Nuveen Arizona Quality Municipal Income Fund
NAZFinancial Services · Stock · monthly payer
Forward Yield
6.24%
Annual Dividend
$0.74
Payout Ratio
147%
5-Yr Growth
8.6%
Ex-Date
Aug 14, 2026
Frequency
Monthly
Summary
As of September 2026, Nuveen Arizona Quality Municipal Income Fund (NAZ) yields 6.24% ($0.74 per share annually), with a blended fair-value estimate of $17.65 — +48% upside, so it screens as undervalued. Dividend safety grade: D (49/100). 2 years of dividend growth.
Is NAZ a good dividend stock?
MixedNuveen Arizona Quality Municipal Income Fund (NAZ) pays a monthly dividend yielding 6.24% ($0.74/yr), with 2 years of growth and a dividend-safety grade of D. The picture is mixed — the dividend pays, but safety or growth signals are weaker than ideal.
Advantages
- Strong 8.6% 5-yr dividend growth
Risks
- Cut its dividend in 2023
- Elevated payout ratio (147%)
- Share price is down over the past 5 years
- Below-average dividend safety score
Key Data
- Dividend Yield
- 6.24%
- Payout Ratio
- 147%
- Annual Dividend
- $0.74
- 5-Yr Avg Growth
- 8.6%
- Ex-Dividend Date
- Aug 14, 2026
- Years of Growth
- 2
- Frequency
- monthly
- Beta
- 0.58
- Market Cap
- —
- P/E Ratio
- 21.2
- 5-Yr Total Return
- -24%
- 52-Week Range
- $11.63 – $13.42
- Dividend Safety
- D · 49/100
- Ever Cut?
- Yes (2023)
Frequently Asked Questions
NAZ Price — Last 12 Months
Daily close
Price Return
1 Year
+0%
3 Years
+23%
5 Years
-24%
52-Week Range
$11.63 – $13.42
Price change over each period (excludes dividends). Past performance doesn't guarantee future results.
What is NAZ worth?
Undervaluedmedium confidenceOur blended fair-value estimate for Nuveen Arizona Quality Municipal Income Fund is $17.65 per share, versus a market price of $11.89. That implies 48% of upside — a margin of safety of about 33%.
Fair Value
$17.65
Current Price
$11.89
Upside
+48%
Margin of Safety
33%
How we get there
Dividend discount
Discounts the future dividend stream back to today.
Earnings multiple (Graham)
Graham's earnings-multiple formula, anchored to bond yields.
Assumptions: 7.2% discount rate (CAPM), 8.7% stage-1 growth, 2.5% terminal growth, $0.56 EPS, $0.74 annual dividend. Updated weekly.
Fair-value estimates are model output for educational purposes only — not investment advice or a price target.
NAZ Dividend Safety Score
Risky
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 | — | $0.0620 | regular |
| Jul 15, 2026 | — | $0.0620 | regular |
| Jun 15, 2026 | — | $0.0620 | regular |
| May 15, 2026 | — | $0.0660 | regular |
| Apr 15, 2026 | — | $0.0660 | regular |
| Mar 13, 2026 | — | $0.0660 | regular |
| Feb 13, 2026 | — | $0.0660 | regular |
| Jan 15, 2026 | — | $0.0660 | regular |
| Dec 15, 2025 | — | $0.0660 | regular |
| Nov 14, 2025 | — | $0.0660 | regular |
| Oct 15, 2025 | — | $0.0660 | regular |
| Sep 15, 2025 | — | $0.0660 | regular |
| Aug 15, 2025 | — | $0.0730 | regular |
| Jul 15, 2025 | — | $0.0730 | regular |
Income Calculator
At $0.74 / yr per share
