Sell a stock that has appreciated to buy another one that is cheaper?

In my selection criteria, I am looking for titles with a long history of growing dividends. The yield must be attractive without jeopardizing its future payment. Sometimes the company keeps increasing its profits and dividends, but the stock price is increasing faster than the fundamentals. Accordingly, while the return on your purchase cost is attractive, the current yield is miserable. 

The stock has delivered solid capital gains since initial purchase. Some investors are now wondering whether owning these securities still makes sense, given the low yields currently available. By swapping your poBy swapping positions that have appreciated significantly with stocks that offer better returns, you could significantly increase your income. This would be a mistake, however, since a priori nothing has fundamentally changed, apart from the price. 

Furthermore, if the price has risen, it is often also a reflection of excellent future growth prospects, which will likely lead to further increases in profits and therefore in the dividend. Stocks may offer low returns even as the company continues to grow. This will lead to a higher dividend stream coupled with solid capital appreciation potential. 

As a dividend investor, I expect to hold my positions for as long as possible, so that they generate a total return of several hundred percent over the next few decades. By selling the stocks just because the current yield is low, I would risk reducing my long-term returns.

Also, I'm not a big fan of chasing high yields. If I were to systematically replace my stocks with those that offer a higher yield, I would have to accept higher payout ratios and therefore run the risk of a dividend cut.