NEW YORK—On October 21, Saba Capital Management, L.P., a significant stakeholder in Eaton (NYSE:ETN) Vance California Municipal Income Trust (NYSE:CEV), executed a sale of 31,551 shares of common stock. The shares were sold at an average price of $10.81, totaling approximately $341,066. Following this transaction, Saba Capital Management's indirect ownership in the company stands at 694,818 shares. This transaction was documented in a recent SEC filing, reflecting the ongoing management of Saba Capital's investment portfolio.
InvestingPro Insights
While Saba Capital Management has reduced its stake in Eaton Vance California Municipal Income Trust (NYSE:CEV), the trust continues to demonstrate resilience in its financial performance. According to InvestingPro data, CEV has maintained a gross profit margin of 100% over the last twelve months as of Q2 2024, indicating efficient management of its municipal bond portfolio.
InvestingPro Tips highlight that CEV has maintained dividend payments for 26 consecutive years, a testament to its commitment to shareholder returns. This consistency aligns with the trust's current attractive dividend yield of 5.61%, as reported by InvestingPro. The steady dividend history may explain why investors like Saba Capital maintain significant positions despite periodic adjustments.
It's worth noting that while CEV has shown profitability over the last twelve months, another InvestingPro Tip suggests that the stock's valuation implies a poor free cash flow yield. This could be a factor in Saba Capital's decision to trim its position.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and metrics beyond those mentioned here. The platform provides a total of 4 tips for CEV, offering deeper insights into the trust's financial health and market position.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.