Franklin Managed Municipal Income Trust
PMMFinancial Services · Stock · monthly payer
Forward Yield
7.02%
Annual Dividend
$0.40
Payout Ratio
58%
5-Yr Growth
-4.1%
Ex-Date
Oct 23, 2026
Frequency
Monthly
Summary
As of September 2026, Franklin Managed Municipal Income Trust (PMM) yields 7.02% ($0.40 per share annually), with a blended fair-value estimate of $6.74 — +17% upside, so it screens as undervalued. Dividend safety grade: C (54/100). 1 years of dividend growth.
Is PMM a good dividend stock?
MixedFranklin Managed Municipal Income Trust (PMM) pays a monthly dividend yielding 7.02% ($0.40/yr), with 1 year 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
- Comfortable payout ratio (58%)
Risks
- Cut its dividend in 2023
- Dividend has been shrinking, not growing
- Share price is down over the past 5 years
Key Data
- Dividend Yield
- 7.02%
- Payout Ratio
- 58%
- Annual Dividend
- $0.40
- 5-Yr Avg Growth
- -4.1%
- Ex-Dividend Date
- Oct 23, 2026
- Years of Growth
- 1
- Frequency
- monthly
- Beta
- 0.72
- Market Cap
- $237.7M
- P/E Ratio
- 10.1
- 5-Yr Total Return
- -30%
- 52-Week Range
- $5.75 – $6.60
- Dividend Safety
- C · 54/100
- Ever Cut?
- Yes (2023)
Frequently Asked Questions
PMM Price — Last 12 Months
Daily close
Price Return
1 Year
-6%
3 Years
+12%
5 Years
-30%
52-Week Range
$5.75 – $6.60
Price change over each period (excludes dividends). Past performance doesn't guarantee future results.
What is PMM worth?
Undervaluedmedium confidenceOur blended fair-value estimate for Franklin Managed Municipal Income Trust is $6.74 per share, versus a market price of $5.75. That implies 17% of upside — a margin of safety of about 15%.
Fair Value
$6.74
Current Price
$5.75
Upside
+17%
Margin of Safety
15%
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 -3.3% — below our estimate, leaving room for upside if the business executes.
Assumptions: 7.9% discount rate (CAPM), -3.3% stage-1 growth, 2.5% terminal growth, $0.55 EPS, $0.40 annual dividend. Updated weekly.
Fair-value estimates are model output for educational purposes only — not investment advice or a price target.
PMM 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 PMM dividend history →| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| Sep 23, 2026 | — | $0.0330 | regular |
| Aug 24, 2026 | — | $0.0330 | regular |
| Jul 24, 2026 | — | $0.0330 | regular |
| Jun 23, 2026 | — | $0.0330 | regular |
| May 21, 2026 | — | $0.0270 | regular |
| Apr 23, 2026 | — | $0.0270 | regular |
| Mar 24, 2026 | — | $0.0270 | regular |
| Feb 20, 2026 | — | $0.0270 | regular |
| Jan 23, 2026 | — | $0.0270 | regular |
| Dec 15, 2025 | — | $0.0270 | regular |
| Nov 17, 2025 | — | $0.0270 | regular |
| Oct 17, 2025 | — | $0.0270 | regular |
| Sep 18, 2025 | — | $0.0270 | regular |
| Aug 18, 2025 | — | $0.0270 | regular |
Income Calculator
At $0.40 / yr per share
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