Eaton Vance California Municipal Income Trust (NYSE:CEV) Sees Significant Increase in Short Interest

Key Points

• Eaton Vance California Municipal Income Trust (CEV) experienced a 68.1% increase in short interest in September, rising from 13,800 to 23,200 shares.
• Several institutional investors have increased their stakes in CEV, with Wolverine Asset Management growing its position by nearly 60% in the first quarter.
• The trust has announced a $0.05 monthly dividend, scheduled for payment on October 23rd, representing an annualized yield of 6.0%.

Eaton Vance California Municipal Income Trust (NYSE:CEV - ) was the recipient of a large growth in short interest during the month of September. As of September 15th, there was short interest totaling 23,200 shares, a growth of 68.1% from the August 31st total of 13,800 shares. Based on an average trading volume of 48,700 shares, the days-to-cover ratio is presently 0.5 days. Based on an average trading volume of 48,700 shares, the days-to-cover ratio is presently 0.5 days.

Institutional Trading of Eaton Vance California Municipal Income Trust

A number of hedge funds have recently bought and sold shares of CEV. Wolverine Asset Management LLC grew its stake in Eaton Vance California Municipal Income Trust by 59.8% in the 1st quarter. Wolverine Asset Management LLC now owns 95,569 shares of the company's stock valued at $958,000 after purchasing an additional 35,757 shares during the period. Landscape Capital Management L.L.C. bought a new position in Eaton Vance California Municipal Income Trust during the first quarter valued at about $126,000. Royal Bank of Canada increased its holdings in Eaton Vance California Municipal Income Trust by 2.9% during the first quarter. Royal Bank of Canada now owns 57,933 shares of the company's stock worth $581,000 after buying an additional 1,630 shares during the last quarter. Almitas Capital LLC raised its position in Eaton Vance California Municipal Income Trust by 41.1% in the first quarter. Almitas Capital LLC now owns 61,330 shares of the company's stock worth $615,000 after acquiring an additional 17,865 shares during the period. Finally, Plancorp LLC bought a new stake in Eaton Vance California Municipal Income Trust in the first quarter worth about $200,000. 35.88% of the stock is currently owned by institutional investors.

Eaton Vance California Municipal Income Trust Stock Performance

Shares of CEV stock traded down $0.03 on Monday, hitting $10.06. The stock had a trading volume of 20,200 shares, compared to its average volume of 37,686. The business has a 50 day moving average of $9.70 and a 200 day moving average of $9.70. Eaton Vance California Municipal Income Trust has a 12-month low of $9.31 and a 12-month high of $10.85.

Eaton Vance California Municipal Income Trust Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Thursday, October 23rd. Stockholders of record on Tuesday, October 14th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Tuesday, October 14th. This represents a c) annualized dividend and a dividend yield of 6.0%.

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.

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