SmarterDividends
PAI

Western Asset Investment Grade Income Fund Inc.

PAI

Financial Services · Asset Management · Stock · monthly payer

$11.38

Fairly valued · -12% Add to Portfolio

Forward Yield

5.54%

Annual Dividend

$0.63

Payout Ratio

69%

5-Yr Growth

0.8%

Ex-Date

Oct 23, 2026

Frequency

Monthly

Key facts about PAI's dividend

Data as of · Source: SmarterDividends data

  • As of Oct 18, 2026, Western Asset Investment Grade Income Fund Inc. (PAI) has a forward dividend yield of 5.54%, based on an annual dividend of $0.63 per share and a share price of $11.38.
  • As of Oct 18, 2026, PAI's dividend safety grade from SmarterDividends is B (66 out of 100), which rates the dividend as safe.
  • By SmarterDividends' count, Western Asset Investment Grade Income Fund Inc. (PAI) has raised its dividend for 3 consecutive years as of Oct 18, 2026.
  • PAI last cut its regular dividend in 2021.
  • PAI's next ex-dividend date is Oct 23, 2026, with payment on Oct 30, 2026. Shares must be owned before that date to receive the dividend.
  • As of Oct 18, 2026, PAI pays out 69% of its trailing 12-month earnings as dividends (its payout ratio).
  • PAI's dividend has grown at an average rate of 0.8% a year over the past five years.
  • As of Oct 18, 2026, PAI's 5.54% yield is 19% above its five-year average yield of 4.67%.
  • As of Oct 18, 2026, SmarterDividends' blended fair-value estimate for PAI is $10.04 per share, 12% below the $11.38 share price, so PAI screens as fairly valued.
  • Western Asset Investment Grade Income Fund Inc. (PAI) pays its dividend monthly, 12 times a year.
  • Western Asset Investment Grade Income Fund Inc. (PAI) has raised its regular dividend 14 times and cut it 28 times across the 333 payments on record since 1987. Its most recent change was a 1.9% increase to $0.0530 per share, going ex-dividend on Mar 24, 2025. The last cut went ex-dividend on Oct 22, 2020.
Cite this page

SmarterDividends, "PAI Dividend: Yield, Safety Grade & Next Ex-Date," updated Oct 18, 2026, https://smarterdividends.com/stocks/PAI

Summary

As of Oct 18, 2026, Western Asset Investment Grade Income Fund Inc. (PAI) yields 5.54% ($0.63 a year per share), has a dividend safety grade of B (66/100) and has 3 consecutive years of dividend increases on record.

Is PAI a good dividend stock?

Yes, with caveats

Western Asset Investment Grade Income Fund Inc. (PAI) pays a monthly dividend yielding 5.54% ($0.63/yr), with 3 years of growth and a dividend-safety grade of B. It's a solid income payer, but check the caveats below before buying.

Advantages

    Risks

    • Cut its dividend in 2021
    • Share price is down over the past 5 years

    Key Data

    Dividend Yield
    5.54%
    Payout Ratio
    69%
    Annual Dividend
    $0.63
    5-Yr Avg Growth
    0.8%
    Ex-Dividend Date
    Oct 23, 2026
    Years of Growth
    3
    Frequency
    monthly
    Beta
    0.49
    Market Cap
    $108.2M
    P/E Ratio
    12.5
    5-Yr Total Return
    -31%
    52-Week Range
    $11.24 – $12.95
    Dividend Safety
    B · 66/100
    Ever Cut?
    Yes (2021)

    PAI dividend raises and cuts

    Western Asset Investment Grade Income Fund Inc. (PAI) has raised its regular dividend 14 times and cut it 28 times across the 333 payments on record since 1987. Its most recent change was a 1.9% increase to $0.0530 per share, going ex-dividend on Mar 24, 2025. The last cut went ex-dividend on Oct 22, 2020.

    Ex-dateChangeOld → newMove
    Mar 24, 2025Raise$0.0520 → $0.0530+1.9%
    Jun 21, 2024Raise$0.0490 → $0.0520+6.1%
    Dec 20, 2023Raise$0.0480 → $0.0490+2.1%
    Oct 23, 2023Raise$0.0470 → $0.0480+2.1%
    Oct 22, 2020Cut$0.0500 → $0.0470−6.0%
    Jun 22, 2020Cut$0.0530 → $0.0500−5.7%
    Mar 23, 2020Cut$0.0550 → $0.0530−3.6%
    Dec 19, 2019Cut$0.0580 → $0.0550−5.2%
    Dec 12, 2012Cut$0.0600 → $0.0580−3.3%
    Jun 15, 2011Cut$0.0650 → $0.0600−7.7%
    Mar 11, 2010Cut$0.0700 → $0.0650−7.1%
    Dec 11, 2009Cut$0.0750 → $0.0700−6.7%
    Show all 42 changes since 1988
    Ex-dateChangeOld → newMove
    Oct 13, 2009Cut$0.0800 → $0.0750−6.3%
    Oct 10, 2008Raise$0.0780 → $0.0800+2.6%
    Jun 13, 2007Raise$0.0730 → $0.0780+6.8%
    May 16, 2007Cut$0.0750 → $0.0730−2.7%
    Jan 11, 2007Raise$0.0700 → $0.0750+7.1%
    Dec 20, 2006Cut$0.0750 → $0.0700−6.7%
    Oct 11, 2006Raise$0.0720 → $0.0750+4.2%
    Jul 13, 2005Cut$0.215 → $0.0720−66.5%
    May 20, 2005Cut$0.225 → $0.215−4.4%
    Feb 23, 2005Cut$0.234 → $0.225−3.8%
    May 14, 2004Cut$0.250 → $0.234−6.4%
    Feb 23, 2004Raise$0.240 → $0.250+4.2%
    Nov 14, 2003Cut$0.246 → $0.240−2.4%
    May 16, 2003Raise$0.246 → $0.248+0.8%
    Feb 14, 2003Cut$0.250 → $0.246−1.6%
    Feb 20, 2002Cut$0.265 → $0.250−5.7%
    Aug 29, 2000Raise$0.260 → $0.265+1.9%
    Feb 29, 2000Raise$0.250 → $0.260+4.0%
    Aug 24, 1999Cut$0.275 → $0.250−9.1%
    Feb 24, 1999Cut$0.295 → $0.275−6.8%
    Feb 21, 1996Cut$0.300 → $0.295−1.7%
    Feb 18, 1994Cut$0.320 → $0.300−6.3%
    Feb 22, 1993Cut$0.350 → $0.320−8.6%
    Feb 24, 1992Cut$0.365 → $0.350−4.1%
    Feb 25, 1991Raise$0.350 → $0.365+4.3%
    Nov 16, 1990Cut$0.370 → $0.350−5.4%
    Nov 24, 1989Cut$0.385 → $0.370−3.9%
    Feb 21, 1989Cut$0.395 → $0.385−2.5%
    Nov 18, 1988Raise$0.370 → $0.395+6.8%
    Feb 22, 1988Cut$0.385 → $0.370−3.9%
    Every PAI payment →Download every raise and cut (CSV)
    PAI ex-dividend date & scheduleNext ex-date Oct 23, 2026 · full ex-dividend historyView →PAI dividend historyEvery payment, totals by year, raises and cutsView →

    Frequently Asked Questions

    Is PAI a good dividend stock?

    Yes, with caveats. Western Asset Investment Grade Income Fund Inc. (PAI) pays a monthly dividend yielding 5.54% ($0.63/yr), with 3 years of growth and a dividend-safety grade of B. It's a solid income payer, but check the caveats below before buying.

    Is PAI undervalued?

    Based on a blend of discounted cash flow, a dividend-discount model and an earnings-multiple estimate, PAI's fair value is about $10.04 versus a $11.38 share price — so it looks fairly valued (-12% vs. fair value).

    Is PAI's dividend safe?

    PAI has a dividend-safety grade of B (66/100), based on its payout coverage, free-cash-flow, 3-year growth streak, a dividend cut in 2021, debt and yield-versus-history.

    What is PAI's fair value?

    Our blended fair-value estimate for PAI is about $10.04 per share, about 12% below the current $11.38 price — combining a discounted cash flow, a dividend-discount model and an earnings multiple.

    Is PAI a buy, hold, or sell?

    We don't issue formal ratings, but on the data PAI screens as "yes, with caveats" and fairly valued. Western Asset Investment Grade Income Fund Inc. (PAI) pays a monthly dividend yielding 5.54% ($0.63/yr), with 3 years of growth and a dividend-safety grade of B. It's a solid income payer, but check the caveats below before buying. This is research for your own analysis, not investment advice.

    Will PAI cut its dividend?

    PAI earns a dividend-safety grade of B (66/100), and has cut its dividend before (last in 2021). A higher score means lower cut risk based on payout coverage, cash flow and history — but no score guarantees a dividend.

    Does PAI pay a dividend?

    Yes. Western Asset Investment Grade Income Fund Inc. pays a monthly dividend of about $0.63 per share annually, a forward yield of roughly 5.54%.

    What is PAI's dividend yield?

    As of Oct 18, 2026, PAI's forward dividend yield is 5.54%, based on a $0.63 annual dividend and a $11.38 share price.

    What is PAI's dividend per share?

    As of Oct 18, 2026, PAI pays $0.63 per share per year, distributed on a monthly basis.

    What is PAI's dividend payout ratio?

    As of Oct 18, 2026, PAI's payout ratio is 69% of trailing 12-month earnings — a moderate level that's generally sustainable.

    How many years has PAI grown its dividend?

    As of Oct 18, 2026, PAI has increased its dividend for 3 consecutive years.

    When is the next PAI ex-dividend date?

    As of Oct 18, 2026, the next ex-dividend date on record for PAI is Oct 23, 2026.

    Income Calculator

    At $0.63 / yr per share

    Per payment (monthly)$5.25
    Annual$63.00
    Monthly avg$5.25

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