The stock market has pulled back a bit, but the reality is that the major market indices are still within a few percentage points of their all-time highs. However, there are some excellent bargains to be found in the world of dividend stocks, some of which are doing quite well and recently announced dividend increases.

With that in mind, here are two dividend stocks I believe are massively undervalued that could be worth a closer look for long-term investors right now.

A massive buyback and lots of potential

General Motors (GM -1.71%) recently made a two-in-one announcement. Not only did the company increase its quarterly dividend by 25%, but it announced a new $6 billion stock repurchase program.

Buybacks have been a major focus of GM's management, and with the stock trading for less than eight times earnings and strong 2025 guidance, it isn't a surprise. The company has completed $16 billion in repurchases since late 2023, and the newly announced plan will bring the total to $22 billion in less than two years. Keep in mind that GM is only a $48 billion market cap company.

GM has underperformed the market this year despite posting strong results in its latest earnings report. Not only did it beat expectations on the top and bottom line, but the company guided for $11 to $12 in earnings per share (EPS) for 2025, which means the stock is trading for just over four times forward earnings. Plus, the company has massive potential as its electric vehicle (EV) rollout ramps up while still maintaining a focus on its (high-margin) gas-powered trucks and SUVs. In fact, GM has the highest share of the U.S. EV market, other than Tesla (TSLA -3.04%), and only about 8% of the U.S. new vehicle industry is made of electric vehicles today -- but the percentage is steadily growing.

To be sure, there are some lingering headwinds, such as the threat of tariffs that could impact the company's profits. But this is an incredibly cheap stock that makes a lot of sense from a risk-reward perspective.

A unique high-dividend REIT with a long-tailed opportunity

EPR Properties (EPR 1.58%) is a real estate investment trust, or REIT, that specializes in experiential properties. The company owns movie theaters, "eat and play" properties (TopGolf is one of its largest tenants), ski resorts, waterparks, fitness and wellness properties, and more.

To be perfectly clear, the movie theaters represent the largest percentage of the company's rental income and also represent the biggest risk factor of owning the stock. In short, the future of the movie business isn't clear, and we've already seen several theater operators run into financial trouble.

However, EPR is taking prudent steps to lower its exposure and concentrate on its most valuable properties. For example, EPR sold two vacant theater properties in the fourth quarter and entered contracts to sell four more in the first half of 2025.

The business itself is doing quite well. EPR reported 5% growth in adjusted funds from operations (FFO) -- the real estate equivalent of "earnings" -- in Q4. The company has strong liquidity and few near-term debt maturities. And management is confident enough heading into 2025 that it just announced a 3.5% dividend increase. At the current share price, EPR has a dividend yield of about 6.9%. The stock trades for about 10 times the midpoint of management's 2025 adjusted FFO guidance, a remarkably cheap valuation for a company with steady rental income and growing earnings.

EPR has slowed its growth strategy while interest rates are relatively high, choosing to make selective acquisitions with its excess cash flow instead of by raising new capital. But the company sees a $100 billion long-term market opportunity, and the future could be very bright for this unique real estate business.