Eaton Vance California Municipal Income Trust (NYSE:CEV) Major Shareholder Saba Capital Management, L.P. Sells 15,017 Shares

Eaton Vance California Municipal Income Trust (NYSE:CEV) major shareholder Saba Capital Management, L.P. sold 15,017 shares of the firm’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $10.83, for a total value of $162,634.11. Following the transaction, the insider now owns 836,608 shares in the company, valued at $9,060,464.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

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

• On Wednesday, September 18th, Saba Capital Management, L.P. sold 28,682 shares of Eaton Vance California Municipal Income Trust stock. The shares were sold at an average price of $10.89, for a total value of $312,346.98.
• On Monday, September 16th, Saba Capital Management, L.P. sold 11,503 shares of Eaton Vance California Municipal Income Trust stock. The stock was 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 traded up $0.03 during trading hours on Tuesday, hitting $10.83. 48,241 shares of the stock were exchanged, compared to its average volume of 19,767. Eaton Vance California Municipal Income Trust has a one year low of $8.83 and a one year high of $11.29. The company’s 50 day moving average is $10.99 and its 200 day moving average is $10.76.

Eaton Vance California Municipal Income Trust Announces Dividend

The firm also recently disclosed a monthly dividend, which was paid on Friday, September 20th. Investors of record on Friday, September 13th were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $0.60 annualized dividend and a dividend yield of 5.54%.

Institutional Trading of Eaton Vance California Municipal Income Trust

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CEV. Sanctuary Advisors LLC acquired a new position in shares of Eaton Vance California Municipal Income Trust during the second quarter worth approximately $328,000. Hennion & Walsh Asset Management Inc. increased its position in Eaton Vance California Municipal Income Trust by 37.5% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 174,143 shares of the company’s stock worth $1,895,000 after acquiring an additional 47,514 shares during the period. Cypress Wealth Services LLC bought a new stake in Eaton Vance California Municipal Income Trust in the 1st quarter valued at $335,000. Finally, Napa Wealth Management bought a new stake in Eaton Vance California Municipal Income Trust in the 4th quarter valued at $665,000. Institutional investors and hedge funds own 35.88% of the company’s stock.

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.