Beware Bubble in Dividend Stocks: Pro

A few market sectors could be seeing a bubble because of the hunt for yield, Barbara Marcin of GAMCO Investors said Monday.

The areas where overvaluation might be occurring, she said, were "any sector that you think people have been buying really just for the yield – maybe telecom, utility, things like REITs, things like that."

Marcin runs the Gabelli Dividend Growth Fund, with $1.3 billion in assets under management. Her top picks included AIG, Apple, ConocoPhillips and International Paper.

On CNBC's "Fast Money," Marcin said that chasing yield wasn't always the right move for investors.

"The argument that you should be in dividend-paying stocks in place of something like a CD or fixed-income is silly because to pick up 3 or 4 percent vs. 1 or 2 on these other things, it's not as if you're picking up 6 or 7 percent," she said.

"But I think people have been doing that. Certainly we've been hearing that for the past couple of years."