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MNP

Western Asset Municipal Partners FundNYSE:MNP Stock Report

Last Price

US$15.04

Market Cap

US$146.2m

7D

-2.1%

1Y

1.2%

Updated

16 Jan, 2022

Data

Company Financials
MNP fundamental analysis
Snowflake Score
Valuation3/6
Future Growth0/6
Past Performance2/6
Financial Health2/6
Dividends3/6

MNP Stock Overview

Western Asset Municipal Partners Fund Inc.

Price History & Performance

Summary of all time highs, changes and price drops for Western Asset Municipal Partners Fund
Historical stock prices
Current Share PriceUS$15.04
52 Week HighUS$16.90
52 Week LowUS$14.77
Beta0.19
1 Month Change-5.65%
3 Month Change-3.28%
1 Year Change1.21%
3 Year Change7.74%
5 Year Change1.35%
Change since IPO-1.38%

Recent News & Updates

Nov 17

Western Asset Municipal Partners Fund declares $0.0475 dividend

Western Asset Municipal Partners Fund (MNP) declares $0.0475/share monthly dividend, in line with previous.Forward yield 3.92%Payable Dec. 31; for shareholders of record Dec. 23; ex-div Dec. 22.Payable Feb. 1; for shareholders of record Jan. 22; ex-div Jan. 21.Payable Mar. 1; for shareholders of record Feb. 19; ex-div Feb. 18.See MNP Dividend Scorecard, Yield Chart, & Dividend Growth.

Nov 16

MNP: Attractively Valued For Tax-Free Income

Written by Nick Ackerman, co-produced by Stanford Chemist Western Asset Municipal Partners Fund Inc. (MNP) is a closed-end fund that has been providing investors monthly income for years. The discount is currently larger than its historical average. This is at a time when many other municipal funds are trading higher than their average due to investors seeking safety during 2020's volatility. One reason for this is that Legg Mason, the parent company of Western Asset,

Shareholder Returns

MNPUS Capital MarketsUS Market
7D-2.1%-1.6%-0.5%
1Y1.2%30.2%13.7%

Return vs Industry: MNP underperformed the US Capital Markets industry which returned 30.2% over the past year.

Return vs Market: MNP underperformed the US Market which returned 13.7% over the past year.

Price Volatility

Is MNP's price volatile compared to industry and market?
MNP volatility
MNP Average Weekly Movement1.4%
Capital Markets Industry Average Movement0.7%
Market Average Movement6.6%
10% most volatile stocks in US Market15.9%
10% least volatile stocks in US Market2.4%

Stable Share Price: MNP is less volatile than 75% of US stocks over the past 3 months, typically moving +/- 1% a week.

Volatility Over Time: MNP's weekly volatility (1%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1993n/aKen Fullerhttps://www.leggmason.com/en-us/products/closed-end-funds/western-asset-municipal-partners-fund-inc.html

Western Asset Municipal Partners Fund Inc. is a closed ended fixed income mutual fund launched and managed by Legg Mason Partners Fund Advisor, LLC. The fund is co-managed by Western Asset Management Company. It invests in fixed income markets of the United States.

Western Asset Municipal Partners Fund Fundamentals Summary

How do Western Asset Municipal Partners Fund's earnings and revenue compare to its market cap?
MNP fundamental statistics
Market CapUS$146.17m
Earnings (TTM)US$19.94m
Revenue (TTM)US$8.57m

7.3x

P/E Ratio

17.0x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
MNP income statement (TTM)
RevenueUS$8.57m
Cost of RevenueUS$0
Gross ProfitUS$8.57m
Expenses-US$11.36m
EarningsUS$19.94m

Last Reported Earnings

May 31, 2021

Next Earnings Date

n/a

Earnings per share (EPS)2.05
Gross Margin100.00%
Net Profit Margin232.55%
Debt/Equity Ratio36.4%

How did MNP perform over the long term?

See historical performance and comparison

Dividends

4.7%

Current Dividend Yield

28%

Payout Ratio

Does MNP pay a reliable dividends?

See MNP dividend history and benchmarks
When do you need to buy MNP by to receive an upcoming dividend?
Western Asset Municipal Partners Fund dividend dates
Ex Dividend DateJan 21 2022
Dividend Pay DateFeb 01 2022
Days until Ex dividend3 days
Days until Dividend pay date14 days

Does MNP pay a reliable dividends?

See MNP dividend history and benchmarks

Valuation

Is Western Asset Municipal Partners Fund undervalued compared to its fair value and its price relative to the market?

7.33x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: MNP ($15.04) is trading above our estimate of fair value ($6.2)

Significantly Below Fair Value: MNP is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: MNP is good value based on its PE Ratio (7.3x) compared to the US Capital Markets industry average (15.9x).

PE vs Market: MNP is good value based on its PE Ratio (7.3x) compared to the US market (17.4x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate MNP's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: MNP is good value based on its PB Ratio (0.9x) compared to the US Capital Markets industry average (42.4x).

Future Growth

How is Western Asset Municipal Partners Fund forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

3.7%

Forecasted Diversified Financials industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Western Asset Municipal Partners Fund has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.

Past Performance

How has Western Asset Municipal Partners Fund performed over the past 5 years?

18.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: MNP has a large one-off gain of $13.9M impacting its May 31 2021 financial results.

Growing Profit Margin: MNP became profitable in the past.


Past Earnings Growth Analysis

Earnings Trend: MNP's earnings have grown by 18% per year over the past 5 years.

Accelerating Growth: MNP has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: MNP has become profitable in the last year, making it difficult to compare its past year earnings growth to the Capital Markets industry (86.4%).


Return on Equity

High ROE: MNP's Return on Equity (10.8%) is considered low.

Financial Health

How is Western Asset Municipal Partners Fund's financial position?


Financial Position Analysis

Short Term Liabilities: MNP's short term assets ($3.1M) do not cover its short term liabilities ($7.6M).

Long Term Liabilities: MNP's short term assets ($3.1M) do not cover its long term liabilities ($67.6M).


Debt to Equity History and Analysis

Debt Level: MNP's net debt to equity ratio (36.4%) is considered satisfactory.

Reducing Debt: MNP's debt to equity ratio has increased from 35.4% to 36.4% over the past 5 years.

Debt Coverage: MNP's debt is not well covered by operating cash flow (5.5%).

Interest Coverage: MNP's interest payments on its debt are well covered by EBIT (1100.4x coverage).


Balance Sheet

Dividend

What is Western Asset Municipal Partners Fund current dividend yield, its reliability and sustainability?

4.65%

Current Dividend Yield


Upcoming Dividend Payment

TodayJan 17 2022Ex Dividend DateJan 21 2022Dividend Pay DateFeb 01 202211 days from Ex DividendBuy in the next 3 days to receive the upcoming dividend

Dividend Yield vs Market

Notable Dividend: MNP's dividend (4.65%) is higher than the bottom 25% of dividend payers in the US market (1.32%).

High Dividend: MNP's dividend (4.65%) is in the top 25% of dividend payers in the US market (3.44%)


Stability and Growth of Payments

Stable Dividend: MNP's dividend payments have been volatile in the past 10 years.

Growing Dividend: MNP's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (27.8%), MNP's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.

Management

How experienced are the management team and are they aligned to shareholders interests?

19.0yrs

Average board tenure


CEO

Ken Fuller (63 yo)

8.58yrs

Tenure

Mr. Kenneth Donald Fuller, also known as Ken, has been Chief Executive Officer and President of Western Asset High Income Opportunity Fund Inc. and LMP Corporate Loan Fund Inc. since June 1, 2013. He serve...


Board Members

Experienced Board: MNP's board of directors are seasoned and experienced ( 19 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Western Asset Municipal Partners Fund Inc.'s employee growth, exchange listings and data sources


Key Information


Location

  • Western Asset Municipal Partners Fund Inc.
  • 620 Eighth Avenue
  • 49th Floor
  • New York
  • New York
  • 10018
  • United States

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/01/16 23:17
End of Day Share Price2022/01/14 00:00
Earnings2021/05/31
Annual Earnings2020/11/30


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.