Invesco Trust for Investment Grade New York Municipals (VTN)
Financial Services · NYQ
Fundamentals
Valuation and ratings
Invesco Trust for Investment Grade New York Municipals trades at USD11.10, close to the USD11.55 our discounted cash flow model puts on the business. On this measure the market and the model broadly agree, so the interesting question is which of them is wrong.
Our moat model scores it 56 out of 100, which is a moat, but not a deep one. A moat is a structural reason competitors cannot take the profits away, and it matters more to a long holding period than any single quarter's numbers do.
It changes hands at 37.8 times earnings. Be careful reading that in isolation: for a cyclical business a low P/E arrives at the top of the cycle, when profits are peaking and about to fall, which is exactly when the shares look cheapest and are not.
VTN dividend history
Dividends per share by year
| Year | Total per share | Payments |
|---|---|---|
| 2026 (year to date) | USD0.483 | 7 |
| 2025 | USD0.828 | 12 |
| 2024 | USD0.671 | 12 |
| 2023 | USD0.402 | 12 |
| 2022 | USD0.512 | 12 |
| 2021 | USD0.568 | 12 |
| 2020 | USD0.552 | 12 |
| 2019 | USD0.620 | 12 |
| 2018 | USD0.684 | 12 |
| 2017 | USD0.687 | 12 |
| 2016 | USD0.796 | 12 |
Split-adjusted amounts in the listing currency, grouped by the calendar year of the ex-dividend date, from the filed record. Growth and streak figures compare complete years only.
About Invesco Trust for Investment Grade New York Municipals
Invesco Trust for Investment Grade New York Municipals 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 Canada Ltd., Invesco Hong Kong Limited, and INVESCO Senior Secured Management, Inc. It invests in the fixed income markets of the United States. The fund primarily invests in investment grade New York municipal securities which include municipal bonds, municipal notes, municipal commercial paper, and lease obligations. It employs fundamental analysis with bottom-up security selection approach to create its portfolio. The fund was formerly known as Invesco Van Kampen Trust for Investment Grade New York Municipals. Invesco Trust for Investment Grade New York Municipals was formed on March 27, 1992 and is domiciled in the United States.
VTN passes 3 of our 30 screens today
Each screen prints the exact criteria it used, and the circumstances in which it is wrong.
Common questions
Is Invesco Trust for Investment Grade New York Municipals (VTN) undervalued?
Against our discounted cash flow estimate of USD11.55, VTN at USD11.10 is 4% below fair value. That is one model's answer, not a recommendation, and most of a DCF's output sits in a terminal value nobody can forecast.
What is VTN's P/E ratio?
VTN trades at 37.8 times earnings. A low P/E is not automatically cheap: on a cyclical company it is usually a warning that earnings are at a peak.
Does Invesco Trust for Investment Grade New York Municipals (VTN) pay a dividend?
Yes. Invesco Trust for Investment Grade New York Municipals yields 7.23% at the current share price. It has paid USD0.828 per share over the trailing twelve months. It has paid a dividend in each of the last 34 complete calendar years. A dividend is declared by the board and can be cut at any time; a yield is a fact about the current price, not a promise.
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Data from company filings, exchange quotes and SEC EDGAR 13F disclosures. Quotes are delayed. Metrics we do not have are left out rather than estimated. Educational information, not financial advice.