Eaton Vance California Municipal Income Trust (NYSE:CEV) Shares Up 0.4% - Still a Buy?

Key Points

• Eaton Vance California Municipal Income Trust (NYSE:CEV) shares have risen by 0.4% during mid-day trading, reaching a high of $9.66 with a total trading volume of 64,988 shares, significantly above the average volume.
• The trust has announced a monthly dividend of $0.05 per share, yielding 6.3%, with the ex-dividend date set for August 13th.
• Institutional ownership of the stock is at 35.88%, with several hedge funds significantly increasing their stakes, including Whipplewood Advisors raising its shares by 435.6%.

Eaton Vance California Municipal Income Trust (NYSE:CEV - )'s share price shot up 0.4% during mid-day trading on Monday . The stock traded as high as $9.66 and last traded at $9.56. 64,988 shares were traded during mid-day trading, an increase of 94% from the average session volume of 33,422 shares. The stock had previously closed at $9.52.

Eaton Vance California Municipal Income Trust Stock Up 0.4%

The firm has a 50 day simple moving average of $9.59 and a two-hundred day simple moving average of $9.82.

Eaton Vance California Municipal Income Trust Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Monday, August 25th. Shareholders of record on Wednesday, August 13th will be paid a $0.05 dividend. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a c) annualized dividend and a yield of 6.3%.

Hedge Funds Weigh In On Eaton Vance California Municipal Income Trust

Hedge funds have recently added to or reduced their stakes in the stock. Whipplewood Advisors LLC raised its position in shares of Eaton Vance California Municipal Income Trust by 435.6% during the first quarter. Whipplewood Advisors LLC now owns 89,994 shares of the company's stock worth $902,000 after purchasing an additional 73,190 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Eaton Vance California Municipal Income Trust during the fourth quarter worth about $481,000. Guggenheim Capital LLC raised its position in shares of Eaton Vance California Municipal Income Trust by 9.8% during the fourth quarter. Guggenheim Capital LLC now owns 170,344 shares of the company's stock worth $1,710,000 after purchasing an additional 15,156 shares during the period. Wolverine Asset Management LLC raised its position in shares of Eaton Vance California Municipal Income Trust by 59.8% during the first quarter. Wolverine Asset Management LLC now owns 95,569 shares of the company's stock worth $958,000 after purchasing an additional 35,757 shares during the period. Finally, Nomura Holdings Inc. acquired a new stake in shares of Eaton Vance California Municipal Income Trust during the fourth quarter worth about $151,000. 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.

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