Invests primarily in municipal bonds to generate income for its shareholders. Aims for at least 80% of its income to be exempt from federal income tax. Now — the numbers.
The stock trades 16% below its peak. The market has trimmed its expectations for the company.
It paid $0.36 per share over the last 12 months, with payments going back years without a break — regular cash for whoever holds the stock.
Since the drop from its peak, buyer appetite hasn’t come back.
We grade companies — revenue, margins, balance sheets. This is a fund, so there is no report card to give. That is not a low grade; it is a different kind of thing.
One-line summary: a basket, not a business. Judge it by what it holds.