Saba Capital Management, L.P., a significant shareholder of Eaton (NYSE:ETN) Vance California Municipal Bond Fund (NYSE:EVM), recently increased its stake in the company. According to a recent SEC filing, Saba Capital Management acquired a total of 54,566 shares over two transactions. The purchases occurred on November 19 and 20, with shares bought at prices ranging from $9.34 to $9.38. The total value of these transactions amounted to approximately $510,981. Following these acquisitions, Saba Capital Management holds a substantial 3,334,704 shares in the fund.
InvestingPro Insights
Saba Capital Management's recent increase in its stake in Eaton Vance California Municipal Bond Fund (NYSE:EVM) aligns with several key financial indicators and trends highlighted by InvestingPro data.
EVM's dividend yield stands at an attractive 5.35%, with the most recent ex-dividend date on November 21, 2024. This high yield is particularly noteworthy given that, according to InvestingPro Tips, EVM has maintained dividend payments for 23 consecutive years. This consistent dividend history may be a factor in Saba Capital's decision to increase its position, as it suggests a stable income stream for investors.
The fund's financial health appears solid, with InvestingPro data showing that liquid assets exceed short-term obligations. This strong liquidity position could provide a cushion against market volatility and support ongoing dividend payments.
While EVM has experienced a slight revenue decline of 7.75% over the last twelve months, it remains profitable, as noted in the InvestingPro Tips. The fund's gross profit margin stands at an impressive 100%, indicating efficient management of its investment portfolio.
For investors seeking a deeper understanding of EVM's financial profile, InvestingPro offers 5 additional tips that could provide valuable insights into the fund's performance and prospects. These additional tips, available through the InvestingPro product, could help explain Saba Capital's investment rationale and offer a more comprehensive view of EVM's potential as an investment.
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