Western Asset Managed Municipals Fund (MMU) Dividend

Western Asset Managed Municipals Fund Inc. · Financial Services · Asset Management · monthly payer

$9.53

As of Nov 8, 2026, Western Asset Managed Municipals Fund (MMU) pays a monthly dividend of $0.0550 per share, or $0.65 a year, a 6.86% yield at its $9.53 share price. The next ex-dividend date is Nov 20, 2026, paid Dec 4, 2026. It has raised its dividend 2 years in a row and has a dividend safety grade of C.

Forward Yield

6.86%

Annual Dividend

$0.65

Payout Ratio

69%

5-Yr Growth

4.1%

Ex-Date

Nov 20, 2026

Frequency

Monthly

Key facts about MMU's dividend

Data as of Nov 8, 2026 · Source: SmarterDividends data

As of Nov 8, 2026, Western Asset Managed Municipals Fund Inc. (MMU) has a forward dividend yield of 6.86%, based on an annual dividend of $0.65 per share and a share price of $9.53.
As of Nov 8, 2026, MMU's dividend safety grade from SmarterDividends is C (60 out of 100), which rates the dividend as borderline.
By SmarterDividends' count, Western Asset Managed Municipals Fund Inc. (MMU) has raised its dividend for 2 consecutive years as of Nov 8, 2026.
MMU last cut its regular dividend in 2023.
MMU's next ex-dividend date is Nov 20, 2026, with payment on Dec 4, 2026. Shares must be owned before that date to receive the dividend.
As of Nov 8, 2026, MMU pays out 69% of its trailing 12-month earnings as dividends (its payout ratio).
MMU's dividend has grown at an average rate of 4.1% a year over the past five years.
As of Nov 8, 2026, MMU's 6.86% yield is 35% above its five-year average yield of 5.07%.
As of Nov 8, 2026, SmarterDividends' blended fair-value estimate for MMU is $13.86 per share, 45% above the $9.53 share price, so MMU screens as undervalued.
Western Asset Managed Municipals Fund Inc. (MMU) pays its dividend monthly, 12 times a year.
Western Asset Managed Municipals Fund Inc. (MMU) has raised its regular dividend 17 times and cut it 23 times across the 408 payments on record since 1992. Its most recent change was a 31.0% increase to $0.0550 per share, going ex-dividend on Mar 20, 2024. The last cut went ex-dividend on Dec 21, 2022.

Cite this page

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

Is MMU a good dividend stock?

Yes, with caveats

Western Asset Managed Municipals Fund Inc. (MMU) pays a monthly dividend yielding 6.86% ($0.65/yr), with 2 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 2023
Share price is down over the past 5 years

Key Data

Dividend Yield: 6.86%
Payout Ratio: 69%
Annual Dividend: $0.65
5-Yr Avg Growth: 4.1%
Ex-Dividend Date: Nov 20, 2026
Years of Growth: 2
Frequency: monthly
Beta: 0.56
Market Cap: $517.8M
P/E Ratio: 10.0
5-Yr Total Return: -27%
52-Week Range: $8.71 – $10.71
Dividend Safety: C · 60/100
Ever Cut?: Yes (2023)

MMU dividend raises and cuts

Western Asset Managed Municipals Fund Inc. (MMU) has raised its regular dividend 17 times and cut it 23 times across the 408 payments on record since 1992. Its most recent change was a 31.0% increase to $0.0550 per share, going ex-dividend on Mar 20, 2024. The last cut went ex-dividend on Dec 21, 2022.

Ex-date	Change	Old → new	Move
Mar 20, 2024	Raise	$0.0420 → $0.0550	+31.0%
Dec 20, 2023	Raise	$0.0370 → $0.0420	+13.5%
Dec 21, 2022	Cut	$0.0390 → $0.0370	−5.1%
Mar 23, 2022	Cut	$0.0410 → $0.0390	−4.9%
Sep 22, 2021	Cut	$0.0430 → $0.0410	−4.7%
Mar 23, 2021	Cut	$0.0450 → $0.0430	−4.4%
Dec 19, 2019	Cut	$0.0510 → $0.0450	−11.8%
Sep 19, 2019	Cut	$0.0580 → $0.0510	−12.1%
Jun 21, 2018	Cut	$0.0630 → $0.0580	−7.9%
Dec 21, 2016	Cut	$0.0650 → $0.0630	−3.1%
Jan 19, 2011	Cut	$0.0680 → $0.0650	−4.4%
Dec 21, 2010	Raise	$0.0650 → $0.0680	+4.6%

Show all 40 changes since 1993

Ex-date	Change	Old → new	Move
Mar 17, 2010	Raise	$0.0600 → $0.0650	+8.3%
Sep 16, 2009	Raise	$0.0550 → $0.0600	+9.1%
Jun 17, 2009	Raise	$0.0500 → $0.0550	+10.0%
Mar 18, 2009	Raise	$0.0450 → $0.0500	+11.1%
Dec 20, 2006	Cut	$0.0460 → $0.0450	−2.2%
Jun 17, 2005	Cut	$0.0520 → $0.0460	−11.5%
Dec 23, 2004	Cut	$0.0550 → $0.0520	−5.5%
Sep 17, 2004	Cut	$0.0580 → $0.0550	−5.2%
Mar 21, 2003	Raise	$0.0560 → $0.0580	+3.6%
Nov 21, 2002	Raise	$0.0550 → $0.0560	+1.8%
Sep 20, 2002	Raise	$0.0500 → $0.0550	+10.0%
Jul 23, 1999	Cut	$0.0510 → $0.0500	−2.0%
Jun 18, 1999	Raise	$0.0490 → $0.0510	+4.1%
Feb 19, 1999	Raise	$0.0480 → $0.0490	+2.1%
Jan 22, 1999	Cut	$0.0490 → $0.0480	−2.0%
Sep 18, 1998	Raise	$0.0480 → $0.0490	+2.1%
Jul 24, 1998	Cut	$0.0500 → $0.0480	−4.0%
Mar 20, 1998	Cut	$0.0560 → $0.0500	−10.7%
Aug 22, 1997	Cut	$0.0600 → $0.0560	−6.7%
Mar 22, 1996	Cut	$0.0640 → $0.0600	−6.3%
Jul 24, 1995	Cut	$0.0930 → $0.0640	−31.2%
Jun 21, 1995	Cut	$0.182 → $0.0930	−48.9%
Sep 19, 1994	Raise	$0.0930 → $0.182	+95.7%
Aug 18, 1994	Raise	$0.0610 → $0.0930	+52.5%
May 17, 1994	Cut	$0.0910 → $0.0610	−33.0%
Apr 18, 1994	Cut	$0.182 → $0.0910	−50.0%
Dec 17, 1993	Raise	$0.0960 → $0.182	+89.6%
Nov 16, 1993	Raise	$0.0610 → $0.0960	+57.4%

Every MMU payment →Download every raise and cut (CSV)

MMU ex-dividend date & scheduleNext ex-date Nov 20, 2026 · full ex-dividend historyView →MMU dividend historyEvery payment, totals by year, raises and cutsView →MMU dividend calculator100 shares pay $65.00 a year, $5.42 each monthCalculate →MMU total return calculatorWhat $10,000 became, with dividends reinvested or taken as cashSee →

Frequently Asked Questions

Is MMU a good dividend stock?

Yes, with caveats. Western Asset Managed Municipals Fund Inc. (MMU) pays a monthly dividend yielding 6.86% ($0.65/yr), with 2 years of growth and a dividend-safety grade of C. It's a solid income payer, but check the caveats below before buying.

Is MMU undervalued?

Based on a blend of discounted cash flow, a dividend-discount model and an earnings-multiple estimate, MMU's fair value is about $13.86 versus a $9.53 share price — so it looks undervalued (+45% vs. fair value).

Is MMU's dividend safe?

MMU has a dividend-safety grade of C (60/100), based on its payout coverage, free-cash-flow, 2-year growth streak, a dividend cut in 2023, debt and yield-versus-history.

What is MMU's fair value?

Our blended fair-value estimate for MMU is about $13.86 per share, roughly 45% above the current $9.53 price — combining a discounted cash flow, a dividend-discount model and an earnings multiple.

Is MMU a buy, hold, or sell?

We don't issue formal ratings, but on the data MMU screens as "yes, with caveats" and undervalued. Western Asset Managed Municipals Fund Inc. (MMU) pays a monthly dividend yielding 6.86% ($0.65/yr), with 2 years of growth and a dividend-safety grade of C. It's a solid income payer, but check the caveats below before buying. This is research for your own analysis, not investment advice.

Will MMU cut its dividend?

MMU earns a dividend-safety grade of C (60/100), 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 MMU pay a dividend?

Yes. Western Asset Managed Municipals Fund Inc. pays a monthly dividend of about $0.65 per share annually, a forward yield of roughly 6.86%.

How much dividend does 100 shares of MMU pay?

At $0.65 per share a year, 100 shares of MMU pay $65.00 a year in dividends before tax, about $5.42 each month. Buying them costs about $953 at the Nov 8, 2026 price.

What is MMU's dividend yield?

As of Nov 8, 2026, MMU's forward dividend yield is 6.86%, based on a $0.65 annual dividend and a $9.53 share price.

What is MMU's dividend per share?

As of Nov 8, 2026, MMU pays $0.65 per share per year, distributed on a monthly basis.

What is MMU's dividend payout ratio?

As of Nov 8, 2026, MMU's payout ratio is 69% of trailing 12-month earnings — a moderate level that's generally sustainable.

How many years has MMU grown its dividend?

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

When is the next MMU ex-dividend date?

As of Nov 8, 2026, the next ex-dividend date on record for MMU is Nov 20, 2026.

Dividend Growth

Total dividends per share by year

Dividend History

Full MMU dividend history →

Ex-Date	Pay Date	Amount	Type
Oct 23, 2026	Oct 30, 2026	$0.0550	regular
Sep 23, 2026	Sep 30, 2026	$0.0550	regular
Aug 24, 2026	Aug 31, 2026	$0.0550	regular
Jul 24, 2026	Jul 31, 2026	$0.0550	regular
Jun 23, 2026	Jun 30, 2026	$0.0550	regular
May 21, 2026	May 29, 2026	$0.0550	regular
Apr 23, 2026	Apr 30, 2026	$0.0550	regular
Mar 24, 2026	Mar 31, 2026	$0.0550	regular
Feb 20, 2026	Feb 27, 2026	$0.0550	regular
Jan 23, 2026	Jan 30, 2026	$0.0550	regular
Dec 23, 2025	Dec 31, 2025	$0.0550	regular
Nov 20, 2025	Dec 1, 2025	$0.0550	regular
Oct 24, 2025	Nov 3, 2025	$0.0550	regular
Sep 23, 2025	Oct 1, 2025	$0.0550	regular