ample upside from higher oil prices and the company's strategy to acquire Hess, with the latter having the potential to more than double its free cash flow by 2027. Chevron also has a well-protected downside thanks to its strong balance sheet. It has the capacity to continue investing in its business, growing its dividend, and repurchasing shares at the low end of its $10 billion-$20 billion annual target range, even if oil prices average $50 a barrel over the next couple of years.

Realty Income

Realty Income (O -0.77%) currently yields 5.5%. The real estate investment trust (REIT) has increased its dividend for 30 straight years and the past 108 quarters in a row. It has grown its payout at a 4.3% compound annual rate since coming public three decades ago.

The REIT expects to grow its adjusted FFO per share at a 4% to 5% annual rate in the future, driven by rent growth and acquisitions. Realty Income has many ways to fund its expansion, including internally generated cash flow after paying dividends, capital recycling, its elite balance sheet, and its plan to tap the private capital markets. Meanwhile, it sources billions of dollars in deals each year, giving it many opportunities to expand its portfolio. That growth should enable the REIT to continue increasing its dividend.

Verizon

Verizon (VZ -0.10%) currently yields more than 6%. The mobile and broadband giant has increased its payment for 18 straight years, the longest current streak in the U.S. telecom sector.

The company is a cash flow machine. It produces enough cash to invest in expanding its network and pay its high-yielding dividend with ample room to spare. That excess cash enables Verizon to maintain a strong balance sheet. It's using its financial strength to buy Frontier Communications in a $20 billion deal that will expand its fiber network and earnings. The growth from that deal and its capital investments should enable Verizon to continue pushing its high-yielding payout even higher.

Top-notch dividend stocks

Brookfield Renewable, Chevron, Realty Income, and Verizon are top-tier dividend stocks. They offer high-yielding payouts that they should be able to continue growing in the future. That makes them great dividend stocks to buy hand over fist this December to boost your dividend income.