Western Asset High Income Fund II Inc.
HIXFinancial Services · Stock · monthly payer
Forward Yield
14.85%
Annual Dividend
$0.59
Payout Ratio
115%
5-Yr Growth
0.0%
Ex-Date
Jul 24, 2026
Frequency
Monthly
Summary
As of July 2026, Western Asset High Income Fund II Inc. (HIX) yields 14.85% ($0.59 per share annually), with a blended fair-value estimate of $6.02 — +52% upside, so it screens as undervalued. Dividend safety grade: C (63/100).
Is HIX a good dividend stock?
Yes, with caveatsWestern Asset High Income Fund II Inc. (HIX) pays a monthly dividend yielding 14.85% ($0.59/yr), with 0 years of growth and a dividend-safety grade of C. It's a solid income payer, but check the caveats below before buying.
Advantages
Risks
- Cut its dividend in 2018
- Elevated payout ratio (115%)
- Very high yield can signal elevated risk
- Share price is down over the past 5 years
Key Data
- Dividend Yield
- 14.85%
- Payout Ratio
- 115%
- Annual Dividend
- $0.59
- 5-Yr Avg Growth
- 0.0%
- Ex-Dividend Date
- Jul 24, 2026
- Years of Growth
- 0
- Frequency
- monthly
- Beta
- 0.91
- Market Cap
- $360.3M
- P/E Ratio
- 7.8
- 5-Yr Total Return
- -47%
- 52-Week Range
- $3.75 – $4.40
- Dividend Safety
- C · 63/100
- Ever Cut?
- Yes (2018)
Frequently Asked Questions
HIX Price — Last 12 Months
Daily close
Price Return
1 Year
-8%
3 Years
-18%
5 Years
-47%
52-Week Range
$3.75 – $4.40
Price change over each period (excludes dividends). Past performance doesn't guarantee future results.
What is HIX worth?
Undervaluedmedium confidenceOur blended fair-value estimate for Western Asset High Income Fund II Inc. is $6.02 per share, versus a market price of $3.96. That implies 52% of upside — a margin of safety of about 34%.
Fair Value
$6.02
Current Price
$3.96
Upside
+52%
Margin of Safety
34%
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 0.0% — below our estimate, leaving room for upside if the business executes.
Assumptions: 8.9% discount rate (CAPM), 0.0% stage-1 growth, 2.5% terminal growth, $0.51 EPS, $0.59 annual dividend. Updated weekly.
Fair-value estimates are model output for educational purposes only — not investment advice or a price target.
HIX 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 |
|---|---|---|---|
| Jun 23, 2026 | — | $0.0490 | regular |
| May 21, 2026 | — | $0.0490 | regular |
| Apr 23, 2026 | — | $0.0490 | regular |
| Mar 24, 2026 | — | $0.0490 | regular |
| Feb 20, 2026 | — | $0.0490 | regular |
| Jan 23, 2026 | — | $0.0490 | regular |
| Dec 23, 2025 | — | $0.0490 | regular |
| Nov 20, 2025 | — | $0.0490 | regular |
| Oct 24, 2025 | — | $0.0490 | regular |
| Sep 23, 2025 | — | $0.0490 | regular |
| Aug 22, 2025 | — | $0.0490 | regular |
| Jul 24, 2025 | — | $0.0490 | regular |
| Jun 23, 2025 | — | $0.0490 | regular |
| May 22, 2025 | — | $0.0490 | regular |
Income Calculator
At $0.59 / yr per share
