AllianceBernstein National Municipal Income Fund, Inc.
AFBFinancial Services · Stock · monthly payer
Forward Yield
5.37%
Annual Dividend
$0.60
Payout Ratio
70%
5-Yr Growth
-1.5%
Ex-Date
Jul 2, 2026
Frequency
Monthly
Summary
As of July 2026, AllianceBernstein National Municipal Income Fund, Inc. (AFB) yields 5.37% ($0.60 per share annually), with a blended fair-value estimate of $17.32 — +54% upside, so it screens as undervalued. Dividend safety grade: C (51/100). 2 years of dividend growth.
Is AFB a good dividend stock?
MixedAllianceBernstein National Municipal Income Fund, Inc. (AFB) pays a monthly dividend yielding 5.37% ($0.60/yr), with 2 years of growth and a dividend-safety grade of C. The picture is mixed — the dividend pays, but safety or growth signals are weaker than ideal.
Advantages
Risks
- Cut its dividend in 2023
- Dividend has been shrinking, not growing
- Share price is down over the past 5 years
Key Data
- Dividend Yield
- 5.37%
- Payout Ratio
- 70%
- Annual Dividend
- $0.60
- 5-Yr Avg Growth
- -1.5%
- Ex-Dividend Date
- Jul 2, 2026
- Years of Growth
- 2
- Frequency
- monthly
- Beta
- 0.66
- Market Cap
- $322.2M
- P/E Ratio
- 14.0
- 5-Yr Total Return
- -26%
- 52-Week Range
- $10.06 – $11.50
- Dividend Safety
- C · 51/100
- Ever Cut?
- Yes (2023)
Frequently Asked Questions
AFB Price — Last 12 Months
Daily close
Price Return
1 Year
+8%
3 Years
+8%
5 Years
-26%
52-Week Range
$10.06 – $11.50
Price change over each period (excludes dividends). Past performance doesn't guarantee future results.
What is AFB worth?
Undervaluedmedium confidenceOur blended fair-value estimate for AllianceBernstein National Municipal Income Fund, Inc. is $17.32 per share, versus a market price of $11.22. That implies 54% of upside — a margin of safety of about 35%.
Fair Value
$17.32
Current Price
$11.22
Upside
+54%
Margin of Safety
35%
How we get there
Discounted cash flow
Discounts projected free cash flow back to today.
Dividend discount
Discounts the future dividend stream back to today.
Earnings multiple (Graham)
Graham's earnings-multiple formula, anchored to bond yields.
At today's price, the market is pricing in about 40.0% annual free-cash-flow growth. We model 20.0% — so the price already assumes faster growth than we think is likely.
Assumptions: 7.6% discount rate (CAPM), 20.0% stage-1 growth, 2.5% terminal growth, $0.80 EPS, $0.60 annual dividend. Updated weekly.
Fair-value estimates are model output for educational purposes only — not investment advice or a price target.
AFB Dividend Safety Score
Borderline
SmarterDividends' proprietary score, backtested against which dividends were actually cut over 15+ years (0.78 AUC). It blends a validated cut-risk model (growth streak, cut history) with current payout, cash-flow and debt. Higher is safer · not investment advice.
Dividend Growth
Total dividends per share by year
Dividend History
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| Jul 2, 2026 | — | $0.0500 | regular |
| Jun 4, 2026 | — | $0.0500 | regular |
| May 7, 2026 | — | $0.0500 | regular |
| Apr 2, 2026 | — | $0.0500 | regular |
| Mar 5, 2026 | — | $0.0500 | regular |
| Feb 5, 2026 | — | $0.0500 | regular |
| Jan 8, 2026 | — | $0.0500 | regular |
| Dec 4, 2025 | — | $0.0500 | regular |
| Nov 6, 2025 | — | $0.0500 | regular |
| Oct 2, 2025 | — | $0.0470 | regular |
| Sep 4, 2025 | — | $0.0470 | regular |
| Aug 7, 2025 | — | $0.0400 | regular |
| Jul 3, 2025 | — | $0.0400 | regular |
| Jun 5, 2025 | — | $0.0400 | regular |
Income Calculator
At $0.60 / yr per share
