NYSE:PMX

Stock Analysis Report

PIMCO Municipal Income Fund III

Executive Summary

PIMCO Municipal Income Fund III is a closed-ended fixed income mutual fund launched and managed by Pacific Investment Management Company LLC.

Rewards


Snowflake Analysis

Share Price & News

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


Latest Share Price and Events

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


Market Performance


7 Day Return

-0.6%

PMX

1.7%

US Capital Markets

1.5%

US Market


1 Year Return

6.5%

PMX

19.0%

US Capital Markets

20.1%

US Market

Return vs Industry: PMX underperformed the US Capital Markets industry which returned 19% over the past year.

Return vs Market: PMX underperformed the US Market which returned 20.1% over the past year.


Shareholder returns

PMXIndustryMarket
7 Day-0.6%1.7%1.5%
30 Day-0.4%0.5%1.4%
90 Day-2.0%8.6%8.7%
1 Year11.8%6.5%21.4%19.0%22.7%20.1%
3 Year32.1%11.0%40.0%32.1%50.1%40.5%
5 Year50.5%11.4%83.6%66.5%73.1%54.1%

Price Volatility Vs. Market

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


Simply Wall St News

No news available

Valuation

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

12.31x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: PMX ($12.41) is trading above our estimate of fair value ($3.08)

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


Price To Earnings Ratio

PE vs Industry: PMX is good value based on its PE Ratio (12.3x) compared to the Capital Markets industry average (36x).

PE vs Market: PMX is good value based on its PE Ratio (12.3x) compared to the US market (18.4x).


Price to Earnings Growth Ratio

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


Price to Book Ratio

PB vs Industry: PMX is good value based on its PB Ratio (1.1x) compared to the US Capital Markets industry average (6.7x).

Future Growth

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

8.4%

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 PIMCO Municipal Income Fund III 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 PIMCO Municipal Income Fund III performed over the past 5 years?

-30.3%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: PMX has a large one-off gain of $12.7M impacting its June 30 2019 financial results.

Growing Profit Margin: PMX's current net profit margins are higher than last year (47%).


Past Earnings Growth Analysis

Earnings Trend: PMX's earnings have declined by -30.3% per year over the past 5 years.

Accelerating Growth: PMX's earnings growth over the past year (132.8%) exceeds its 5-year average (-30.3% per year).

Earnings vs Industry: PMX earnings growth over the past year (132.8%) exceeded the Capital Markets industry 8.4%.


Return on Equity

High ROE: PMX's Return on Equity (7.2%) is considered low.


Return on Assets


Return on Capital Employed

Financial Health

How is PIMCO Municipal Income Fund III'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: PMX has a low level of unsold assets or inventory.

Debt Coverage by Assets: PMX's debt is not covered by short term assets (assets are 0.1x debt).


Financial Institutions Analysis

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

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

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

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

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

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

Dividend

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

4.91%

Current Dividend Yield


Dividend Yield vs Market

company4.9%marketbottom25%1.4%markettop25%3.7%industryaverage1.9%forecastin3Yearsn/a

Current dividend yield vs market & industry

Notable Dividend: PMX's dividend (4.91%) is higher than the bottom 25% of dividend payers in the US market (1.44%).

High Dividend: PMX's dividend (4.91%) is in the top 25% of dividend payers in the US market (3.69%)


Stability and Growth of Payments

Stable Dividend: PMX's dividends per share have been stable in the past 10 years.

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


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (64.9%), PMX's dividend payments are 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?

9.9yrs

Average board tenure


CEO

PIMCO Municipal Income Fund III has no CEO, or we have no data on them.


Board Members

NamePositionTenureCompensationOwnership
Alan Rappaport
Independent Trustee9.7yrsUS$4.11kno data
Deborah DeCotis
Independent Trustee8.9yrsUS$4.11kno data
Hans Kertess
Chairman of Board of Trustees0yrsUS$5.34kno data
John Maney
Interested Trustee13.2yrsno datano data
Craig Dawson
Trustee Nominee0yrsno datano data
William Ogden
Independent Trustee13.4yrsUS$4.11kno data
Bradford Gallagher
Independent Trustee9.2yrsUS$4.11kno data
James Jacobson
Independent Trustee10.2yrsUS$4.93kno data

9.9yrs

Average Tenure

70.5yo

Average Age

Experienced Board: PMX's board of directors are considered experienced (9.9 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

PIMCO Municipal Income Fund III's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: PIMCO Municipal Income Fund III
  • Ticker: PMX
  • Exchange: NYSE
  • Founded: 2002
  • Industry: Asset Management and Custody Banks
  • Sector: Diversified Financials
  • Market Cap: US$409.943m
  • Shares outstanding: 33.03m
  • Website: https://www.investments.pimco.com/Products/pages/672.aspx

Location

  • PIMCO Municipal Income Fund III
  • 650 Newport Center Drive
  • Newport Beach
  • California
  • 92660
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
PMXNYSE (New York Stock Exchange)YesCommon SharesUSUSDOct 2002

Biography

PIMCO Municipal Income Fund III is a closed-ended fixed income mutual fund launched and managed by Pacific Investment Management Company LLC. The fund invests in fixed income markets of the United States. It seeks to invest in stocks of companies operating across diversified sectors. The fund primarily invests in in municipal bonds that pay interest that is exempt from federal income tax. PIMCO Municipal Income Fund III was formed on October 31, 2002 and is domiciled in United States. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/16 23:50
End of Day Share Price2020/02/14 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.