Invesco California Value Municipal Income Trust
VCVFinancial Services · Stock · monthly payer
Forward Yield
8.29%
Annual Dividend
$0.78
Payout Ratio
298%
5-Yr Growth
7.6%
Ex-Date
Sep 14, 2026
Frequency
Monthly
Summary
As of September 2026, Invesco California Value Municipal Income Trust (VCV) yields 8.29% ($0.78 per share annually), with a blended fair-value estimate of $12.57 — +30% upside, so it screens as undervalued. Dividend safety grade: C (52/100). 2 years of dividend growth.
Is VCV a good dividend stock?
MixedInvesco California Value Municipal Income Trust (VCV) pays a monthly dividend yielding 8.29% ($0.78/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
- Strong 7.6% 5-yr dividend growth
Risks
- Cut its dividend in 2023
- Elevated payout ratio (298%)
- Very high yield can signal elevated risk
- Share price is down over the past 5 years
Key Data
- Dividend Yield
- 8.29%
- Payout Ratio
- 298%
- Annual Dividend
- $0.78
- 5-Yr Avg Growth
- 7.6%
- Ex-Dividend Date
- Sep 14, 2026
- Years of Growth
- 2
- Frequency
- monthly
- Beta
- 0.75
- Market Cap
- $447.9M
- P/E Ratio
- 35.1
- 5-Yr Total Return
- -31%
- 52-Week Range
- $9.60 – $11.38
- Dividend Safety
- C · 52/100
- Ever Cut?
- Yes (2023)
Frequently Asked Questions
VCV Price — Last 12 Months
Daily close
Price Return
1 Year
-14%
3 Years
+19%
5 Years
-31%
52-Week Range
$9.60 – $11.38
Price change over each period (excludes dividends). Past performance doesn't guarantee future results.
What is VCV worth?
Undervaluedmedium confidenceOur blended fair-value estimate for Invesco California Value Municipal Income Trust is $12.57 per share, versus a market price of $9.65. That implies 30% of upside — a margin of safety of about 23%.
Fair Value
$12.57
Current Price
$9.65
Upside
+30%
Margin of Safety
23%
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 5.4% annual free-cash-flow growth. We model 8.6% — below our estimate, leaving room for upside if the business executes.
Assumptions: 8.0% discount rate (CAPM), 8.6% stage-1 growth, 2.5% terminal growth, $0.26 EPS, $0.78 annual dividend. Updated weekly.
Fair-value estimates are model output for educational purposes only — not investment advice or a price target.
VCV 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 VCV dividend history →| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| Sep 14, 2026 | — | $0.0650 | regular |
| Aug 17, 2026 | — | $0.0650 | regular |
| Jul 14, 2026 | — | $0.0650 | regular |
| Jun 15, 2026 | — | $0.0650 | regular |
| May 14, 2026 | — | $0.0650 | regular |
| Apr 14, 2026 | — | $0.0650 | regular |
| Mar 16, 2026 | — | $0.0650 | regular |
| Feb 17, 2026 | — | $0.0650 | regular |
| Jan 15, 2026 | — | $0.0650 | regular |
| Dec 16, 2025 | — | $0.0650 | regular |
| Nov 17, 2025 | — | $0.0650 | regular |
| Oct 16, 2025 | — | $0.0650 | regular |
| Sep 16, 2025 | — | $0.0650 | regular |
| Aug 18, 2025 | — | $0.0650 | regular |
Income Calculator
At $0.78 / yr per share
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