Eaton Vance Municipal Income 2028 Term Trust
ETXFinancial Services · Stock · monthly payer
Forward Yield
5.37%
Annual Dividend
$0.94
Payout Ratio
120%
5-Yr Growth
2.1%
Ex-Date
Sep 15, 2026
Frequency
Monthly
Summary
As of September 2026, Eaton Vance Municipal Income 2028 Term Trust (ETX) yields 5.37% ($0.94 per share annually), with a blended fair-value estimate of $31.09 — +78% upside, so it screens as undervalued. Dividend safety grade: C (54/100).
Is ETX a good dividend stock?
MixedEaton Vance Municipal Income 2028 Term Trust (ETX) pays a monthly dividend yielding 5.37% ($0.94/yr), with 0 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
- Elevated payout ratio (120%)
- Share price is down over the past 5 years
Key Data
- Dividend Yield
- 5.37%
- Payout Ratio
- 120%
- Annual Dividend
- $0.94
- 5-Yr Avg Growth
- 2.1%
- Ex-Dividend Date
- Sep 15, 2026
- Years of Growth
- 0
- Frequency
- monthly
- Beta
- —
- Market Cap
- $192.1M
- P/E Ratio
- 22.6
- 5-Yr Total Return
- -21%
- 52-Week Range
- $17.37 – $20.00
- Dividend Safety
- C · 54/100
- Ever Cut?
- Yes (2023)
Frequently Asked Questions
ETX Price — Last 12 Months
Daily close
Price Return
1 Year
-9%
3 Years
+4%
5 Years
-21%
52-Week Range
$17.37 – $20.00
Price change over each period (excludes dividends). Past performance doesn't guarantee future results.
What is ETX worth?
Undervaluedlow confidenceOur blended fair-value estimate for Eaton Vance Municipal Income 2028 Term Trust is $31.09 per share, versus a market price of $17.43. That implies 78% of upside — a margin of safety of about 44%.
Fair Value
$31.09
Current Price
$17.43
Upside
+78%
Margin of Safety
44%
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 -10.0% annual free-cash-flow growth. We model 1.9% — below our estimate, leaving room for upside if the business executes.
Assumptions: 9.3% discount rate (CAPM), 1.9% stage-1 growth, 2.5% terminal growth, $0.78 EPS, $0.94 annual dividend. Updated weekly.
Fair-value estimates are model output for educational purposes only — not investment advice or a price target.
ETX 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
Full ETX dividend history →| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| Sep 15, 2026 | — | $0.0780 | regular |
| Aug 14, 2026 | — | $0.0780 | regular |
| Jul 15, 2026 | — | $0.0780 | regular |
| Jun 15, 2026 | — | $0.0780 | regular |
| May 15, 2026 | — | $0.0780 | regular |
| Apr 15, 2026 | — | $0.0780 | regular |
| Mar 16, 2026 | — | $0.0780 | regular |
| Feb 17, 2026 | — | $0.0780 | regular |
| Jan 15, 2026 | — | $0.0780 | regular |
| Dec 15, 2025 | — | $0.0780 | regular |
| Nov 14, 2025 | — | $0.0780 | regular |
| Oct 15, 2025 | — | $0.0780 | regular |
| Sep 15, 2025 | — | $0.0780 | regular |
| Aug 15, 2025 | — | $0.0780 | regular |
Income Calculator
At $0.94 / yr per share
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