Eaton Vance California Municipal Income Trust (NYSE:CEV) Major Shareholder Saba Capital Management, L.P. Sells 28,682 Shares

Eaton Vance California Municipal Income Trust (NYSE:CEV) major shareholder Saba Capital Management, L.P. sold 28,682 shares of the company’s stock in a transaction on Wednesday, September 18th. The shares were sold at an average price of $10.89, for a total value of $312,346.98. Following the completion of the sale, the insider now owns 882,677 shares in the company, valued at $9,612,352.53. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Major shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

Saba Capital Management, L.P. also recently made the following trade(s):

• On Monday, September 16th, Saba Capital Management, L.P. sold 11,503 shares of Eaton Vance California Municipal Income Trust stock. The shares were sold at an average price of $11.02, for a total value of $126,763.06.
• On Friday, September 13th, Saba Capital Management, L.P. sold 23,665 shares of Eaton Vance California Municipal Income Trust stock. The shares were sold at an average price of $11.03, for a total value of $261,024.95.

Eaton Vance California Municipal Income Trust Price Performance

Shares of NYSE:CEV remained flat at $10.89 on Thursday. The stock had a trading volume of 48,617 shares, compared to its average volume of 18,980. Eaton Vance California Municipal Income Trust has a twelve month low of $8.83 and a twelve month high of $11.29. The business has a 50-day moving average of $11.00 and a 200 day moving average of $10.75.

Eaton Vance California Municipal Income Trust Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Friday, September 20th. Stockholders of record on Friday, September 13th will be given a $0.05 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $0.60 annualized dividend and a dividend yield of 5.51%.

Hedge Funds Weigh In On Eaton Vance California Municipal Income Trust

Large investors have recently added to or reduced their stakes in the business. Cypress Wealth Services LLC purchased a new position in Eaton Vance California Municipal Income Trust during the first quarter worth about $335,000. Sanctuary Advisors LLC purchased a new position in Eaton Vance California Municipal Income Trust during the second quarter worth about $328,000. Napa Wealth Management purchased a new position in Eaton Vance California Municipal Income Trust during the fourth quarter worth about $665,000. Finally, Hennion & Walsh Asset Management Inc. lifted its position in Eaton Vance California Municipal Income Trust by 49.5% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 126,629 shares of the company’s stock worth $1,344,000 after buying an additional 41,944 shares during the period. 35.88% of the stock is currently owned by hedge funds and other institutional investors.

About Eaton Vance California Municipal Income Trust

Eaton Vance California Municipal Income Trust is a close ended fixed income mutual fund launched and managed by Eaton Vance Management. It invests in the fixed income markets. The fund invests primarily in debt securities issued by education, hospital, housing, insured-education, insured-electric utilities, insured-hospital, insured-transportation, insured-water and sewer, transportation, and other sectors.