Virtus Convertible & Income Fund II
NCZFinancial Services · Stock · monthly payer
Forward Yield
9.42%
Annual Dividend
$1.44
Payout Ratio
40%
5-Yr Growth
-5.5%
Ex-Date
Sep 14, 2026
Frequency
Monthly
Summary
As of September 2026, Virtus Convertible & Income Fund II (NCZ) yields 9.42% ($1.44 per share annually), with a blended fair-value estimate of $20.11 — +30% upside, so it screens as undervalued. Dividend safety grade: B (66/100).
Is NCZ a good dividend stock?
Yes, with caveatsVirtus Convertible & Income Fund II (NCZ) pays a monthly dividend yielding 9.42% ($1.44/yr), with 0 years of growth and a dividend-safety grade of B. It's a solid income payer, but check the caveats below before buying.
Advantages
- Comfortable payout ratio (40%)
Risks
- Cut its dividend in 2023
- Dividend has been shrinking, not growing
- Very high yield can signal elevated risk
- Share price is down over the past 5 years
Key Data
- Dividend Yield
- 9.42%
- Payout Ratio
- 40%
- Annual Dividend
- $1.44
- 5-Yr Avg Growth
- -5.5%
- Ex-Dividend Date
- Sep 14, 2026
- Years of Growth
- 0
- Frequency
- monthly
- Beta
- 1.21
- Market Cap
- $291.0M
- P/E Ratio
- 4.3
- 5-Yr Total Return
- -25%
- 52-Week Range
- $12.95 – $16.17
- Dividend Safety
- B · 66/100
- Ever Cut?
- Yes (2023)
Frequently Asked Questions
NCZ Price — Last 12 Months
Daily close
Price Return
1 Year
+13%
3 Years
+40%
5 Years
-25%
52-Week Range
$12.95 – $16.17
Price change over each period (excludes dividends). Past performance doesn't guarantee future results.
What is NCZ worth?
Undervaluedhigh confidenceOur blended fair-value estimate for Virtus Convertible & Income Fund II is $20.11 per share, versus a market price of $15.50. That implies 30% of upside — a margin of safety of about 23%.
Fair Value
$20.11
Current Price
$15.50
Upside
+30%
Margin of Safety
23%
How we get there
Discounted cash flow
Discounts projected free cash flow back to today.
Dividend discount
Discounts the future dividend stream back to today.
Earnings multiple (Graham)
Graham's earnings-multiple formula, anchored to bond yields.
At today's price, the market is pricing in about -10.0% annual free-cash-flow growth. We model -4.6% — below our estimate, leaving room for upside if the business executes.
Assumptions: 10.3% discount rate (CAPM), -4.6% stage-1 growth, 2.5% terminal growth, $3.53 EPS, $1.44 annual dividend. Updated weekly.
Fair-value estimates are model output for educational purposes only — not investment advice or a price target.
NCZ Dividend Safety Score
Safe
SmarterDividends' proprietary score, backtested against which dividends were actually cut over 15+ years (0.78 AUC). It blends a validated cut-risk model (growth streak, cut history) with current payout, cash-flow and debt. Higher is safer · not investment advice.
Dividend Growth
Total dividends per share by year
Dividend History
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| Aug 13, 2026 | — | $0.1200 | regular |
| Jul 13, 2026 | — | $0.1200 | regular |
| Jun 15, 2026 | — | $0.1200 | regular |
| May 11, 2026 | — | $0.1200 | regular |
| Apr 13, 2026 | — | $0.1200 | regular |
| Mar 16, 2026 | — | $0.1200 | regular |
| Feb 12, 2026 | — | $0.1200 | regular |
| Jan 12, 2026 | — | $0.1200 | regular |
| Dec 11, 2025 | — | $0.1200 | regular |
| Nov 13, 2025 | — | $0.1200 | regular |
| Oct 14, 2025 | — | $0.1200 | regular |
| Sep 12, 2025 | — | $0.1200 | regular |
| Aug 11, 2025 | — | $0.1200 | regular |
| Jul 11, 2025 | — | $0.1200 | regular |
Income Calculator
At $1.44 / yr per share
