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Saba Capital Management sells $113k of Eaton Vance California Trust shares

Published 09/27/2024, 02:46 AM
CEV
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In a recent transaction, Saba Capital Management, L.P. has sold shares of Eaton (NYSE:ETN) Vance California Municipal Income Trust (NYSE:CEV), amounting to a total value of approximately $113,288. The sale price per share was reported at $10.81.

The transaction, which took place on September 24, 2024, involved the sale of 10,480 shares of Eaton Vance California Municipal Income Trust. Following the sale, Saba Capital Management's holdings in the trust decreased, but they still retain 826,128 shares. It's important to note that the shares were held indirectly by the company.

This move by Saba Capital Management, a significant investor in the trust, reflects a change in their investment position with regard to Eaton Vance California Municipal Income Trust. The details of the transaction were made public through a recent filing, which was signed by both Saba Capital Management, represented by Zachary Gindes, and Boaz Weinstein.

Investors often monitor the buying and selling activities of large investment firms like Saba Capital Management as indicators of their confidence in the financial prospects of the entities in which they hold stakes. The sale of a substantial number of shares such as this could be interpreted in various ways, but it does provide a transparent view of Saba Capital Management's latest investment decisions regarding Eaton Vance California Municipal Income Trust.

InvestingPro Insights


The recent sale of Eaton Vance California Municipal Income Trust (NYSE:CEV) shares by Saba Capital Management may have investors curious about the trust's financial health and future prospects. According to InvestingPro data, the trust has reported a revenue of $4.96M in the last twelve months as of Q2 2024, which represents a decline of 7.02% from the previous period. Despite this revenue decrease, the trust has maintained a strong gross profit margin of 100% during the same timeframe.

Investors looking at dividend income will find the trust's long-standing reliability appealing, as it has maintained dividend payments for 26 consecutive years, with a dividend yield of 5.55% as of September 2024. This commitment to returning value to shareholders is noteworthy, especially in light of the year-to-date price total return of 8.62%, which indicates a positive performance trend for the trust's shares.

One of the InvestingPro Tips highlights that the stock generally trades with low price volatility, which could be a factor for investors seeking stability in their investments. However, the valuation implies a poor free cash flow yield, which suggests that the trust's shares may not be the best option for those looking for strong cash returns on their investment. For investors interested in a deeper analysis, there are additional InvestingPro Tips available at InvestingPro.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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