On September 1, 2021, Invesco Value Municipal (NYSE:IIM) declared a dividend payable on September 30, 2021 to its shareholders. Invesco Value Municipal also announced that shareholders on the company's books on or before September 14, 2021 are entitled to the dividend. The stock will then go ex-dividend 1 business day(s) before the record date. Invesco Value Municipal has an ex-dividend date planned for September 13, 2021. The company's current dividend payout sits at $0.06. That equates to a dividend yield of 4.5% at current price levels.

An ex-dividend date signals when a company's shares cease to trade with its current dividend payout. There is a small intermission period before the company announces a new dividend. Usually, a company's ex-dividend date falls one business day before its record date. Investors should keep this in mind when purchasing stocks because buying them on or after ex-dividend dates does not qualify them to receive the declared payment. Newly declared dividends go to shareholders who have owned that stock before the ex-dividend date. Typically, companies will announce and implement new dividend yields on a quarterly basis.

Over the past year, Invesco Value Municipal has seen its dividend payouts remain the same and its yields trend downward. Last year on May 14, 2021 the company's payout sat at $0.06, which has returned to its value today. Invesco Value Municipal's dividend yield last year was 4.82%, which has since decreased by 0.32%.
Companies use dividend yields in different strategic ways. Some companies may opt to not give yields altogether to reinvest in themselves. Other companies may opt to increase or decrease their yield amounts to control how their shares circulate throughout the stock market.