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Nuveen California AMT-Free Quality Municipal Income Fund

NYSE:NKX
Snowflake Description

Unattractive dividend payer and overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
NKX
NYSE
$654M
Market Cap
  1. Home
  2. US
  3. Diversified Financials
Company description

Nuveen California AMT-Free Quality Municipal Income Fund is a closed ended fixed income mutual fund launched by Nuveen Investments, Inc. The last earnings update was 131 days ago. More info.


Add to Portfolio Compare Print
  • Nuveen California AMT-Free Quality Municipal Income Fund is a fund or ETF! Currently our data availability for these is poor, we only recommend using them as part of a portfolio.
NKX Share Price and Events
7 Day Returns
-0.1%
NYSE:NKX
2.6%
US Capital Markets
2.4%
US Market
1 Year Returns
0.7%
NYSE:NKX
-12.6%
US Capital Markets
1.9%
US Market
NKX Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Nuveen California AMT-Free Quality Municipal Income Fund (NKX) -0.1% 2% 8.4% 0.7% -14% 4.5%
US Capital Markets 2.6% -0% 10.2% -12.6% 54.7% 55.6%
US Market 2.4% 1.7% 11.9% 1.9% 38.2% 42.4%
1 Year Return vs Industry and Market
  • NKX outperformed the Capital Markets industry which returned -12.6% over the past year.
  • NKX underperformed the Market in United States of America which returned 1.9% over the past year.

Value

 Is Nuveen California AMT-Free Quality Municipal Income Fund undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Nuveen California AMT-Free Quality Municipal Income Fund to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data    Our intrinsic value calculation method has changed recently, learn more here.

Below are the data sources, inputs and calculation used to determine the intrinsic value for Nuveen California AMT-Free Quality Municipal Income Fund.

NYSE:NKX Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= $15.64 * 4.4%
$0.68
Book Value of Equity per Share Median Book Value from the past 5 years. $15.64
Discount Rate (Cost of Equity) See below 9.2%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:NKX
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.73
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.726 (1 + (1- 21%) (69.14%))
1.082
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.08
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.082 * 5.96%)
9.18%

Discounted Cash Flow Calculation for NYSE:NKX using Excess Returns Model Model

The calculations below outline how an intrinsic value for Nuveen California AMT-Free Quality Municipal Income Fund is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

NYSE:NKX Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (4.4% – 9.18%) * $15.64)
$-0.75
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $-0.75 / (9.18% - 2.73%)
$-11.67
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $15.64 + $-11.67
$3.97
NYSE:NKX Discount to Share Price
Calculation Result
Value per share (USD) From above. $3.97
Current discount Discount to share price of $13.69
= -1 x ($13.69 - $3.97) / $3.97
-244.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Nuveen California AMT-Free Quality Municipal Income Fund is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Nuveen California AMT-Free Quality Municipal Income Fund's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Nuveen California AMT-Free Quality Municipal Income Fund's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:NKX PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-08-31) in USD $0.08
NYSE:NKX Share Price ** NYSE (2019-03-18) in USD $13.69
United States of America Capital Markets Industry PE Ratio Median Figure of 76 Publicly-Listed Capital Markets Companies 24.89x
United States of America Market PE Ratio Median Figure of 3,055 Publicly-Listed Companies 17.61x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Nuveen California AMT-Free Quality Municipal Income Fund.

NYSE:NKX PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:NKX Share Price ÷ EPS (both in USD)

= 13.69 ÷ 0.08

174.09x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Nuveen California AMT-Free Quality Municipal Income Fund is overvalued based on earnings compared to the US Capital Markets industry average.
  • Nuveen California AMT-Free Quality Municipal Income Fund is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Nuveen California AMT-Free Quality Municipal Income Fund's expected growth come at a high price?
Raw Data
NYSE:NKX PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 174.09x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
United States of America Capital Markets Industry PEG Ratio Median Figure of 33 Publicly-Listed Capital Markets Companies 2.2x
United States of America Market PEG Ratio Median Figure of 2,109 Publicly-Listed Companies 1.48x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Nuveen California AMT-Free Quality Municipal Income Fund, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Nuveen California AMT-Free Quality Municipal Income Fund's assets?
Raw Data
NYSE:NKX PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-08-31) in USD $15.29
NYSE:NKX Share Price * NYSE (2019-03-18) in USD $13.69
United States of America Capital Markets Industry PB Ratio Median Figure of 149 Publicly-Listed Capital Markets Companies 4.76x
United States of America Market PB Ratio Median Figure of 5,152 Publicly-Listed Companies 1.87x
NYSE:NKX PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:NKX Share Price ÷ Book Value per Share (both in USD)

= 13.69 ÷ 15.29

0.9x

* Primary Listing of Nuveen California AMT-Free Quality Municipal Income Fund.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Nuveen California AMT-Free Quality Municipal Income Fund is good value based on assets compared to the US Capital Markets industry average.
X
Value checks
We assess Nuveen California AMT-Free Quality Municipal Income Fund's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Capital Markets industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Capital Markets industry average (and greater than 0)? (1 check)
  5. Nuveen California AMT-Free Quality Municipal Income Fund has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Nuveen California AMT-Free Quality Municipal Income Fund expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

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 Nuveen California AMT-Free Quality Municipal Income 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 Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
6.4%
Expected Capital Markets industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Nuveen California AMT-Free Quality Municipal Income Fund expected to grow at an attractive rate?
  • Unable to compare Nuveen California AMT-Free Quality Municipal Income Fund's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Nuveen California AMT-Free Quality Municipal Income Fund's earnings growth to the United States of America market average as no estimate data is available.
  • Unable to compare Nuveen California AMT-Free Quality Municipal Income Fund's revenue growth to the United States of America market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
NYSE:NKX Future Growth Rates Data Sources
Data Point Source Value (per year)
United States of America Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 6.4%
United States of America Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 3.8%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14.3%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:NKX Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:NKX Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-08-31 50 12 4
2018-05-31 51 11 18
2018-02-28 51 11 33
2017-11-30 51 25 14
2017-08-31 52 40 -4
2017-05-31 51 -9 -1
2017-02-28 50 -58 2
2016-11-30 50 -52 50
2016-08-31 50 -47 99
2016-05-31 50 -2 75
2016-02-29 50 43 52
2015-11-30 51 57 47

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Nuveen California AMT-Free Quality Municipal Income Fund is high growth as no earnings estimate data is available.
  • Unable to determine if Nuveen California AMT-Free Quality Municipal Income Fund is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:NKX Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Nuveen California AMT-Free Quality Municipal Income Fund Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:NKX Past Financials Data
Date (Data in USD Millions) EPS *
2018-08-31 0.08
2018-05-31 0.38
2018-02-28 0.68
2017-11-30 0.30
2017-08-31 -0.08
2017-05-31 -0.02
2017-02-28 0.05
2016-11-30 1.06
2016-08-31 2.07
2016-05-31 1.58
2016-02-29 1.09
2015-11-30 0.98

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Nuveen California AMT-Free Quality Municipal Income Fund will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Nuveen California AMT-Free Quality Municipal Income Fund's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Nuveen California AMT-Free Quality Municipal Income Fund has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Nuveen California AMT-Free Quality Municipal Income Fund performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Nuveen California AMT-Free Quality Municipal Income Fund's growth in the last year to its industry (Capital Markets).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Nuveen California AMT-Free Quality Municipal Income Fund's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Nuveen California AMT-Free Quality Municipal Income Fund has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
  • Nuveen California AMT-Free Quality Municipal Income Fund has become profitable in the last year making it difficult to compare the US Capital Markets industry average.
Earnings and Revenue History
Nuveen California AMT-Free Quality Municipal Income Fund's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Nuveen California AMT-Free Quality Municipal Income Fund Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:NKX Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-08-31 50.10 3.76 10.94
2018-05-31 50.55 18.17 11.11
2018-02-28 51.00 32.59 11.29
2017-11-30 51.28 14.33 11.35
2017-08-31 51.56 -3.93 11.40
2017-05-31 50.94 -0.82 11.32
2017-02-28 50.32 2.29 11.25
2016-11-30 49.94 50.44 10.92
2016-08-31 49.56 98.60 10.59
2016-05-31 50.00 75.36 10.45
2016-02-29 50.44 52.12 10.30
2015-11-30 51.09 46.83 10.47
2015-08-31 51.74 41.53 10.64
2015-05-31 51.26 73.01 10.47
2015-02-28 50.79 104.50 10.30
2014-11-30 48.93 122.41 9.82
2014-08-31 47.06 140.33 9.35
2014-05-31 46.10 65.79 9.18
2014-02-28 45.14 -8.74 9.01
2013-11-30 45.06 -29.81 9.19
2013-08-31 44.97 -50.88 9.37
2013-05-31 41.67 2.45 8.66
2013-02-28 38.36 55.79 7.96
2012-11-30 28.79 44.71 5.95
2012-08-31 19.22 33.64 3.95
2012-05-31 12.84 24.86 2.68

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Nuveen California AMT-Free Quality Municipal Income Fund has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Nuveen California AMT-Free Quality Municipal Income Fund used its assets less efficiently than the US Capital Markets industry average last year based on Return on Assets.
  • Nuveen California AMT-Free Quality Municipal Income Fund's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Nuveen California AMT-Free Quality Municipal Income Fund's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Capital Markets industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Nuveen California AMT-Free Quality Municipal Income Fund has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Nuveen California AMT-Free Quality Municipal Income Fund's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Nuveen California AMT-Free Quality Municipal Income Fund's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Nuveen California AMT-Free Quality Municipal Income Fund's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Nuveen California AMT-Free Quality Municipal Income Fund's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Nuveen California AMT-Free Quality Municipal Income Fund's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Nuveen California AMT-Free Quality Municipal Income Fund Company Filings, last reported 6 months ago.

NYSE:NKX Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-08-31 729.96 451.94
2018-05-31 729.96 451.94
2018-02-28 728.66 458.38
2017-11-30 728.66 458.38
2017-08-31 760.18 429.94 1.24
2017-05-31 760.18 429.94 1.24
2017-02-28 732.65 431.31
2016-11-30 732.65 431.31
2016-08-31 803.48 432.60 1.53
2016-05-31 803.48 432.60 1.53
2016-02-29 771.47 334.41
2015-11-30 771.47 334.41
2015-08-31 746.09 342.50
2015-05-31 746.09 342.50
2015-02-28 760.79 335.68
2014-11-30 760.79 335.68
2014-08-31 745.53 338.02
2014-05-31 745.53 338.02
2014-02-28 606.85 297.58
2013-11-30 606.85 297.58
2013-08-31 553.65 303.56
2013-05-31 553.65 303.56
2013-02-28 651.40 319.75
2012-11-30 651.40 319.75
2012-08-31 640.79 282.64
2012-05-31 640.79 282.64
  • Nuveen California AMT-Free Quality Municipal Income Fund's level of debt (61.9%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (54.8% vs 61.9% today).
  • Debt is not well covered by operating cash flow (2.6%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 5.7x coverage).
X
Financial health checks
We assess Nuveen California AMT-Free Quality Municipal Income Fund's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Nuveen California AMT-Free Quality Municipal Income Fund has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Nuveen California AMT-Free Quality Municipal Income Fund's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.51%
Current annual income from Nuveen California AMT-Free Quality Municipal Income Fund dividends.
If you bought $2,000 of Nuveen California AMT-Free Quality Municipal Income Fund shares you are expected to receive $90 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Nuveen California AMT-Free Quality Municipal Income Fund's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.45%).
  • Nuveen California AMT-Free Quality Municipal Income Fund's dividend is above the markets top 25% of dividend payers in United States of America (3.64%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:NKX Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
United States of America Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 43 Stocks 2.1%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2004 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:NKX Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-02-01 0.618 4.586
2019-01-02 0.618 4.716
2018-12-04 0.624 4.909
2018-11-01 0.624 4.916
2018-10-01 0.624 4.971
2018-09-04 0.624 4.755
2018-08-01 0.678 5.035
2018-07-02 0.678 4.991
2018-06-01 0.678 4.992
2018-05-01 0.678 5.028
2018-04-02 0.678 5.036
2018-03-01 0.678 4.958
2018-02-01 0.744 5.258
2017-12-01 0.744 4.887
2017-11-01 0.744 4.801
2017-10-02 0.744 4.736
2017-09-01 0.744 4.695
2017-07-03 0.786 4.967
2017-06-01 0.786 5.039
2017-05-01 0.786 5.208
2017-04-03 0.786 5.303
2017-03-01 0.786 5.435
2017-02-01 0.786 5.360
2017-01-03 0.786 5.392
2016-11-01 0.804 5.604
2016-10-03 0.804 5.135
2016-08-01 0.864 5.072
2016-07-01 0.864 5.064
2016-06-01 0.864 5.183
2016-05-02 0.864 5.306
2016-04-01 0.864 5.382
2016-03-02 0.864 5.414
2016-02-01 0.864 5.517
2015-12-01 0.864 5.675
2015-11-02 0.920 6.190
2015-10-01 0.864 5.786
2015-09-01 0.864 5.942
2015-08-04 0.864 5.967
2015-07-01 0.864 5.981
2015-06-01 0.864 6.035
2015-05-01 0.864 5.904
2015-04-02 0.864 5.789
2015-03-02 0.864 5.876
2015-02-02 0.864 5.853
2015-01-02 0.864 5.751
2014-12-01 0.864 5.971
2014-11-03 0.847 6.005
2014-10-01 0.840 5.999
2014-09-02 0.840 6.060
2014-07-01 0.840 6.139
2014-05-01 0.840 6.135
2014-04-01 0.840 6.296
2014-03-03 0.840 6.388
2014-02-03 0.840 6.489
2014-01-02 0.840 6.681
2013-12-02 0.840 6.978
2013-11-01 0.840 6.816
2013-10-01 0.840 6.838
2013-09-03 0.840 6.915
2013-08-01 0.840 6.946
2013-07-01 0.840 6.675
2013-06-03 0.840 6.329
2013-05-01 0.840 5.877
2013-04-01 0.840 5.788
2013-03-01 0.840 5.746
2013-02-01 0.840 5.519
2013-01-02 0.840 5.500
2012-12-03 0.840 5.541
2012-11-01 0.936 5.894
2012-10-01 0.936 5.992
2012-09-04 0.936 6.068
2012-08-01 0.936 6.117
2012-04-25 0.852 5.737
2012-04-02 0.852 5.817
2012-03-01 0.852 5.887
2012-02-01 0.852 5.702
2012-01-03 0.852 5.831
2011-12-01 0.852 6.054
2011-11-01 0.852 6.257
2011-10-03 0.852 6.435
2011-09-01 0.852 6.481
2011-08-01 0.804 6.314
2011-07-01 0.804 6.347
2011-06-01 0.804 6.448
2011-05-02 0.804 6.614
2011-04-01 0.804 6.895
2011-03-01 0.804 6.870
2011-01-03 0.804 6.822
2010-12-01 0.804 6.631
2010-11-02 0.804 6.150
2010-10-01 0.804 5.758
2010-09-01 0.804 5.713
2010-08-02 0.804 5.633
2010-07-01 0.804 5.828
2010-06-01 0.804 6.081
2010-05-03 0.792 6.090
2010-04-01 0.792 6.152
2010-03-02 0.792 6.165
2010-02-02 0.792 6.158
2010-01-04 0.792 6.201
2009-12-01 0.792 6.255
2009-11-02 0.780 6.104
2009-10-01 0.780 5.854
2009-09-01 0.780 5.810
2009-08-03 0.756 6.041
2009-07-02 0.756 6.344
2009-06-01 0.756 6.454
2009-05-01 0.756 6.221
2009-04-01 0.708 6.061
2009-03-19 0.708 6.299

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Nuveen California AMT-Free Quality Municipal Income Fund's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.1x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Nuveen California AMT-Free Quality Municipal Income Fund's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Nuveen California AMT-Free Quality Municipal Income Fund afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Nuveen California AMT-Free Quality Municipal Income Fund has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Nuveen California AMT-Free Quality Municipal Income Fund's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
  • Nuveen California AMT-Free Quality Municipal Income Fund has no CEO, or we have no data on them.
Management Team

Stephen Foy

TITLE
Vice President and Controller
AGE
64

Giff Zimmerman

TITLE
Co-General Counsel
AGE
62

Walter Kelly

TITLE
Chief Compliance Officer and Vice President
AGE
48

Kevin McCarthy

TITLE
Vice President and Secretary
AGE
52

Scott Grace

TITLE
Vice President and Treasurer
AGE
48

Tina Lazar

TITLE
Vice President
AGE
57

Lorna Ferguson

TITLE
Vice President
AGE
73

Cedric Antosiewicz

TITLE
Vice President
AGE
56

Kathleen Prudhomme

TITLE
Vice President and Assistant Secretary
AGE
65

Joel Slager

TITLE
Vice President and Assistant Secretary
AGE
40
Board of Directors Tenure

Average tenure and age of the Nuveen California AMT-Free Quality Municipal Income Fund board of directors in years:

13.2
Average Tenure
71
Average Age
  • The average tenure for the Nuveen California AMT-Free Quality Municipal Income Fund board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Bill Schneider

TITLE
Independent Chairman of the Board
COMPENSATION
$3K
AGE
74
TENURE
5.7 yrs

Judith Stockdale

TITLE
Independent Trustee
COMPENSATION
$2K
AGE
71
TENURE
22.2 yrs

Jack Evans

TITLE
Independent Trustee
COMPENSATION
$2K
AGE
70
TENURE
20.2 yrs

Robert Bremner

TITLE
Independent Trustee
COMPENSATION
$3K
AGE
78
TENURE
23.2 yrs

William Hunter

TITLE
Independent Trustee
COMPENSATION
$2K
AGE
70
TENURE
15.2 yrs

David Kundert

TITLE
Independent Trustee
COMPENSATION
$2K
AGE
76
TENURE
14.2 yrs

Carole Stone

TITLE
Independent Trustee
COMPENSATION
$2K
AGE
71
TENURE
12.2 yrs

Bill Adams

TITLE
Interested Trustee
AGE
62
TENURE
5.5 yrs

Terry Toth

TITLE
Independent Trustee
COMPENSATION
$2K
AGE
59
TENURE
10.8 yrs

Virginia Stringer

TITLE
Independent Trustee
COMPENSATION
$2K
AGE
74
TENURE
8.2 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
X
Management checks
We assess Nuveen California AMT-Free Quality Municipal Income Fund's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Nuveen California AMT-Free Quality Municipal Income Fund has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Nuveen California AMT-Free Quality Municipal Income Fund is a closed ended fixed income mutual fund launched by Nuveen Investments, Inc. The fund is co-managed by Nuveen Asset Management, LLC and Nuveen Fund Advisors LLC. It invests in the fixed income markets of California, United States. The fund primarily invests in undervalued municipal securities and other related investments the income which are exempt from regular federal and California income taxes and are rated Baa, BBB or higher with an average maturity of 20.17 years. It employs fundamental analysis with a bottom-up approach to create its portfolio. The fund benchmarks the performance of its portfolio against the Standard & Poor’s (S&P) California Municipal Bond Index and the S&P National Municipal Bond Index. It was formerly known as Nuveen California AMT-Free Municipal Income Fund. Nuveen California AMT-Free Quality Municipal Income Fund was formed on November 21, 2002 and is domiciled in the United States.

Details
Name: Nuveen California AMT-Free Quality Municipal Income Fund
NKX
Exchange: NYSE
Founded: 2002
$653,702,058
47,750,333
Website: http://www.nuveen.com/CEF/Product/Overview.aspx?fundcode=NKX
Address: Nuveen California AMT-Free Quality Municipal Income Fund
333 West Wacker Drive,
Chicago,
Illinois, 60606,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE NKX Common Shares New York Stock Exchange US USD 22. Nov 2002
Number of employees
Current staff
Staff numbers
0
Nuveen California AMT-Free Quality Municipal Income Fund employees.
Industry
Asset Management and Custody Banks
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/18 23:45
End of day share price update: 2019/03/18 00:00
Last earnings filing: 2018/11/07
Last earnings reported: 2018/08/31
Last annual earnings reported: 2018/02/28


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.