Franklin Municipal Opportunities Trust

PMO

Financial Services · Asset Management · Stock · monthly payer

$9.73

Undervalued · +103% Add to Portfolio

Forward Yield

6.41%

Annual Dividend

$0.62

Payout Ratio

55%

5-Yr Growth

-6.6%

Ex-Date

Oct 23, 2026

Frequency

Monthly

Key facts about PMO's dividend

Data as of Oct 18, 2026 · Source: SmarterDividends data

As of Oct 18, 2026, Franklin Municipal Opportunities Trust (PMO) has a forward dividend yield of 6.41%, based on an annual dividend of $0.62 per share and a share price of $9.73.
As of Oct 18, 2026, PMO's dividend safety grade from SmarterDividends is C (53 out of 100), which rates the dividend as borderline.
PMO last cut its regular dividend in 2023.
PMO'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, PMO pays out 55% of its trailing 12-month earnings as dividends (its payout ratio).
PMO's dividend has shrunk at an average rate of 6.6% a year over the past five years.
As of Oct 18, 2026, PMO's 6.41% yield is 38% above its five-year average yield of 4.65%.
As of Oct 18, 2026, SmarterDividends' blended fair-value estimate for PMO is $19.80 per share, 103% above the $9.73 share price, so PMO screens as undervalued.
Franklin Municipal Opportunities Trust (PMO) pays its dividend monthly, 12 times a year.
Franklin Municipal Opportunities Trust (PMO) has raised its regular dividend 14 times and cut it 19 times across the 388 payments on record since 1993. Its most recent change was a 33.3% increase to $0.0520 per share, going ex-dividend on Jun 23, 2026. The last cut went ex-dividend on Apr 21, 2023.

Cite this page

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

Summary

As of Oct 18, 2026, Franklin Municipal Opportunities Trust (PMO) yields 6.41% ($0.62 a year per share) and has a dividend safety grade of C (53/100).

Is PMO a good dividend stock?

Mixed

Franklin Municipal Opportunities Trust (PMO) pays a monthly dividend yielding 6.41% ($0.62/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 (55%)

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: 6.41%
Payout Ratio: 55%
Annual Dividend: $0.62
5-Yr Avg Growth: -6.6%
Ex-Dividend Date: Oct 23, 2026
Years of Growth: 1
Frequency: monthly
Beta: 0.72
Market Cap: $273.0M
P/E Ratio: 11.4
5-Yr Total Return: -31%
52-Week Range: $8.87 – $10.87
Dividend Safety: C · 53/100
Ever Cut?: Yes (2023)

PMO dividend raises and cuts

Franklin Municipal Opportunities Trust (PMO) has raised its regular dividend 14 times and cut it 19 times across the 388 payments on record since 1993. Its most recent change was a 33.3% increase to $0.0520 per share, going ex-dividend on Jun 23, 2026. The last cut went ex-dividend on Apr 21, 2023.

Ex-date	Change	Old → new	Move
Jun 23, 2026	Raise	$0.0390 → $0.0520	+33.3%
May 19, 2025	Raise	$0.0350 → $0.0390	+11.4%
Apr 21, 2023	Cut	$0.0530 → $0.0350	−34.0%
Jan 23, 2019	Raise	$0.0420 → $0.0530	+26.2%
Jul 23, 2018	Cut	$0.0460 → $0.0420	−8.7%
Feb 22, 2018	Cut	$0.0540 → $0.0460	−14.8%
Nov 21, 2016	Cut	$0.0600 → $0.0540	−10.0%
Feb 20, 2015	Raise	$0.0590 → $0.0600	+1.7%
Jan 21, 2015	Cut	$0.0600 → $0.0590	−1.7%
Dec 19, 2013	Raise	$0.0590 → $0.0600	+1.7%
Oct 22, 2013	Raise	$0.0560 → $0.0590	+5.4%
Sep 20, 2012	Cut	$0.0660 → $0.0560	−15.2%

Show all 33 changes since 1994

Ex-date	Change	Old → new	Move
Oct 21, 2009	Raise	$0.0630 → $0.0660	+4.8%
Apr 22, 2009	Raise	$0.0570 → $0.0630	+10.5%
Nov 20, 2008	Cut	$0.0610 → $0.0570	−6.6%
Jul 22, 2008	Raise	$0.0480 → $0.0610	+27.1%
May 22, 2006	Cut	$0.0560 → $0.0480	−14.3%
Jan 20, 2006	Cut	$0.0590 → $0.0560	−5.1%
Dec 20, 2005	Raise	$0.0560 → $0.0590	+5.4%
Jul 20, 2005	Cut	$0.0640 → $0.0560	−12.5%
Jan 20, 2005	Cut	$0.0730 → $0.0640	−12.3%
Sep 22, 2004	Cut	$0.0790 → $0.0730	−7.6%
Sep 22, 2003	Cut	$0.0800 → $0.0790	−1.3%
Aug 20, 2003	Raise	$0.0790 → $0.0800	+1.3%
Apr 22, 2003	Cut	$0.0800 → $0.0790	−1.3%
Mar 20, 2003	Raise	$0.0750 → $0.0800	+6.7%
Jan 16, 2003	Cut	$0.0760 → $0.0750	−1.3%
Mar 18, 1998	Cut	$0.0780 → $0.0760	−2.6%
Apr 17, 1997	Cut	$0.0820 → $0.0780	−4.9%
Nov 16, 1995	Cut	$0.0830 → $0.0820	−1.2%
Oct 18, 1995	Raise	$0.0820 → $0.0830	+1.2%
Sep 18, 1995	Cut	$0.0830 → $0.0820	−1.2%
May 16, 1994	Raise	$0.0780 → $0.0830	+6.4%

Every PMO payment →Download every raise and cut (CSV)

PMO ex-dividend date & scheduleNext ex-date Oct 23, 2026 · full ex-dividend historyView →PMO dividend historyEvery payment, totals by year, raises and cutsView →

Frequently Asked Questions

Is PMO a good dividend stock?

Mixed. Franklin Municipal Opportunities Trust (PMO) pays a monthly dividend yielding 6.41% ($0.62/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.

Is PMO undervalued?

Based on a blend of discounted cash flow, a dividend-discount model and an earnings-multiple estimate, PMO's fair value is about $19.80 versus a $9.73 share price — so it looks undervalued (+103% vs. fair value).

Is PMO's dividend safe?

PMO has a dividend-safety grade of C (53/100), based on its payout coverage, free-cash-flow, 1-year growth streak, a dividend cut in 2023, debt and yield-versus-history.

What is PMO's fair value?

Our blended fair-value estimate for PMO is about $19.80 per share, roughly 103% above the current $9.73 price — combining a discounted cash flow, a dividend-discount model and an earnings multiple.

Is PMO a buy, hold, or sell?

We don't issue formal ratings, but on the data PMO screens as "mixed" and undervalued. Franklin Municipal Opportunities Trust (PMO) pays a monthly dividend yielding 6.41% ($0.62/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. This is research for your own analysis, not investment advice.

Will PMO cut its dividend?

PMO earns a dividend-safety grade of C (53/100), 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 PMO pay a dividend?

Yes. Franklin Municipal Opportunities Trust pays a monthly dividend of about $0.62 per share annually, a forward yield of roughly 6.41%.

What is PMO's dividend yield?

As of Oct 18, 2026, PMO's forward dividend yield is 6.41%, based on a $0.62 annual dividend and a $9.73 share price.

What is PMO's dividend per share?

As of Oct 18, 2026, PMO pays $0.62 per share per year, distributed on a monthly basis.

What is PMO's dividend payout ratio?

As of Oct 18, 2026, PMO's payout ratio is 55% of trailing 12-month earnings — a comfortable level that leaves room to keep raising the dividend.

How many years has PMO grown its dividend?

As of Oct 18, 2026, PMO has increased its dividend for 1 consecutive years.

When is the next PMO ex-dividend date?

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

Dividend Growth

Total dividends per share by year

Dividend History

Full PMO dividend history →

Ex-Date	Pay Date	Amount	Type
Sep 23, 2026	Sep 30, 2026	$0.0520	regular
Aug 24, 2026	Aug 31, 2026	$0.0520	regular
Jul 24, 2026	Jul 31, 2026	$0.0520	regular
Jun 23, 2026	Jun 30, 2026	$0.0520	regular
May 21, 2026	May 29, 2026	$0.0390	regular
Apr 23, 2026	Apr 30, 2026	$0.0390	regular
Mar 24, 2026	Mar 31, 2026	$0.0390	regular
Feb 20, 2026	Feb 27, 2026	$0.0390	regular
Jan 23, 2026	Jan 30, 2026	$0.0390	regular
Dec 15, 2025	Dec 31, 2025	$0.0390	regular
Nov 17, 2025	Nov 28, 2025	$0.0390	regular
Oct 17, 2025	Oct 31, 2025	$0.0390	regular
Sep 18, 2025	Sep 30, 2025	$0.0390	regular
Aug 18, 2025	Aug 29, 2025	$0.0390	regular