SmarterDividends
RFMZ

RiverNorth Flexible Municipal Income Fund II (RFMZ) Dividend

RiverNorth Flexible Municipal Income Fund II, Inc. · Financial Services · Asset Management · monthly payer

$12.05

Fairly valued · +4% Add to Portfolio

As of Nov 5, 2026, RiverNorth Flexible Municipal Income Fund II (RFMZ) pays a monthly dividend of $0.08 per share, or $0.96 a year, a 7.95% yield at its $12.05 share price. The next ex-dividend date is Nov 16, 2026, paid Nov 30, 2026. It has a dividend safety grade of C.

Forward Yield

7.95%

Annual Dividend

$0.96

Payout Ratio

62%

5-Yr Growth

—

Ex-Date

Nov 16, 2026

Frequency

Monthly

Key facts about RFMZ's dividend

Data as of · Source: SmarterDividends data

  • As of Nov 5, 2026, RiverNorth Flexible Municipal Income Fund II, Inc. (RFMZ) has a forward dividend yield of 7.95%, based on an annual dividend of $0.96 per share and a share price of $12.05.
  • As of Nov 5, 2026, RFMZ's dividend safety grade from SmarterDividends is C (50 out of 100), which rates the dividend as borderline.
  • RFMZ last cut its regular dividend in 2023.
  • RFMZ's next ex-dividend date is Nov 16, 2026, with payment on Nov 30, 2026. Shares must be owned before that date to receive the dividend.
  • As of Nov 5, 2026, RFMZ pays out 62% of its trailing 12-month earnings as dividends (its payout ratio).
  • As of Nov 5, 2026, RFMZ's 7.95% yield is 13% above its five-year average yield of 7.06%.
  • As of Nov 5, 2026, SmarterDividends' blended fair-value estimate for RFMZ is $12.52 per share, 4% above the $12.05 share price, so RFMZ screens as fairly valued.
  • RiverNorth Flexible Municipal Income Fund II, Inc. (RFMZ) pays its dividend monthly, 12 times a year.
  • RiverNorth Flexible Municipal Income Fund II, Inc. (RFMZ) has raised its regular dividend 1 time and cut it 4 times across the 68 payments on record since 2021. Its most recent change was a 7.0% cut to $0.0800 per share, going ex-dividend on Jan 15, 2026.
Cite this page

SmarterDividends, "RFMZ Dividend: Yield, Safety Grade & Next Ex-Date," updated Nov 5, 2026, https://smarterdividends.com/stocks/RFMZ

Is RFMZ a good dividend stock?

Mixed

RiverNorth Flexible Municipal Income Fund II, Inc. (RFMZ) pays a monthly dividend yielding 7.95% ($0.96/yr), with 0 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
    • Share price is down over the past 5 years

    Key Data

    Dividend Yield
    7.95%
    Payout Ratio
    62%
    Annual Dividend
    $0.96
    5-Yr Avg Growth
    —
    Ex-Dividend Date
    Nov 16, 2026
    Years of Growth
    0
    Frequency
    monthly
    Beta
    —
    Market Cap
    $293.5M
    P/E Ratio
    7.5
    5-Yr Total Return
    -40%
    52-Week Range
    $11.31 – $13.70
    Dividend Safety
    C · 50/100
    Ever Cut?
    Yes (2023)

    RFMZ dividend raises and cuts

    RiverNorth Flexible Municipal Income Fund II, Inc. (RFMZ) has raised its regular dividend 1 time and cut it 4 times across the 68 payments on record since 2021. Its most recent change was a 7.0% cut to $0.0800 per share, going ex-dividend on Jan 15, 2026.

    Ex-dateChangeOld → newMove
    Jan 15, 2026Cut$0.0860 → $0.0800−7.0%
    Jan 15, 2025Cut$0.0870 → $0.0860−1.1%
    Jan 12, 2023Raise$0.0400 → $0.0870+117.5%
    Dec 22, 2022Cut$0.0930 → $0.0400−57.0%
    Jan 13, 2022Cut$0.100 → $0.0930−7.0%
    Every RFMZ payment →Download every raise and cut (CSV)
    RFMZ ex-dividend date & scheduleNext ex-date Nov 16, 2026 · full ex-dividend historyView →RFMZ dividend historyEvery payment, totals by year, raises and cutsView →RFMZ dividend calculator100 shares pay $96.00 a year, $8.00 each monthCalculate →RFMZ total return calculatorWhat $10,000 became, with dividends reinvested or taken as cashSee →

    Frequently Asked Questions

    Is RFMZ a good dividend stock?

    Mixed. RiverNorth Flexible Municipal Income Fund II, Inc. (RFMZ) pays a monthly dividend yielding 7.95% ($0.96/yr), with 0 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.

    Is RFMZ undervalued?

    Based on a blend of discounted cash flow, a dividend-discount model and an earnings-multiple estimate, RFMZ's fair value is about $12.52 versus a $12.05 share price — so it looks fairly valued (+4% vs. fair value).

    Is RFMZ's dividend safe?

    RFMZ has a dividend-safety grade of C (50/100), based on its payout coverage, free-cash-flow, 0-year growth streak, a dividend cut in 2023, debt and yield-versus-history.

    What is RFMZ's fair value?

    Our blended fair-value estimate for RFMZ is about $12.52 per share, roughly 4% above the current $12.05 price — combining a discounted cash flow, a dividend-discount model and an earnings multiple.

    Is RFMZ a buy, hold, or sell?

    We don't issue formal ratings, but on the data RFMZ screens as "mixed" and fairly valued. RiverNorth Flexible Municipal Income Fund II, Inc. (RFMZ) pays a monthly dividend yielding 7.95% ($0.96/yr), with 0 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. This is research for your own analysis, not investment advice.

    Will RFMZ cut its dividend?

    RFMZ earns a dividend-safety grade of C (50/100), 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 RFMZ pay a dividend?

    Yes. RiverNorth Flexible Municipal Income Fund II, Inc. pays a monthly dividend of about $0.96 per share annually, a forward yield of roughly 7.95%.

    How much dividend does 100 shares of RFMZ pay?

    At $0.96 per share a year, 100 shares of RFMZ pay $96.00 a year in dividends before tax, about $8.00 each month. Buying them costs about $1,205 at the Nov 5, 2026 price.

    What is RFMZ's dividend yield?

    As of Nov 5, 2026, RFMZ's forward dividend yield is 7.95%, based on a $0.96 annual dividend and a $12.05 share price.

    What is RFMZ's dividend per share?

    As of Nov 5, 2026, RFMZ pays $0.96 per share per year, distributed on a monthly basis.

    What is RFMZ's dividend payout ratio?

    As of Nov 5, 2026, RFMZ's payout ratio is 62% of trailing 12-month earnings — a moderate level that's generally sustainable.

    How many years has RFMZ grown its dividend?

    RFMZ does not currently have a long dividend-growth streak on record.

    When is the next RFMZ ex-dividend date?

    As of Nov 5, 2026, the next ex-dividend date on record for RFMZ is Nov 16, 2026.

    Income Calculator

    At $0.96 / yr per share

    Per payment (monthly)$8.00
    Annual$96.00
    Monthly avg$8.00
    Full RFMZ dividend calculator →

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