The S&P/TSX Composite Index slipped 23 points on Monday, May 24. Some of the worst-performing sectors included battery metals, information technology, financials, and health care. Today, I want to target two cheap stocks that are worth snatching up in the final days of April. Let’s jump in.

This dirt-cheap REIT offers a high yield and a bright future

Allied Properties REIT (TSX:AP.UN) is a real estate investment trust (REIT) that owns, manages, and develops urban office environments across Canada. Shares of Allied Properties REIT have climbed 2.2% month over month as of early afternoon trading on April 24. The stock is down 6.9% so far in 2023.

Investors can expect to see this REIT’s first-quarter (Q1) fiscal 2023 earnings later this month. In Q4 of fiscal 2022, the REIT delivered rental revenue growth of 10% year over year to $135 million. Meanwhile, it delivered adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $106 million — up 14% compared to the prior year.

For the full year, Allied Properties REIT achieved rental revenue growth of 9.9% to $519 million. Moreover, adjusted EBITDA climbed 10% compared to fiscal 2021 to $403 million. The REIT reported funds from operations (FFO) of $334 million, or $2.44 per diluted unit — up from $253 million, or $1.98 per diluted share. Overall, Allied Properties REIT put together strong earnings in fiscal 2022, priming the stock for lift off ahead of fiscal 2023.

Shares of this cheap stock currently possess a favourable price-to-earnings (P/E) ratio of 19, putting it in better trading territory compared to its industry peers. Better yet, Allied Properties REIT offers a monthly distribution of $0.15 per share. That represents a very tasty 7.4% yield.

I’m still bullish on this cheap stock in the insurance space

Manulife Financial (TSX:MFC) is the second cheap stock I’d look to target in the middle of the 2023 spring season. This Toronto-based company provides financial products and services in North America, Asia, and other parts of the world. Shares of this cheap stock have increased 7.8% so far in 2023. The stock is up 1.9% year over year.

This top Canadian insurance company released its final batch of fiscal 2022 earnings on February 15, 2023. Manulife posted net income attributable to shareholders of $7.3 billion — up $0.2 billion from fiscal 2021. Meanwhile, core earnings fell 7% to $6.2 billion. The company has continued to make strides in expanding its global reach as it aims to take advantage of a growing global middle class.

For the full year, Manulife reported total new business value of $2.02 billion. That was down from $2.24 billion in the previous year. Moreover, diluted earnings per common share increased to $3.68 over $3.54 in fiscal 2021.

This cheap stock currently possesses a very attractive P/E ratio of 7.1. Manulife last paid out a quarterly dividend of $0.365 per share, which represents a strong 5.5% yield. The company has delivered nine straight years of dividend growth, making it a Canadian Dividend Aristocrat.