SmarterDividends
MHF

Western Asset Municipal High Income Fund Inc.

MHF

Financial Services · Asset Management · Stock · monthly payer

$6.42

Undervalued · +40% Add to Portfolio

Forward Yield

6.36%

Annual Dividend

$0.41

Payout Ratio

109%

5-Yr Growth

7.8%

Ex-Date

Oct 23, 2026

Frequency

Monthly

Key facts about MHF's dividend

Data as of · Source: SmarterDividends data

  • As of Oct 18, 2026, Western Asset Municipal High Income Fund Inc. (MHF) has a forward dividend yield of 6.36%, based on an annual dividend of $0.41 per share and a share price of $6.42.
  • As of Oct 18, 2026, MHF's dividend safety grade from SmarterDividends is C (53 out of 100), which rates the dividend as borderline.
  • By SmarterDividends' count, Western Asset Municipal High Income Fund Inc. (MHF) has raised its dividend for 3 consecutive years as of Oct 18, 2026.
  • MHF last cut its regular dividend in 2022.
  • MHF's next ex-dividend date is Oct 23, 2026, with payment on Oct 30, 2026. Shares must be owned before that date to receive the dividend.
  • As of Oct 18, 2026, MHF pays out 109% of its trailing 12-month earnings as dividends (its payout ratio).
  • MHF's dividend has grown at an average rate of 7.8% a year over the past five years.
  • As of Oct 18, 2026, MHF's 6.36% yield is 45% above its five-year average yield of 4.39%.
  • As of Oct 18, 2026, SmarterDividends' blended fair-value estimate for MHF is $9.01 per share, 40% above the $6.42 share price, so MHF screens as undervalued.
  • Western Asset Municipal High Income Fund Inc. (MHF) pays its dividend monthly, 12 times a year.
  • Western Asset Municipal High Income Fund Inc. (MHF) has raised its regular dividend 15 times and cut it 32 times across the 445 payments on record since 1989. Its most recent change was a 54.5% increase to $0.0340 per share, going ex-dividend on Mar 20, 2024. The last cut went ex-dividend on Dec 22, 2021.
Cite this page

SmarterDividends, "MHF Dividend: Yield, Safety Grade & Next Ex-Date," updated Oct 18, 2026, https://smarterdividends.com/stocks/MHF

Summary

As of Oct 18, 2026, Western Asset Municipal High Income Fund Inc. (MHF) yields 6.36% ($0.41 a year per share), has a dividend safety grade of C (53/100) and has 3 consecutive years of dividend increases on record.

Is MHF a good dividend stock?

Mixed

Western Asset Municipal High Income Fund Inc. (MHF) pays a monthly dividend yielding 6.36% ($0.41/yr), with 3 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

  • Strong 7.8% 5-yr dividend growth

Risks

  • Cut its dividend in 2022
  • Elevated payout ratio (109%)
  • Share price is down over the past 5 years

Key Data

Dividend Yield
6.36%
Payout Ratio
109%
Annual Dividend
$0.41
5-Yr Avg Growth
7.8%
Ex-Dividend Date
Oct 23, 2026
Years of Growth
3
Frequency
monthly
Beta
0.49
Market Cap
$142.7M
P/E Ratio
17.4
5-Yr Total Return
-23%
52-Week Range
$5.84 – $7.33
Dividend Safety
C · 53/100
Ever Cut?
Yes (2022)

MHF dividend raises and cuts

Western Asset Municipal High Income Fund Inc. (MHF) has raised its regular dividend 15 times and cut it 32 times across the 445 payments on record since 1989. Its most recent change was a 54.5% increase to $0.0340 per share, going ex-dividend on Mar 20, 2024. The last cut went ex-dividend on Dec 22, 2021.

Ex-dateChangeOld → newMove
Mar 20, 2024Raise$0.0220 → $0.0340+54.5%
Dec 20, 2023Raise$0.0210 → $0.0220+4.8%
Sep 21, 2023Raise$0.0200 → $0.0210+5.0%
Dec 22, 2021Cut$0.0220 → $0.0200−9.1%
Sep 22, 2020Cut$0.0240 → $0.0220−8.3%
Dec 19, 2019Cut$0.0260 → $0.0240−7.7%
Dec 21, 2016Cut$0.0270 → $0.0260−3.7%
Jun 15, 2016Cut$0.0280 → $0.0270−3.6%
Dec 16, 2015Cut$0.0290 → $0.0280−3.4%
Sep 17, 2014Cut$0.0310 → $0.0290−6.5%
Mar 13, 2013Cut$0.0330 → $0.0310−6.1%
Jun 20, 2012Cut$0.0350 → $0.0330−5.7%
Show all 47 changes since 1990
Ex-dateChangeOld → newMove
Sep 21, 2011Cut$0.0370 → $0.0350−5.4%
Sep 17, 2008Raise$0.0360 → $0.0370+2.8%
Jun 18, 2008Raise$0.0350 → $0.0360+2.9%
Mar 18, 2008Raise$0.0340 → $0.0350+2.9%
Jun 17, 2005Cut$0.0390 → $0.0340−12.8%
Mar 17, 2005Cut$0.0400 → $0.0390−2.5%
Dec 23, 2004Cut$0.0420 → $0.0400−4.8%
Sep 17, 2004Cut$0.0440 → $0.0420−4.5%
Aug 20, 2004Cut$0.0460 → $0.0440−4.3%
Feb 20, 2004Cut$0.0470 → $0.0460−2.1%
Jun 21, 2002Cut$0.0490 → $0.0470−4.1%
May 23, 2002Raise$0.0480 → $0.0490+2.1%
Apr 19, 2002Cut$0.0490 → $0.0480−2.0%
Mar 15, 2002Raise$0.0480 → $0.0490+2.1%
Jan 17, 2002Cut$0.0490 → $0.0480−2.0%
Dec 20, 2001Raise$0.0480 → $0.0490+2.1%
Nov 23, 2001Cut$0.0490 → $0.0480−2.0%
Sep 21, 2001Raise$0.0480 → $0.0490+2.1%
Jul 20, 2001Cut$0.0490 → $0.0480−2.0%
Nov 18, 1999Raise$0.0480 → $0.0490+2.1%
Oct 22, 1999Cut$0.0490 → $0.0480−2.0%
Sep 17, 1999Raise$0.0480 → $0.0490+2.1%
Jul 23, 1999Cut$0.0490 → $0.0480−2.0%
Jun 18, 1999Raise$0.0480 → $0.0490+2.1%
Nov 19, 1998Cut$0.0510 → $0.0480−5.9%
Jun 19, 1998Cut$0.0520 → $0.0510−1.9%
Dec 19, 1996Raise$0.0510 → $0.0520+2.0%
Dec 21, 1995Cut$0.0540 → $0.0510−5.6%
Oct 18, 1993Cut$0.0550 → $0.0540−1.8%
Sep 17, 1993Raise$0.0540 → $0.0550+1.9%
Aug 18, 1993Cut$0.0550 → $0.0540−1.8%
Dec 17, 1992Cut$0.0560 → $0.0550−1.8%
Nov 16, 1992Cut$0.0570 → $0.0560−1.8%
Nov 15, 1991Cut$0.0620 → $0.0570−8.1%
Jan 18, 1990Cut$0.0650 → $0.0620−4.6%
Every MHF payment →Download every raise and cut (CSV)
MHF ex-dividend date & scheduleNext ex-date Oct 23, 2026 · full ex-dividend historyView →MHF dividend historyEvery payment, totals by year, raises and cutsView →

Frequently Asked Questions

Is MHF a good dividend stock?

Mixed. Western Asset Municipal High Income Fund Inc. (MHF) pays a monthly dividend yielding 6.36% ($0.41/yr), with 3 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 MHF undervalued?

Based on a blend of discounted cash flow, a dividend-discount model and an earnings-multiple estimate, MHF's fair value is about $9.01 versus a $6.42 share price — so it looks undervalued (+40% vs. fair value).

Is MHF's dividend safe?

MHF has a dividend-safety grade of C (53/100), based on its payout coverage, free-cash-flow, 3-year growth streak, a dividend cut in 2022, debt and yield-versus-history.

What is MHF's fair value?

Our blended fair-value estimate for MHF is about $9.01 per share, roughly 40% above the current $6.42 price — combining a discounted cash flow, a dividend-discount model and an earnings multiple.

Is MHF a buy, hold, or sell?

We don't issue formal ratings, but on the data MHF screens as "mixed" and undervalued. Western Asset Municipal High Income Fund Inc. (MHF) pays a monthly dividend yielding 6.36% ($0.41/yr), with 3 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 MHF cut its dividend?

MHF earns a dividend-safety grade of C (53/100), and has cut its dividend before (last in 2022). A higher score means lower cut risk based on payout coverage, cash flow and history — but no score guarantees a dividend.

Does MHF pay a dividend?

Yes. Western Asset Municipal High Income Fund Inc. pays a monthly dividend of about $0.41 per share annually, a forward yield of roughly 6.36%.

What is MHF's dividend yield?

As of Oct 18, 2026, MHF's forward dividend yield is 6.36%, based on a $0.41 annual dividend and a $6.42 share price.

What is MHF's dividend per share?

As of Oct 18, 2026, MHF pays $0.41 per share per year, distributed on a monthly basis.

What is MHF's dividend payout ratio?

As of Oct 18, 2026, MHF's payout ratio is 109% of trailing 12-month earnings — an elevated level worth watching, as it leaves less cushion if earnings dip.

How many years has MHF grown its dividend?

As of Oct 18, 2026, MHF has increased its dividend for 3 consecutive years.

When is the next MHF ex-dividend date?

As of Oct 18, 2026, the next ex-dividend date on record for MHF is Oct 23, 2026.

Income Calculator

At $0.41 / yr per share

Per payment (monthly)$3.42
Annual$41.00
Monthly avg$3.42

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