SmarterDividends
NAZ

Nuveen Arizona Quality Municipal Income Fund (NAZ) Dividend

Nuveen Arizona Quality Municipal Income Fund · Financial Services · Asset Management · monthly payer

$10.59

Undervalued · +59% Add to Portfolio

As of Nov 5, 2026, Nuveen Arizona Quality Municipal Income Fund (NAZ) pays a monthly dividend of $0.0620 per share, or $0.74 a year, a 7.03% yield at its $10.59 share price. It pays every month. It has raised its dividend 2 years in a row and has a dividend safety grade of D.

Forward Yield

7.03%

Annual Dividend

$0.74

Payout Ratio

148%

5-Yr Growth

8.6%

Ex-Date

Sep 15, 2026

Frequency

Monthly

Key facts about NAZ's dividend

Data as of · Source: SmarterDividends data

  • As of Nov 5, 2026, Nuveen Arizona Quality Municipal Income Fund (NAZ) has a forward dividend yield of 7.03%, based on an annual dividend of $0.74 per share and a share price of $10.59.
  • As of Nov 5, 2026, NAZ's dividend safety grade from SmarterDividends is D (48 out of 100), which rates the dividend as unsafe.
  • By SmarterDividends' count, Nuveen Arizona Quality Municipal Income Fund (NAZ) has raised its dividend for 2 consecutive years as of Nov 5, 2026.
  • NAZ last cut its regular dividend in 2023.
  • NAZ's most recent ex-dividend date was Oct 15, 2026, for a dividend of $0.0620 per share.
  • As of Nov 5, 2026, NAZ pays out 148% of its trailing 12-month earnings as dividends (its payout ratio).
  • NAZ's dividend has grown at an average rate of 8.6% a year over the past five years.
  • As of Nov 5, 2026, NAZ's 7.03% yield is 39% above its five-year average yield of 5.04%.
  • As of Nov 5, 2026, SmarterDividends' blended fair-value estimate for NAZ is $16.85 per share, 59% above the $10.59 share price, so NAZ screens as undervalued.
  • Nuveen Arizona Quality Municipal Income Fund (NAZ) pays its dividend monthly, 12 times a year.
  • Nuveen Arizona Quality Municipal Income Fund (NAZ) has raised its regular dividend 26 times and cut it 25 times across the 397 payments on record since 1993. Its most recent change was a 6.1% cut to $0.0620 per share, going ex-dividend on Jun 15, 2026.
Cite this page

SmarterDividends, "NAZ Dividend: Yield, Safety Grade & Next Ex-Date," updated Nov 5, 2026, https://smarterdividends.com/stocks/NAZ

Is NAZ a good dividend stock?

Mixed

Nuveen Arizona Quality Municipal Income Fund (NAZ) pays a monthly dividend yielding 7.03% ($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 (148%)
  • Share price is down over the past 5 years
  • Below-average dividend safety score

Key Data

Dividend Yield
7.03%
Payout Ratio
148%
Annual Dividend
$0.74
5-Yr Avg Growth
8.6%
Ex-Dividend Date
Sep 15, 2026
Years of Growth
2
Frequency
monthly
Beta
0.61
Market Cap
$135.8M
P/E Ratio
18.9
5-Yr Total Return
-33%
52-Week Range
$10.18 – $13.42
Dividend Safety
D · 48/100
Ever Cut?
Yes (2023)

NAZ dividend raises and cuts

Nuveen Arizona Quality Municipal Income Fund (NAZ) has raised its regular dividend 26 times and cut it 25 times across the 397 payments on record since 1993. Its most recent change was a 6.1% cut to $0.0620 per share, going ex-dividend on Jun 15, 2026.

Ex-dateChangeOld → newMove
Jun 15, 2026Cut$0.0660 → $0.0620−6.1%
Sep 15, 2025Cut$0.0730 → $0.0660−9.6%
Jun 14, 2024Raise$0.0430 → $0.0730+69.8%
Mar 14, 2024Raise$0.0350 → $0.0430+22.9%
Nov 14, 2023Raise$0.0310 → $0.0350+12.9%
Jul 13, 2023Cut$0.0330 → $0.0310−6.1%
Jan 12, 2023Cut$0.0410 → $0.0330−19.5%
Oct 13, 2022Cut$0.0460 → $0.0410−10.9%
Jul 14, 2022Cut$0.0500 → $0.0460−8.0%
Oct 14, 2020Raise$0.0480 → $0.0500+4.2%
Jun 12, 2020Raise$0.0440 → $0.0480+9.1%
Jun 13, 2019Raise$0.0420 → $0.0440+4.8%
Show all 51 changes since 1993
Ex-dateChangeOld → newMove
Dec 13, 2018Cut$0.0440 → $0.0420−4.5%
Mar 14, 2018Cut$0.0500 → $0.0440−12.0%
Dec 14, 2017Raise$0.0090 → $0.0500+455.6%
Nov 22, 2017Cut$0.0540 → $0.0090−83.3%
Mar 13, 2017Cut$0.0570 → $0.0540−5.3%
Dec 13, 2016Raise$0.0040 → $0.0570+1325.0%
Nov 17, 2016Cut$0.0600 → $0.0040−93.3%
Sep 13, 2016Cut$0.0670 → $0.0600−10.4%
Jul 11, 2014Raise$0.0660 → $0.0670+1.5%
Jan 13, 2014Raise$0.0640 → $0.0660+3.1%
Sep 13, 2011Raise$0.0630 → $0.0640+1.6%
Jun 11, 2010Raise$0.0590 → $0.0630+6.8%
Dec 11, 2009Raise$0.0570 → $0.0590+3.5%
Sep 11, 2009Raise$0.0540 → $0.0570+5.6%
May 13, 2009Raise$0.0530 → $0.0540+1.9%
Sep 11, 2008Raise$0.0510 → $0.0530+3.9%
Jun 13, 2006Cut$0.0550 → $0.0510−7.3%
Mar 13, 2006Cut$0.0580 → $0.0550−5.2%
Dec 13, 2005Cut$0.0620 → $0.0580−6.5%
Sep 13, 2005Cut$0.0650 → $0.0620−4.6%
Jun 13, 2005Cut$0.0680 → $0.0650−4.4%
Mar 11, 2005Cut$0.0710 → $0.0680−4.2%
Dec 13, 2004Cut$0.0740 → $0.0710−4.1%
Sep 13, 2004Cut$0.0770 → $0.0740−3.9%
Mar 11, 2004Raise$0.0760 → $0.0770+1.3%
Jun 12, 2002Raise$0.0740 → $0.0760+2.7%
May 13, 2002Cut$0.0750 → $0.0740−1.3%
Apr 11, 2002Raise$0.0740 → $0.0750+1.4%
Mar 13, 2002Raise$0.0730 → $0.0740+1.4%
Oct 11, 2001Raise$0.0710 → $0.0730+2.8%
Jun 13, 2001Raise$0.0690 → $0.0710+2.9%
May 11, 2001Cut$0.0700 → $0.0690−1.4%
Mar 13, 2001Raise$0.0680 → $0.0700+2.9%
Jun 13, 2000Cut$0.0710 → $0.0680−4.2%
Feb 10, 1999Raise$0.0690 → $0.0710+2.9%
Feb 12, 1997Raise$0.0680 → $0.0690+1.5%
Feb 13, 1996Raise$0.0650 → $0.0680+4.6%
Nov 8, 1993Cut$0.0680 → $0.0650−4.4%
Aug 9, 1993Cut$0.0700 → $0.0680−2.9%
Every NAZ payment →Download every raise and cut (CSV)
NAZ ex-dividend date & scheduleNext ex-date Sep 15, 2026 · full ex-dividend historyView →NAZ dividend historyEvery payment, totals by year, raises and cutsView →NAZ dividend calculator100 shares pay $74.00 a year, $6.17 each monthCalculate →NAZ total return calculatorWhat $10,000 became, with dividends reinvested or taken as cashSee →

Frequently Asked Questions

Is NAZ a good dividend stock?

Mixed. Nuveen Arizona Quality Municipal Income Fund (NAZ) pays a monthly dividend yielding 7.03% ($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.

Is NAZ undervalued?

Based on a blend of discounted cash flow, a dividend-discount model and an earnings-multiple estimate, NAZ's fair value is about $16.85 versus a $10.59 share price — so it looks undervalued (+59% vs. fair value).

Is NAZ's dividend safe?

NAZ has a dividend-safety grade of D (48/100), based on its payout coverage, free-cash-flow, 2-year growth streak, a dividend cut in 2023, debt and yield-versus-history.

What is NAZ's fair value?

Our blended fair-value estimate for NAZ is about $16.85 per share, roughly 59% above the current $10.59 price — combining a discounted cash flow, a dividend-discount model and an earnings multiple.

Is NAZ a buy, hold, or sell?

We don't issue formal ratings, but on the data NAZ screens as "mixed" and undervalued. Nuveen Arizona Quality Municipal Income Fund (NAZ) pays a monthly dividend yielding 7.03% ($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. This is research for your own analysis, not investment advice.

Will NAZ cut its dividend?

NAZ earns a dividend-safety grade of D (48/100), 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 NAZ pay a dividend?

Yes. Nuveen Arizona Quality Municipal Income Fund pays a monthly dividend of about $0.74 per share annually, a forward yield of roughly 7.03%.

How much dividend does 100 shares of NAZ pay?

At $0.74 per share a year, 100 shares of NAZ pay $74.00 a year in dividends before tax, about $6.17 each month. Buying them costs about $1,059 at the Nov 5, 2026 price.

What is NAZ's dividend yield?

As of Nov 5, 2026, NAZ's forward dividend yield is 7.03%, based on a $0.74 annual dividend and a $10.59 share price.

What is NAZ's dividend per share?

As of Nov 5, 2026, NAZ pays $0.74 per share per year, distributed on a monthly basis.

What is NAZ's dividend payout ratio?

As of Nov 5, 2026, NAZ's payout ratio is 148% of trailing 12-month earnings — an elevated level worth watching, as it leaves less cushion if earnings dip.

How many years has NAZ grown its dividend?

As of Nov 5, 2026, NAZ has increased its dividend for 2 consecutive years.

When is the next NAZ ex-dividend date?

As of Nov 5, 2026, NAZ's next ex-dividend date hasn't been announced. The most recent was Oct 15, 2026, for $0.0620 per share.

Income Calculator

At $0.74 / yr per share

Per payment (monthly)$6.17
Annual$74.00
Monthly avg$6.17
Full NAZ dividend calculator →

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