Calamos Long/Short Equity & Dynamic Income Term Trust
CPZFinancial Services · Stock · monthly payer
Forward Yield
12.89%
Annual Dividend
$1.68
Payout Ratio
800%
5-Yr Growth
4.6%
Ex-Date
Sep 14, 2026
Frequency
Monthly
Summary
As of September 2026, Calamos Long/Short Equity & Dynamic Income Term Trust (CPZ) yields 12.89% ($1.68 per share annually), with a blended fair-value estimate of $28.11 — +115% upside, so it screens as undervalued. Dividend safety grade: B (69/100).
Is CPZ a good dividend stock?
Yes, with caveatsCalamos Long/Short Equity & Dynamic Income Term Trust (CPZ) pays a monthly dividend yielding 12.89% ($1.68/yr), with 0 years of growth and a dividend-safety grade of B. It's a solid income payer, but check the caveats below before buying.
Advantages
- Never cut its dividend on record
Risks
- Elevated payout ratio (800%)
- Very high yield can signal elevated risk
- Share price is down over the past 5 years
Key Data
- Dividend Yield
- 12.89%
- Payout Ratio
- 800%
- Annual Dividend
- $1.68
- 5-Yr Avg Growth
- 4.6%
- Ex-Dividend Date
- Sep 14, 2026
- Years of Growth
- 0
- Frequency
- monthly
- Beta
- —
- Market Cap
- $256.3M
- P/E Ratio
- 62.2
- 5-Yr Total Return
- -36%
- 52-Week Range
- $12.41 – $16.82
- Dividend Safety
- B · 69/100
- Ever Cut?
- No
Frequently Asked Questions
CPZ Price — Last 12 Months
Daily close
Price Return
1 Year
-19%
3 Years
-12%
5 Years
-36%
52-Week Range
$12.41 – $16.82
Price change over each period (excludes dividends). Past performance doesn't guarantee future results.
What is CPZ worth?
Undervaluedlow confidenceOur blended fair-value estimate for Calamos Long/Short Equity & Dynamic Income Term Trust is $28.11 per share, versus a market price of $13.06. That implies 115% of upside — a margin of safety of about 54%.
Fair Value
$28.11
Current Price
$13.06
Upside
+115%
Margin of Safety
54%
How we get there
Dividend discount
Discounts the future dividend stream back to today.
At today's price, the market is pricing in about -10.0% annual free-cash-flow growth. We model 4.9% — below our estimate, leaving room for upside if the business executes.
Assumptions: 9.3% discount rate (CAPM), 4.9% stage-1 growth, 2.5% terminal growth, $0.21 EPS, $1.68 annual dividend. Updated weekly.
Fair-value estimates are model output for educational purposes only — not investment advice or a price target.
CPZ Dividend Safety Score
Safe
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 |
|---|---|---|---|
| Aug 14, 2026 | — | $0.1400 | regular |
| Jul 14, 2026 | — | $0.1400 | regular |
| Jun 12, 2026 | — | $0.1400 | regular |
| May 14, 2026 | — | $0.1400 | regular |
| Apr 14, 2026 | — | $0.1400 | regular |
| Mar 13, 2026 | — | $0.1400 | regular |
| Feb 13, 2026 | — | $0.1400 | regular |
| Dec 30, 2025 | — | $0.1400 | regular |
| Dec 12, 2025 | — | $0.1400 | regular |
| Nov 14, 2025 | — | $0.1400 | regular |
| Oct 15, 2025 | — | $0.1400 | regular |
| Sep 15, 2025 | — | $0.1400 | regular |
| Aug 14, 2025 | — | $0.1400 | regular |
| Jul 14, 2025 | — | $0.1400 | regular |
Income Calculator
At $1.68 / yr per share
