Nuveen Municipal Income Fund, Inc.
NMIFinancial Services · Stock · monthly payer
Forward Yield
4.70%
Annual Dividend
$0.46
Payout Ratio
80%
5-Yr Growth
2.6%
Ex-Date
Aug 14, 2026
Frequency
Monthly
Summary
As of September 2026, Nuveen Municipal Income Fund, Inc. (NMI) yields 4.70% ($0.46 per share annually), with a blended fair-value estimate of $11.91 — +23% upside, so it screens as undervalued. Dividend safety grade: C (65/100). 3 years of dividend growth.
Is NMI a good dividend stock?
Yes, with caveatsNuveen Municipal Income Fund, Inc. (NMI) pays a monthly dividend yielding 4.70% ($0.46/yr), with 3 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 2022
- Share price is down over the past 5 years
Key Data
- Dividend Yield
- 4.70%
- Payout Ratio
- 80%
- Annual Dividend
- $0.46
- 5-Yr Avg Growth
- 2.6%
- Ex-Dividend Date
- Aug 14, 2026
- Years of Growth
- 3
- Frequency
- monthly
- Beta
- 0.30
- Market Cap
- $117.3M
- P/E Ratio
- 17.0
- 5-Yr Total Return
- -17%
- 52-Week Range
- $9.57 – $11.28
- Dividend Safety
- C · 65/100
- Ever Cut?
- Yes (2022)
Frequently Asked Questions
NMI Price — Last 12 Months
Daily close
Price Return
1 Year
-3%
3 Years
+16%
5 Years
-17%
52-Week Range
$9.57 – $11.28
Price change over each period (excludes dividends). Past performance doesn't guarantee future results.
What is NMI worth?
Undervaluedmedium confidenceOur blended fair-value estimate for Nuveen Municipal Income Fund, Inc. is $11.91 per share, versus a market price of $9.70. That implies 23% of upside — a margin of safety of about 19%.
Fair Value
$11.91
Current Price
$9.70
Upside
+23%
Margin of Safety
19%
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 2.9% — below our estimate, leaving room for upside if the business executes.
Assumptions: 7.0% discount rate (CAPM), 2.9% stage-1 growth, 2.5% terminal growth, $0.57 EPS, $0.46 annual dividend. Updated weekly.
Fair-value estimates are model output for educational purposes only — not investment advice or a price target.
NMI 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
Full NMI dividend history →| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| Sep 15, 2026 | — | $0.0380 | regular |
| Aug 14, 2026 | — | $0.0380 | regular |
| Jul 15, 2026 | — | $0.0380 | regular |
| Jun 15, 2026 | — | $0.0380 | regular |
| May 15, 2026 | — | $0.0380 | regular |
| Apr 15, 2026 | — | $0.0380 | regular |
| Mar 13, 2026 | — | $0.0380 | regular |
| Feb 13, 2026 | — | $0.0380 | regular |
| Jan 15, 2026 | — | $0.0380 | regular |
| Dec 15, 2025 | — | $0.0380 | regular |
| Nov 14, 2025 | — | $0.0380 | regular |
| Oct 15, 2025 | — | $0.0380 | regular |
| Sep 15, 2025 | — | $0.0380 | regular |
| Aug 15, 2025 | — | $0.0380 | regular |
Income Calculator
At $0.46 / yr per share
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