The FTSE 100 keeps going from strength to strength. It’s up 8% so far in 2026, and since the Footsie’s bull run began 18 months ago, it’s risen an impressive 35% in value.

As a result, ISA investors seeking cheap, quality shares need to do more leg work than before. Yet it isn’t impossible to find bona-fide bargains. Plenty of FTSE 100 stocks still carry low valuations following years of underperformance. Some have also failed to follow the broader index higher more recently and therefore still offer great value.

FTSE shares are especially popular with Stocks and Shares ISA investors chasing dividend income. So here I’m looking at two value powerhouses that carry low price-to-earnings (P/E) ratios and sky-high dividend yields.

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Legal & General

This is the single-largest holding in my own passive income portfolio. It isn’t tough to see why. At 7.6%, it has the second-highest yield on the FTSE 100. It has also raised dividends every year since the Great Financial Crisis (if you strip out pandemic-hit 2020 when payouts were frozen).

Competition’s a rising threat across Legal & General‘s (LSE:LGEN) product lines. Yet I’m optimistic it will remain a terrific long-term dividend share. It’s likely to continue generating large amounts of cash as its markets steadily grow, helped by its increased focus on fast-growing and capital-light businesses (such as asset management).

With lower capital expenditure, Legal & General should have more money to use for share buybacks and dividends. The business is targeting £5bn-£6bn of Solvency II operational cash surplus generation between 2025 and 2027 alone.

Right now, Legal & General shares carry a P/E of just 7.9. Combined with that huge yield, it offers incredible value, in my book.

Tritax Big Box REIT

Real estate investment trusts (REITs) have become unpopular due to inflationary pressures. As interest rates likely rise, their asset values will likely suffer. This leaves some serious bargains, in my view, and one notable example is FTSE 100-listed Tritax Big Box (LSE:BBOX).

Its P/E ratio of 8.6 sits below the REIT average of 11-12. Its dividend yield meanwhile, is 5.9%. REITs like this often come with super-sized yields like this, as they are required to pay at least 90% of annual rental earnings out in dividends. Recent share price weakness has turbocharged the yield on offer here.

I like this particular trust because of its huge development pipeline, coupled with its focus on fast-growing sectors. Demand for logistics hubs and data centres is tipped to rocket, thanks to e-commerce and AI. This could underpin large and growing dividends for years to come.

2 top dividend shares

In the meantime, strong balance sheets put these shares in good shape to pay the huge dividends analysts expect today. Tritax’s loan-to-value (LTV) ratio sits at 32.1%, well within the targeted 30%-35%.

Meanwhile, Legal & General’s Solvency II capital ratio of 210% is double regulators ask for, providing plenty of financial flexibility for dividends. I think either of these FTSE 100 shares require serious consideration, like the top income stock discussed in the following free wealth report.

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Royston Wild owns shares in Legal & General.