Saba Capital Management, L.P., a significant stakeholder in Eaton (NYSE:ETN) Vance California Municipal Income Trust (NYSE:CEV), has reported the sale of 5,500 shares, according to a recent SEC filing. The shares were sold at a price of $10.69 each, amounting to a total transaction value of $58,795. Following this transaction, Saba Capital Management holds 726,369 shares of the trust. The filing was signed by Zachary Gindes on behalf of Saba Capital Management and by Boaz Weinstein.
InvestingPro Insights
While Saba Capital Management has reduced its stake in Eaton Vance California Municipal Income Trust (NYSE:CEV), individual investors might find the trust's financial metrics and dividend history intriguing. According to InvestingPro data, CEV boasts a notable dividend yield of 5.62%, with its last ex-dividend date on October 11, 2024. This aligns with an InvestingPro Tip highlighting that CEV has maintained dividend payments for 26 consecutive years, a factor that could appeal to income-focused investors.
Despite a recent 7.02% decline in revenue over the last twelve months, CEV has managed to remain profitable during this period, as noted by another InvestingPro Tip. The trust's gross profit margin stands at an impressive 100%, indicating efficient management of its municipal bond portfolio.
For investors considering CEV, it's worth noting that the stock generally trades with low price volatility, which could be attractive for those seeking stability in their portfolio. However, the valuation implies a poor free cash flow yield, suggesting investors should carefully weigh the income potential against the trust's overall financial health.
InvestingPro offers 13 additional tips for CEV, providing a more comprehensive analysis for those interested in delving deeper into this municipal bond trust's prospects.
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