SmarterDividends
AFB

AllianceBernstein National Municipal Income Fund (AFB) Dividend

AllianceBernstein National Municipal Income Fund, Inc. · Financial Services · Asset Management · monthly payer

$10.46

Undervalued · +111% Add to Portfolio

As of Nov 8, 2026, AllianceBernstein National Municipal Income Fund (AFB) pays a monthly dividend of $0.0670 per share, or $0.80 a year, a 7.69% yield at its $10.46 share price. It pays every month. It has raised its dividend 2 years in a row and has a dividend safety grade of C.

Forward Yield

7.69%

Annual Dividend

$0.80

Payout Ratio

71%

5-Yr Growth

-3.1%

Ex-Date

Nov 5, 2026

Frequency

Monthly

Key facts about AFB's dividend

Data as of · Source: SmarterDividends data

  • As of Nov 8, 2026, AllianceBernstein National Municipal Income Fund, Inc. (AFB) has a forward dividend yield of 7.69%, based on an annual dividend of $0.80 per share and a share price of $10.46.
  • As of Nov 8, 2026, AFB's dividend safety grade from SmarterDividends is C (52 out of 100), which rates the dividend as borderline.
  • By SmarterDividends' count, AllianceBernstein National Municipal Income Fund, Inc. (AFB) has raised its dividend for 2 consecutive years as of Nov 8, 2026.
  • AFB last cut its regular dividend in 2023.
  • AFB's most recent ex-dividend date was Nov 5, 2026, for a dividend of $0.0670 per share.
  • As of Nov 8, 2026, AFB pays out 71% of its trailing 12-month earnings as dividends (its payout ratio).
  • AFB's dividend has shrunk at an average rate of 3.1% a year over the past five years.
  • As of Nov 8, 2026, AFB's 7.69% yield is 79% above its five-year average yield of 4.28%.
  • As of Nov 8, 2026, SmarterDividends' blended fair-value estimate for AFB is $22.02 per share, 111% above the $10.46 share price, so AFB screens as undervalued.
  • AllianceBernstein National Municipal Income Fund, Inc. (AFB) pays its dividend monthly, 12 times a year.
  • AllianceBernstein National Municipal Income Fund, Inc. (AFB) has raised its regular dividend 9 times and cut it 11 times across the 297 payments on record since 2002. Its most recent change was a 34.0% increase to $0.0670 per share, going ex-dividend on Nov 5, 2026. The last cut went ex-dividend on Dec 1, 2022.
Cite this page

SmarterDividends, "AFB Dividend: Yield, Safety Grade & Next Ex-Date," updated Nov 8, 2026, https://smarterdividends.com/stocks/AFB

Is AFB a good dividend stock?

Mixed

AllianceBernstein National Municipal Income Fund, Inc. (AFB) pays a monthly dividend yielding 7.69% ($0.80/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
    7.69%
    Payout Ratio
    71%
    Annual Dividend
    $0.80
    5-Yr Avg Growth
    -3.1%
    Ex-Dividend Date
    Nov 5, 2026
    Years of Growth
    2
    Frequency
    monthly
    Beta
    0.71
    Market Cap
    $300.7M
    P/E Ratio
    13.1
    5-Yr Total Return
    -30%
    52-Week Range
    $9.28 – $11.50
    Dividend Safety
    C · 52/100
    Ever Cut?
    Yes (2023)

    AFB dividend raises and cuts

    AllianceBernstein National Municipal Income Fund, Inc. (AFB) has raised its regular dividend 9 times and cut it 11 times across the 297 payments on record since 2002. Its most recent change was a 34.0% increase to $0.0670 per share, going ex-dividend on Nov 5, 2026. The last cut went ex-dividend on Dec 1, 2022.

    Ex-dateChangeOld → newMove
    Nov 5, 2026Raise$0.0500 → $0.0670+34.0%
    Nov 6, 2025Raise$0.0470 → $0.0500+6.4%
    Sep 4, 2025Raise$0.0400 → $0.0470+17.5%
    Oct 3, 2024Raise$0.0360 → $0.0400+11.1%
    Sep 5, 2024Raise$0.0330 → $0.0360+9.1%
    Dec 1, 2022Cut$0.0450 → $0.0330−26.7%
    Apr 7, 2022Cut$0.0530 → $0.0450−15.1%
    Jun 4, 2020Raise$0.0460 → $0.0530+15.2%
    Jan 4, 2018Cut$0.0520 → $0.0460−11.5%
    Mar 1, 2017Cut$0.0550 → $0.0520−5.5%
    Jul 6, 2016Cut$0.0620 → $0.0550−11.3%
    Dec 2, 2015Cut$0.0660 → $0.0620−6.1%
    Show all 20 changes since 2003
    Ex-dateChangeOld → newMove
    Mar 4, 2015Cut$0.0730 → $0.0660−9.6%
    Mar 6, 2013Cut$0.0770 → $0.0730−5.2%
    Jan 2, 2013Cut$0.0780 → $0.0770−1.3%
    Jan 12, 2010Raise$0.0760 → $0.0780+2.6%
    Mar 4, 2009Raise$0.0660 → $0.0760+15.2%
    Nov 1, 2006Cut$0.0830 → $0.0660−20.5%
    Dec 3, 2003Raise$0.0790 → $0.0830+5.1%
    Oct 1, 2003Cut$0.0800 → $0.0790−1.3%
    Every AFB payment →Download every raise and cut (CSV)
    AFB ex-dividend date & scheduleNext ex-date Nov 5, 2026 · full ex-dividend historyView →AFB dividend historyEvery payment, totals by year, raises and cutsView →AFB dividend calculator100 shares pay $80.00 a year, $6.67 each monthCalculate →AFB total return calculatorWhat $10,000 became, with dividends reinvested or taken as cashSee →

    Frequently Asked Questions

    Is AFB a good dividend stock?

    Mixed. AllianceBernstein National Municipal Income Fund, Inc. (AFB) pays a monthly dividend yielding 7.69% ($0.80/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.

    Is AFB undervalued?

    Based on a blend of discounted cash flow, a dividend-discount model and an earnings-multiple estimate, AFB's fair value is about $22.02 versus a $10.46 share price — so it looks undervalued (+111% vs. fair value).

    Is AFB's dividend safe?

    AFB has a dividend-safety grade of C (52/100), based on its payout coverage, free-cash-flow, 2-year growth streak, a dividend cut in 2023, debt and yield-versus-history.

    What is AFB's fair value?

    Our blended fair-value estimate for AFB is about $22.02 per share, roughly 111% above the current $10.46 price — combining a discounted cash flow, a dividend-discount model and an earnings multiple.

    Is AFB a buy, hold, or sell?

    We don't issue formal ratings, but on the data AFB screens as "mixed" and undervalued. AllianceBernstein National Municipal Income Fund, Inc. (AFB) pays a monthly dividend yielding 7.69% ($0.80/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. This is research for your own analysis, not investment advice.

    Will AFB cut its dividend?

    AFB earns a dividend-safety grade of C (52/100), and has cut its dividend before (last in 2023). A higher score means lower cut risk based on payout coverage, cash flow and history — but no score guarantees a dividend.

    Does AFB pay a dividend?

    Yes. AllianceBernstein National Municipal Income Fund, Inc. pays a monthly dividend of about $0.80 per share annually, a forward yield of roughly 7.69%.

    How much dividend does 100 shares of AFB pay?

    At $0.80 per share a year, 100 shares of AFB pay $80.00 a year in dividends before tax, about $6.67 each month. Buying them costs about $1,046 at the Nov 8, 2026 price.

    What is AFB's dividend yield?

    As of Nov 8, 2026, AFB's forward dividend yield is 7.69%, based on a $0.80 annual dividend and a $10.46 share price.

    What is AFB's dividend per share?

    As of Nov 8, 2026, AFB pays $0.80 per share per year, distributed on a monthly basis.

    What is AFB's dividend payout ratio?

    As of Nov 8, 2026, AFB's payout ratio is 71% of trailing 12-month earnings — a moderate level that's generally sustainable.

    How many years has AFB grown its dividend?

    As of Nov 8, 2026, AFB has increased its dividend for 2 consecutive years.

    When is the next AFB ex-dividend date?

    As of Nov 8, 2026, AFB's next ex-dividend date hasn't been announced. The most recent was Nov 5, 2026, for $0.0670 per share.

    Income Calculator

    At $0.80 / yr per share

    Per payment (monthly)$6.67
    Annual$80.00
    Monthly avg$6.67
    Full AFB dividend calculator →

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