Eaton Vance California receives $341,066 worth of stock sales via Investing.com
NEW YORK—On October 21, Saba Capital Management, LP, held a major Eaton (NYSE:) Vance California Municipal Income Trust (NYSE:CEV), sold 31,551 shares of common stock. The shares traded at an average price of $10.81, amounting to approximately $341,066. Following this transaction, Saba Capital Management's indirect ownership in the company stands at 694,818 shares. This transaction is documented in a recent SEC filing, which reflects the ongoing management of Saba Capital's investment portfolio.
InvestingPro Insights
Although Saba Capital Management reduced its stake in Eaton Vance California Municipal Income Trust (NYSE:CEV), the trust continues to show resilience in its financial performance. According to InvestingPro data, CEV has maintained a gross profit margin of 100% in the last twelve months from Q2 2024, which shows good management of the municipal bond portfolio.
InvestingPro Tips highlights that CEV has maintained dividend payouts for 26 consecutive years, a testament to its commitment to shareholder returns. This consensus is in line with the trust's current dividend yield of 5.61%, as reported by InvestingPro. A strong equity history may explain why investors like Saba Capital maintain significant positions despite periodic corrections.
It is worth noting that although CEV has shown a profit over the past twelve months, another InvestingPro Tip suggests that the stock's valuation implies a poor free cash flow yield. This could influence Saba Capital's decision to reduce its position.
For investors looking for a comprehensive analysis, InvestingPro offers additional tips and metrics beyond those mentioned here. The platform offers a total of 4 CEV tips, which provide in-depth information about the trust's financial health and market conditions.
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