NYSE:NZF

Stock Analysis Report

Nuveen Municipal Credit Income Fund

Executive Summary

Nuveen Municipal Credit Income Fund is a closed ended fixed income mutual fund launched by Nuveen Investments, Inc.

Rewards


Snowflake Analysis

Share Price & News

How has Nuveen Municipal Credit Income Fund's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: NZF has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

1.4%

NZF

-1.5%

US Capital Markets

-1.1%

US Market


1 Year Return

16.3%

NZF

15.4%

US Capital Markets

17.8%

US Market

Return vs Industry: NZF matched the US Capital Markets industry which returned 15.4% over the past year.

Return vs Market: NZF underperformed the US Market which returned 17.8% over the past year.


Shareholder returns

NZFIndustryMarket
7 Day1.4%-1.5%-1.1%
30 Day2.3%1.0%1.5%
90 Day4.0%3.9%6.6%
1 Year22.2%16.3%17.6%15.4%20.2%17.8%
3 Year37.2%16.3%37.5%29.8%47.5%38.1%
5 Year58.1%19.1%78.9%62.4%71.2%52.4%

Price Volatility Vs. Market

How volatile is Nuveen Municipal Credit Income Fund's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Nuveen Municipal Credit Income Fund undervalued compared to its fair value and its price relative to the market?

7.11x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: NZF ($16.75) is trading above our estimate of fair value ($5.6)

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


Price To Earnings Ratio

PE vs Industry: NZF is good value based on its PE Ratio (7.1x) compared to the Capital Markets industry average (33.9x).

PE vs Market: NZF is good value based on its PE Ratio (7.1x) compared to the US market (18.2x).


Price to Earnings Growth Ratio

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


Price to Book Ratio

PB vs Industry: NZF is good value based on its PB Ratio (1x) compared to the US Capital Markets industry average (6.6x).

Future Growth

How is Nuveen Municipal Credit Income Fund forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

8.7%

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 Nuveen Municipal Credit 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 SimplyWall St do have past financial data.

Past Performance

How has Nuveen Municipal Credit Income Fund performed over the past 5 years?

33.4%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: NZF has a large one-off gain of $228.1M impacting its October 31 2019 financial results.

Growing Profit Margin: NZF became profitable in the past.


Past Earnings Growth Analysis

Earnings Trend: NZF's earnings have grown significantly by 33.4% per year over the past 5 years.

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

Earnings vs Industry: NZF has become profitable in the last year, making it difficult to compare its past year earnings growth to the Capital Markets industry (8.4%).


Return on Equity

High ROE: NZF's Return on Equity (14.2%) is considered low.


Return on Assets


Return on Capital Employed

Financial Health

How is Nuveen Municipal Credit Income Fund's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: NZF has a low level of unsold assets or inventory.

Debt Coverage by Assets: NZF's debt is not covered by short term assets (assets are 0x debt).


Financial Institutions Analysis

Asset Level: NZF's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if NZF has a sufficient allowance for bad loans.

Low Risk Liabilities: NZF reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if NZF has an acceptable proportion of non-loan assets held.

Low Risk Deposits: NZF has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if NZF has an appropriate level of bad loans.

Dividend

What is Nuveen Municipal Credit Income Fund's current dividend yield, its reliability and sustainability?

4.73%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: NZF's dividend (4.73%) is higher than the bottom 25% of dividend payers in the US market (1.45%).

High Dividend: NZF's dividend (4.73%) is in the top 25% of dividend payers in the US market (3.73%)


Stability and Growth of Payments

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

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


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (33.6%), NZF'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?

14.0yrs

Average board tenure


CEO

Nuveen Municipal Credit Income Fund has no CEO, or we have no data on them.


Board Members

NamePositionTenureCompensationOwnership
David Kundert
15yrsUS$2.37kno data
William Schneider
Chairman6.6yrsUS$2.65kno data
Robert Bremner
24.1yrsUS$2.60kno data
Judith Stockdale
23.1yrsUS$2.17kno data
Jack Evans
21.1yrsUS$2.18kno data
Virginia Stringer
9.1yrsUS$2.00kno data
William Hunter
16.1yrsUS$1.94kno data
Terence Toth
11.7yrsUS$2.33k0.00091% $21.7k
John Nelson
Board Member6.4yrsUS$138.00no data
Carole Stone
13.1yrsUS$2.23kno data

14.0yrs

Average Tenure

72yo

Average Age

Experienced Board: NZF's board of directors are seasoned and experienced ( 14 years average tenure).


Ownership

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


Insider Trading Volume

Insider Buying: NZF insiders have only sold shares in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

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


Top Shareholders

Company Information

Nuveen Municipal Credit Income Fund's company bio, employee growth, exchange listings and data sources


Key Information


Location

  • Nuveen Municipal Credit Income Fund
  • 333 West Wacker Drive
  • Chicago
  • Illinois
  • 60606
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
NZFNYSE (New York Stock Exchange)YesCommon SharesUSUSDSep 2001

Biography

Nuveen Municipal Credit Income Fund is a closed ended fixed income mutual fund launched by Nuveen Investments, Inc. The fund is co-managed by Nuveen Fund Advisors LLC and Nuveen Asset Management, LLC. It invests in the fixed income markets of the United States. The fund invests in undervalued municipal securities and other related investments the income from which is exempt from regular federal income taxes. It seeks to invest in investment grade securities rated Baa/BBB or better with an average maturity of around 18 years. The fund employs fundamental analysis with a focus on bottom-up stock picking approach to create its portfolio. It benchmarks the performance of its portfolio against Standard & Poor’s (S&P) National Municipal Bond Index. It was formerly known as Nuveen Enhanced Municipal Credit Opportunities Fund. Nuveen Municipal Credit Income Fund was formed on March 21, 2001 and is domiciled in the United States. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/23 23:56
End of Day Share Price2020/02/21 00:00
Earnings2019/10/31
Annual Earnings2019/10/31


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.