There are approximately 223 stocks trading on the TSX with a market cap greater than $1 billion.

Of those, only eight currently pay a dividend yielding 3% or more while also trading at less than one times book value. Three of them can get you growth and income while paying a reasonable price.

Option one

Edmonton-based Capital Power Corp. (TSX:CPX) has seen its stock decline in three of the last five years, providing its investors with a rather mediocre annualized return of 0.61% over that period, 421 basis points fewer than the S&P/TSX Composite Index.

The power-generation company owns and operates 18 facilities across North America that can generate 3,200 megawatts of power with another 700 megawatts in development. Over the past five years its various power plants averaged 93% availability on an annual basis. In Q1 2016, that availability hit 97%, 300 basis points higher than its target for 2016 in its entirety. Off to a good start, Capital Power announces its second-quarter earnings July 25 before the markets open.

Don’t be deceived by relatively anemic earnings per share of $0.22 over the trailing 12 months, Fool contributor Nelson Smith told readers July 13. When you take out depreciation and one-time charges, Capital Power actually generated $3.37 per share in free cash flow over the past year–significantly higher than its annual dividend of $1.46.

Currently yielding 7.7%, it trades at 0.7 times book.

Option two

I just came back from vacationing in PEI; everywhere I turned people were riding their bikes, whether it was through the city streets of Charlottetown or down a side road on the way to the north shore and Anne of Green Gables country.

Bikes continue to be a big part of the Dorel Industries Inc. (TSX:DII.B) story with Cannondale and Mongoose leading the charge, generating approximately 37% of its overall revenue in 2015. Fortunately for investors, it’s not the only part of its story.

Dorel also makes home furnishings, such as ready-to-assemble beds, mattresses, etc., along with juvenile products such as car seats, baby monitors, etc. If you’ve got a newborn, Dorel’s got you covered. Together, the three businesses generated annual 2015 revenues of almost US$3 billion.

Currently yielding 4.4%, it trades at 0.8 times book.

Option three

My final recommendation is Power Corporation of Canada (TSX:POW), the financial holding company controlled by Montreal’s Desmarais family. Power has its hands in a number of different financial services companies through its 65.6% interest in Power Financial Corp. (TSX:PWF). Those companies provide asset management and insurance products and services to people in many parts of the world, including Canada.

In early February, I explained to readers that Power Corporation had become a better buy than Power Financial in recent years, and I still believe that to be the case. Sure, Investors Group and Mackenzie Investments have a lot of work to do in order to meet the needs of investors in a post-CRM2 world, but recent investments in WealthSimple, one of Canada’s most prominent robo-advisors, suggests it has a plan for millennials.

Currently yielding 4.7%, it just made it under the wire, trading at 0.99 times book.

 Stock buy alert hits astounding 96% success rate!

The hand-picked investing team inside Stock Advisor Canada, recently issued a buy alert for one special type of "bread-and-butter" stock where The Motley Fool U.S. has banked profits on 23 out of 24 recommendations. Frankly, with an astounding 96% success rate that has delivered average returns of 260%, chances are this new pick could deliver life-changing returns as well. Because the team at Stock Advisor Canada fully embraces the same time-tested investing philosophies that have led to countless Motley Fool winners globally. So simply click here to unlock the full details behind this new recommendation and join Stock Advisor Canada.

*96% accuracy includes restaurant stock recommendations from Motley Fool U.S. services Stock Advisor, Rule Breakers, Hidden Gems, Income Investor and Inside Value since each services inception. Returns as of 5/27/16.

NEW! This Stock Could Be Like Buying Amazon In 1997

For only the 5th time in over 14 years, Motley Fool co-founder David Gardner just issued a Buy Recommendation on this recent Canadian IPO.

Stock Advisor Canada’s Chief Investment Adviser, Iain Butler, also recommended this company back in March – and it’s already up a whopping 57%!

Enter your email address below to claim your copy of this brand new report, “Breakthrough IPO Receives Rare Endorsement.”

Fool contributor Will Ashworth has no position in any stocks mentioned.