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Invesco Municipal Trust

NYSE:VKQ
Snowflake Description

Second-rate dividend payer with mediocre balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
VKQ
NYSE
$667M
Market Cap
  1. Home
  2. US
  3. Diversified Financials
Company description

Invesco Municipal Trust is a closed-ended fixed income mutual fund launched by Invesco Ltd. The last earnings update was 132 days ago. More info.


Add to Portfolio Compare Print
  • Invesco Municipal Trust is a fund or ETF! Currently our data availability for these is poor, we only recommend using them as part of a portfolio.
VKQ Share Price and Events
7 Day Returns
1.3%
NYSE:VKQ
2.4%
US Capital Markets
1.2%
US Market
1 Year Returns
3.9%
NYSE:VKQ
-11.9%
US Capital Markets
3%
US Market
VKQ Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Invesco Municipal Trust (VKQ) 1.3% 1.8% 9.1% 3.9% -8.2% 0.2%
US Capital Markets 2.4% 0.6% 12.7% -11.9% 57% 59.3%
US Market 1.2% 2.1% 14.6% 3% 39% 43.5%
1 Year Return vs Industry and Market
  • VKQ outperformed the Capital Markets industry which returned -11.9% over the past year.

VKQ Value

 Is Invesco Municipal Trust 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 Invesco Municipal Trust 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

Below are the data sources, inputs and calculation used to determine the intrinsic value for Invesco Municipal Trust.

NYSE:VKQ 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
= $13.65 * 3.5%
$0.47
Book Value of Equity per Share Median Book Value from the past 5 years. $13.65
Discount Rate (Cost of Equity) See below 9.3%
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:VKQ
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))
= 0.728 (1 + (1- 21%) (72.89%))
1.098
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.1
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.098 * 5.96%)
9.28%

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

The calculations below outline how an intrinsic value for Invesco Municipal Trust 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:VKQ Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (3.5% – 9.28%) * $13.65)
$-0.79
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $-0.79 / (9.28% - 2.73%)
$-12.10
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $13.65 + $-12.10
$1.55
NYSE:VKQ Discount to Share Price
Calculation Result
Value per share (USD) From above. $1.55
Current discount Discount to share price of $12.05
= -1 x ($12.05 - $1.55) / $1.55
-676.4%

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

  • The current share price of Invesco Municipal Trust 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 Invesco Municipal Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Invesco Municipal Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:VKQ PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-08-31) in USD $0.08
NYSE:VKQ Share Price ** NYSE (2019-03-20) in USD $12.05
United States of America Capital Markets Industry PE Ratio Median Figure of 76 Publicly-Listed Capital Markets Companies 25.13x
United States of America Market PE Ratio Median Figure of 3,058 Publicly-Listed Companies 17.69x

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

** Primary Listing of Invesco Municipal Trust.

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

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

= 12.05 ÷ 0.08

159.7x

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

  • Invesco Municipal Trust is overvalued based on earnings compared to the US Capital Markets industry average.
  • Invesco Municipal Trust is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Invesco Municipal Trust's expected growth come at a high price?
Raw Data
NYSE:VKQ PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 159.7x
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 2.17x
United States of America Market PEG Ratio Median Figure of 2,103 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 Invesco Municipal Trust, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Invesco Municipal Trust's assets?
Raw Data
NYSE:VKQ PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-08-31) in USD $13.04
NYSE:VKQ Share Price * NYSE (2019-03-20) in USD $12.05
United States of America Capital Markets Industry PB Ratio Median Figure of 149 Publicly-Listed Capital Markets Companies 4.83x
United States of America Market PB Ratio Median Figure of 5,156 Publicly-Listed Companies 1.89x
NYSE:VKQ PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 12.05 ÷ 13.04

0.92x

* Primary Listing of Invesco Municipal Trust.

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

  • Invesco Municipal Trust is good value based on assets compared to the US Capital Markets industry average.
X
Value checks
We assess Invesco Municipal Trust'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. Invesco Municipal Trust 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.

VKQ Future Performance

 How is Invesco Municipal Trust 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 Invesco Municipal Trust 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 Invesco Municipal Trust expected to grow at an attractive rate?
  • Unable to compare Invesco Municipal Trust's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Invesco Municipal Trust's earnings growth to the United States of America market average as no estimate data is available.
  • Unable to compare Invesco Municipal Trust's revenue growth to the United States of America market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
NYSE:VKQ 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:VKQ 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:VKQ Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-08-31 55 34 4
2018-05-31 55 43 15
2018-02-28 56 52 26
2017-11-30 56 56 11
2017-08-31 56 60 -4
2017-05-31 56 49 -1
2017-02-28 56 38 3
2016-11-30 57 37 43
2016-08-31 57 35 84
2016-05-31 58 40 63
2016-02-29 58 46 43
2015-11-30 58 36 38

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Invesco Municipal Trust is high growth as no earnings estimate data is available.
  • Unable to determine if Invesco Municipal Trust 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:VKQ 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 Invesco Municipal Trust Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:VKQ Past Financials Data
Date (Data in USD Millions) EPS *
2018-08-31 0.08
2018-05-31 0.27
2018-02-28 0.47
2017-11-30 0.20
2017-08-31 -0.07
2017-05-31 -0.01
2017-02-28 0.05
2016-11-30 0.78
2016-08-31 1.52
2016-05-31 1.14
2016-02-29 0.77
2015-11-30 0.69

*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 Invesco Municipal Trust will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Invesco Municipal Trust'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.
Invesco Municipal Trust 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.

VKQ Past Performance

  How has Invesco Municipal Trust 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 Invesco Municipal Trust'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.
  • Invesco Municipal Trust's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Invesco Municipal Trust has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
  • Invesco Municipal Trust has become profitable in the last year making it difficult to compare the US Capital Markets industry average.
Earnings and Revenue History
Invesco Municipal Trust'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 Invesco Municipal Trust Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:VKQ 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 54.75 4.17 7.30
2018-05-31 55.40 15.21 7.29
2018-02-28 56.05 26.24 7.28
2017-11-30 55.91 11.25 7.34
2017-08-31 55.77 -3.75 7.41
2017-05-31 56.13 -0.54 7.46
2017-02-28 56.49 2.67 7.50
2016-11-30 56.83 43.33 7.55
2016-08-31 57.17 83.99 7.60
2016-05-31 57.57 63.33 7.55
2016-02-29 57.97 42.68 7.51
2015-11-30 57.84 37.91 7.56
2015-08-31 57.71 33.14 7.61
2015-05-31 57.20 62.27 7.70
2015-02-28 56.69 91.39 7.79
2014-11-30 56.73 111.46 7.76
2014-08-31 56.76 131.53 7.73
2014-05-31 56.64 54.39 7.78
2014-02-28 56.51 -22.74 7.82
2013-11-30 55.55 -47.78 7.77
2013-08-31 54.60 -72.81 7.72
2013-05-31 50.62 -9.03 7.11
2013-02-28 46.65 54.75 6.50
2012-11-30 43.86 71.78 5.97
2012-08-31 41.07 88.81 5.45
2012-05-31 41.32 98.92 5.36

*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.
  • Invesco Municipal Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Invesco Municipal Trust used its assets less efficiently than the US Capital Markets industry average last year based on Return on Assets.
  • Invesco Municipal Trust's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Invesco Municipal Trust'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.
Invesco Municipal Trust 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.

VKQ Health

 How is Invesco Municipal Trust'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 Invesco Municipal Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Invesco Municipal Trust is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Invesco Municipal Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Invesco Municipal Trust'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 Invesco Municipal Trust Company Filings, last reported 6 months ago.

NYSE:VKQ Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-08-31 721.25 485.88 0.06
2018-05-31 721.25 485.88 0.06
2018-02-28 726.75 482.47 0.54
2017-11-30 726.75 482.47 0.54
2017-08-31 755.38 481.59
2017-05-31 755.38 481.59
2017-02-28 740.25 494.90 0.26
2016-11-30 740.25 494.90 0.26
2016-08-31 799.64 501.45
2016-05-31 799.64 501.45
2016-02-29 780.53 489.90
2015-11-30 780.53 489.90
2015-08-31 760.79 491.08
2015-05-31 760.79 491.08
2015-02-28 783.00 490.35
2014-11-30 783.00 490.35
2014-08-31 772.79 471.98
2014-05-31 772.79 471.98
2014-02-28 736.46 462.64
2013-11-30 736.46 462.64
2013-08-31 685.53 476.34
2013-05-31 685.53 476.34
2013-02-28 805.39 473.20
2012-11-30 805.39 473.20
2012-08-31 569.97 333.92
2012-05-31 569.97 333.92
  • Invesco Municipal Trust's level of debt (67.4%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (69.4% vs 67.4% today).
  • Debt is not well covered by operating cash flow (7%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4.5x coverage).
X
Financial health checks
We assess Invesco Municipal Trust'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. Invesco Municipal Trust has a total score of 3/6, 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.

VKQ Dividends

 What is Invesco Municipal Trust'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
5.15%
Current annual income from Invesco Municipal Trust dividends.
If you bought $2,000 of Invesco Municipal Trust shares you are expected to receive $103 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?
  • Invesco Municipal Trust's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.45%).
  • Invesco Municipal Trust'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:VKQ 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%
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:VKQ Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-03-01 0.620 5.212
2019-02-01 0.630 5.323
2019-01-02 0.630 5.443
2018-12-03 0.630 5.639
2018-11-01 0.630 5.682
2018-10-01 0.630 5.690
2018-09-04 0.630 5.443
2018-08-01 0.676 5.688
2018-07-02 0.676 5.700
2018-06-01 0.676 5.739
2018-05-01 0.676 5.726
2018-04-02 0.676 5.777
2018-03-01 0.676 5.788
2018-02-01 0.709 5.982
2018-01-02 0.709 5.719
2017-12-01 0.709 5.680
2017-11-01 0.709 5.727
2017-10-02 0.709 5.635
2017-09-01 0.709 5.501
2017-08-01 0.709 5.491
2017-07-03 0.709 5.513
2017-06-01 0.737 5.750
2017-05-01 0.737 5.817
2017-04-03 0.737 5.844
2017-02-01 0.737 5.909
2017-01-03 0.737 5.880
2016-12-01 0.737 6.045
2016-11-01 0.737 5.945
2016-10-03 0.737 5.602
2016-09-01 0.737 5.368
2016-08-01 0.816 5.798
2016-06-01 0.816 5.884
2016-05-02 0.816 6.035
2016-04-01 0.816 6.053
2016-03-01 0.816 6.230
2016-02-01 0.816 6.264
2016-01-04 0.816 6.296
2015-12-01 0.816 6.434
2015-11-02 0.816 6.518
2015-10-01 0.816 6.570
2015-09-01 0.816 6.742
2015-08-03 0.816 6.692
2015-07-01 0.816 6.769
2015-06-01 0.816 6.759
2015-05-01 0.816 6.601
2015-04-01 0.816 6.427
2015-03-02 0.816 6.430
2015-02-02 0.816 6.348
2015-01-02 0.816 6.252
2014-12-01 0.816 6.444
2014-11-03 0.816 6.517
2014-10-01 0.816 6.462
2014-09-02 0.816 6.558
2014-08-01 0.816 6.576
2014-07-01 0.816 6.640
2014-06-02 0.816 6.547
2014-05-01 0.795 6.386
2014-04-01 0.795 6.550
2014-03-03 0.795 6.581
2014-02-03 0.795 6.546
2014-01-02 0.795 6.667
2013-12-02 0.795 7.002
2013-11-01 0.795 6.956
2013-10-01 0.795 6.878
2013-09-03 0.795 6.911
2013-08-01 0.795 6.996
2013-07-01 0.795 6.694
2013-06-03 0.915 7.160
2013-05-01 0.915 6.576
2013-04-01 0.915 6.454
2013-03-01 0.915 6.505
2013-02-01 0.915 6.246
2013-01-02 0.915 6.119
2012-12-03 0.915 6.072
2012-11-01 0.960 6.312
2012-10-01 0.960 6.393
2012-09-04 0.960 6.285
2012-08-01 0.960 6.345
2012-07-02 0.960 6.307
2012-06-01 0.960 6.460
2012-05-01 0.960 6.524
2012-04-02 0.960 6.702
2012-02-01 0.960 6.645
2012-01-03 0.960 6.741
2011-12-01 0.960 6.910
2011-11-01 0.960 7.058
2011-09-30 0.960 7.220
2011-09-01 0.960 7.183
2011-08-01 0.960 7.346
2011-07-01 0.960 7.277
2011-06-01 0.960 7.338
2011-05-02 0.960 7.477
2011-04-01 0.960 7.584
2011-03-01 0.960 7.651
2011-02-01 0.960 7.815
2011-01-03 0.960 7.902
2010-12-01 0.960 7.689
2010-11-01 0.960 7.037
2010-10-01 0.960 6.727
2010-09-01 0.960 6.657
2010-08-02 0.960 6.619
2010-07-01 0.960 6.819
2010-06-01 0.960 7.046
2010-05-03 0.960 7.118
2010-04-01 0.960 6.977
2010-03-01 0.960 6.997
2010-01-04 0.960 7.128
2009-12-01 0.960 7.312
2009-11-02 0.936 7.285
2009-10-01 0.936 7.053
2009-09-01 0.936 6.814
2009-07-27 0.936 7.491
2009-07-01 0.840 7.133
2009-06-01 0.840 7.210
2009-05-01 0.840 7.224
2009-04-01 0.840 7.661
2009-03-23 0.840 7.732

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

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Invesco Municipal Trust'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 Invesco Municipal Trust'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 Invesco Municipal Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Invesco Municipal Trust has a total score of 3/6, see the detailed checks below.


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

VKQ Management

 What is the CEO of Invesco Municipal Trust'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.
CEO
Colin Meadows
COMPENSATION $0
AGE 47
CEO Bio

Mr. Colin D. Meadows, J.D. has been Senior Managing Director of Invesco Ltd. since 2006 and serves as its Head of Private Markets and Global Institutional. He was Chief Administrative Officer of Invesco Ltd. since May 2006 until November 20, 2018. Mr. Meadows is responsible for business strategy, human resources, communications, facilities and internal audit. He serves as Chief Executive Officer and President at Invesco Trust for Investment Grade Municipals He serves as Principal Executive Officer and President at Invesco Senior Loan Fund, Invesco California Value Municipal Income Trust, Invesco Advantage Municipal Income Trust II, Invesco High Income Trust II, Invesco Dynamic Credit Opportunities Fund, Invesco Municipal Trust, Invesco Bond Fund, Invesco Van Kampen Trust for Value Municipals, Invesco Municipal Opportunity Trust, Invesco Pennsylvania Value Municipal Income Trust and Invesco Senior Income Trust. He served as Principal Executive Officer and President at Invesco Exchange Fund, Invesco Van Kampen Trust and Invesco Van Kampen Select Sector Municipal Trust for Investment Grade New Jersey Municipals. He served as Chief Executive Officer and President at Invesco Van Kampen Ohio Quality Municipal Trust. He served as Chief Administrative Officer at Invesco Bond Fund. He served as Manaing General Partner at Invesco Exchange Fund from 2010 to August 29, 2014. Previously, he joined Invesco from GE Consumer Finance where Mr. Meadows served as a Senior Vice President of business development and mergers & acquisitions. Mr. Meadows also served as Senior Vice President of Strategic Planning and Technology at Wells Fargo Bank. He served as an Associate Principal at McKinsey & Company from 1996 to 2003, focusing on the financial services and venture capital industries, with an emphasis in the banking and asset management sectors. He served as Chief Executive Officer, President of Invesco Funds in the Funds Complex. Mr. Meadows was the Chairman of the Board of CIBC National Trust Company and is its Director. He has been Director at Invesco Mortgage Capital Inc. since August 18, 2017. He serves as a Director of Invesco Advisers, Inc. Mr. Meadows also serves as a Director of Boys & Girls Clubs of Metro Atlanta, Inc. He has been Interested Trustee at Invesco High Income Trust II since June 01, 2010. He served as Interested Trustee of Invesco Dynamic Credit Opportunities Fund, Invesco Municipal Trust, Invesco Municipal Opportunity Trust, Invesco Van Kampen Trust for Value Municipals, Invesco Pennsylvania Value Municipal Income Trust, Invesco Advantage Municipal Income Trust II, Invesco Bond Fund and Invesco Senior Income Trust from June 01, 2010 to August 29, 2014. He served as Trustee of Invesco Trust for Investment Grade Municipals from 2010 to August 29, 2014. He served as Interested Trustee at Invesco Trust for Investment Grade New York Municipals from 2010 to September 2014. He served as Trustee of Invesco Van Kampen Trust for Investment Grade New Jersey Municipals, Invesco Van Kampen Ohio Quality Municipal Trust and Invesco Van Kampen Select Sector Municipal Trust since June 01, 2010. He served as Trustee of Invesco California Value Municipal Income Trust until August 29, 2014. He served as Independent Trustee at Invesco Senior Loan Fund from 2010 to August 29, 2014. He served as Trustee of Invesco Funds in the Funds Complex. He received B.A., Cum Laude, in Economics and English literature from Andrews University and a J.D. from Harvard Law School.

CEO Compensation
  • Insufficient data for Colin to compare compensation growth.
  • Insufficient data for Colin to establish whether their remuneration is reasonable compared to companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Invesco Municipal Trust management team in years:

4.2
Average Tenure
52
Average Age
  • The tenure for the Invesco Municipal Trust management team is about average.
Management Team

Colin Meadows

TITLE
Principal Executive Officer and President
AGE
47

Sheri Morris

TITLE
Principal Financial Officer
AGE
54

Valinda Arnett-Patton

TITLE
Chief Compliance Officer
AGE
59

Jeffrey Kupor

TITLE
Senior Vice President
AGE
50

John Zerr

TITLE
Chief Legal Officer
AGE
56

Crissie Wisdom

TITLE
Anti-Money Laundering Compliance Officer
AGE
49

John Schorle

TITLE
Portfolio Manager

Mark Paris

TITLE
Portfolio Manager
TENURE
4.2 yrs

Robert Stryker

TITLE
Portfolio Manager
TENURE
10.2 yrs

James Phillips

TITLE
Portfolio Manager
TENURE
4.2 yrs
Board of Directors Tenure

Average tenure and age of the Invesco Municipal Trust board of directors in years:

25.2
Average Tenure
76.5
Average Age
  • The average tenure for the Invesco Municipal Trust board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Wayne Whalen

TITLE
Chairman
COMPENSATION
$8K
AGE
79

Sue Woolsey

TITLE
COMPENSATION
$8K
AGE
77
TENURE
16.2 yrs

Hugo Sonnenschein

TITLE
Independent Trustee
COMPENSATION
$7K
AGE
78
TENURE
25.2 yrs

David Arch

TITLE
Independent Trustee
COMPENSATION
$8K
AGE
73
TENURE
28.2 yrs

Rod Dammeyer

TITLE
Trustee Nominee
COMPENSATION
$7K
AGE
78

Jim Bunch

TITLE
Trustee Nominee
AGE
76

Bruce Crockett

TITLE
Trustee Nominee
AGE
74

Albert Dowden

TITLE
Trustee Nominee
AGE
77

Jack Fields

TITLE
Trustee Nominee
AGE
66

Marty Flanagan

TITLE
Trustee Nominee
AGE
58
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 Invesco Municipal Trust'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. Invesco Municipal Trust 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.

VKQ News

Simply Wall St News

VKQ Company Info

Description

Invesco Municipal Trust is a closed-ended fixed income mutual fund launched by Invesco Ltd. The fund is co-managed by Invesco Advisers, Inc., INVESCO Asset Management (Japan) Limited, INVESCO Asset Management Deutschland GmbH, INVESCO Asset Management Limited, Invesco Hong Kong Limited, INVESCO Senior Secured Management, Inc., and Invesco Canada Ltd. It primarily invests in investment grade municipal securities which include municipal bonds, municipal notes, municipal commercial paper, and lease obligations. The fund employs fundamental analysis with bottom-up security selection approach to create its portfolio. It was formerly known as Invesco Van Kampen Municipal Trust. Invesco Municipal Trust was formed on September 27, 1991 and is domiciled in the United States.

Details
Name: Invesco Municipal Trust
VKQ
Exchange: NYSE
Founded: 1991
$666,608,735
55,320,227
Website: http://www.invesco.com/static/us/productdetail?productId=30590&productType=FUND
Address: Invesco Municipal Trust
Two Peachtree Pointe,
1555 Peachtree Street North East,
Atlanta,
Georgia, 30309,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE VKQ Common Shares New York Stock Exchange US USD 21. Nov 1991
Number of employees
Current staff
Staff numbers
0
Invesco Municipal Trust employees.
Industry
Asset Management and Custody Banks
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/20 23:53
End of day share price update: 2019/03/20 00:00
Last earnings filing: 2018/11/08
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.