Nuveen Municipal High Income Opportunity Fund
NMZFinancial Services · Stock · monthly payer
Forward Yield
8.66%
Annual Dividend
$0.79
Payout Ratio
114%
5-Yr Growth
1.5%
Ex-Date
Aug 14, 2026
Frequency
Monthly
Summary
As of September 2026, Nuveen Municipal High Income Opportunity Fund (NMZ) yields 8.66% ($0.79 per share annually), with a blended fair-value estimate of $10.92 — +16% upside, so it screens as undervalued. Dividend safety grade: C (54/100). 2 years of dividend growth.
Is NMZ a good dividend stock?
MixedNuveen Municipal High Income Opportunity Fund (NMZ) pays a monthly dividend yielding 8.66% ($0.79/yr), with 2 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
Risks
- Cut its dividend in 2023
- Elevated payout ratio (114%)
- Very high yield can signal elevated risk
- Share price is down over the past 5 years
Key Data
- Dividend Yield
- 8.66%
- Payout Ratio
- 114%
- Annual Dividend
- $0.79
- 5-Yr Avg Growth
- 1.5%
- Ex-Dividend Date
- Aug 14, 2026
- Years of Growth
- 2
- Frequency
- monthly
- Beta
- 0.72
- Market Cap
- $2.0B
- P/E Ratio
- 13.2
- 5-Yr Total Return
- -36%
- 52-Week Range
- $9.24 – $10.77
- Dividend Safety
- C · 54/100
- Ever Cut?
- Yes (2023)
Frequently Asked Questions
NMZ Price — Last 12 Months
Daily close
Price Return
1 Year
-11%
3 Years
+13%
5 Years
-36%
52-Week Range
$9.24 – $10.77
Price change over each period (excludes dividends). Past performance doesn't guarantee future results.
What is NMZ worth?
Undervaluedmedium confidenceOur blended fair-value estimate for Nuveen Municipal High Income Opportunity Fund is $10.92 per share, versus a market price of $9.43. That implies 16% of upside — a margin of safety of about 14%.
Fair Value
$10.92
Current Price
$9.43
Upside
+16%
Margin of Safety
14%
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.
At today's price, the market is pricing in about 40.0% annual free-cash-flow growth. We model 1.3% — so the price already assumes faster growth than we think is likely.
Assumptions: 7.9% discount rate (CAPM), 1.3% stage-1 growth, 2.5% terminal growth, $0.69 EPS, $0.79 annual dividend. Updated weekly.
Fair-value estimates are model output for educational purposes only — not investment advice or a price target.
NMZ 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 NMZ dividend history →| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| Sep 15, 2026 | — | $0.0660 | regular |
| Aug 14, 2026 | — | $0.0660 | regular |
| Jul 15, 2026 | — | $0.0660 | regular |
| Jun 15, 2026 | — | $0.0660 | 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 | — | $0.0660 | regular |
Income Calculator
At $0.79 / yr per share
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