Invesco Trust for Investment Grade Municipals
VGMFinancial Services · Stock · monthly payer
Forward Yield
8.32%
Annual Dividend
$0.78
Payout Ratio
250%
5-Yr Growth
4.8%
Ex-Date
Sep 14, 2026
Frequency
Monthly
Summary
As of September 2026, Invesco Trust for Investment Grade Municipals (VGM) yields 8.32% ($0.78 per share annually), with a blended fair-value estimate of $13.19 — +36% upside, so it screens as undervalued. Dividend safety grade: C (55/100). 2 years of dividend growth.
Is VGM a good dividend stock?
MixedInvesco Trust for Investment Grade Municipals (VGM) pays a monthly dividend yielding 8.32% ($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
Risks
- Cut its dividend in 2023
- Elevated payout ratio (250%)
- Very high yield can signal elevated risk
- Share price is down over the past 5 years
Key Data
- Dividend Yield
- 8.32%
- Payout Ratio
- 250%
- Annual Dividend
- $0.78
- 5-Yr Avg Growth
- 4.8%
- Ex-Dividend Date
- Sep 14, 2026
- Years of Growth
- 2
- Frequency
- monthly
- Beta
- 0.69
- Market Cap
- $493.0M
- P/E Ratio
- 29.3
- 5-Yr Total Return
- -29%
- 52-Week Range
- $9.55 – $10.66
- Dividend Safety
- C · 55/100
- Ever Cut?
- Yes (2023)
Frequently Asked Questions
VGM Price — Last 12 Months
Daily close
Price Return
1 Year
-5%
3 Years
+16%
5 Years
-29%
52-Week Range
$9.55 – $10.66
Price change over each period (excludes dividends). Past performance doesn't guarantee future results.
What is VGM worth?
Undervaluedmedium confidenceOur blended fair-value estimate for Invesco Trust for Investment Grade Municipals is $13.19 per share, versus a market price of $9.67. That implies 36% of upside — a margin of safety of about 27%.
Fair Value
$13.19
Current Price
$9.67
Upside
+36%
Margin of Safety
27%
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 -1.3% annual free-cash-flow growth. We model 5.2% — below our estimate, leaving room for upside if the business executes.
Assumptions: 7.7% discount rate (CAPM), 5.2% stage-1 growth, 2.5% terminal growth, $0.31 EPS, $0.78 annual dividend. Updated weekly.
Fair-value estimates are model output for educational purposes only — not investment advice or a price target.
VGM 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 VGM 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
Similar Dividend Stocks
Compare VGM
Explore more
Lists and tools related to VGM
- Monthly dividend stocks →
- Undervalued dividend stocks →
- Financial Services dividend stocks →
- Dividend calendar →
- Dividend income calculator →
- DRIP calculator →
- Latest dividend cuts →
- Dividend cuts this month (research note) →
- Dividend increases this month (research note) →
- Safety score track record →
- Dividend screener →
- Dividend history lookup →
- Guide: what is a good dividend yield? →
- Guide: how to value a dividend stock →