Eaton Vance California Municipal Income Trust (NYSE:CEV) Stock Price Down 1.5% - Here's What Happened

Key Points

• Shares fell 1.5% to $10.13 on Monday, with about 24,813 shares traded—roughly 21% above the fund's average daily volume.
• Monthly dividend of $0.05 was announced (ex-dividend and record date May 14, payable May 26), which equates to an annualized yield of about 5.9%.
• The trust is a closed-end fund focused on California investment-grade municipal bonds to provide federally and California tax-exempt income, with institutional investors owning roughly 35.9% of the shares.

Shares of Eaton Vance California Municipal Income Trust (NYSE:CEV - Get Free Report) dropped 1.5% during mid-day trading on Monday . The stock traded as low as $10.13 and last traded at $10.13. Approximately 24,813 shares changed hands during mid-day trading, an increase of 21% from the average daily volume of 20,480 shares. The stock had previously closed at $10.28.

Eaton Vance California Municipal Income Trust Stock Down 1.5%

The firm has a fifty day moving average price of $10.35 and a 200-day moving average price of $10.31.

Eaton Vance California Municipal Income Trust Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Tuesday, May 26th. Stockholders of record on Thursday, May 14th will be issued a $0.05 dividend. The ex-dividend date of this dividend is Thursday, May 14th. This represents a c) annualized dividend and a dividend yield of 5.9%.

Hedge Funds Weigh In On Eaton Vance California Municipal Income Trust

Several institutional investors have recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. purchased a new position in Eaton Vance California Municipal Income Trust in the second quarter valued at approximately $52,000. US Bancorp DE purchased a new position in Eaton Vance California Municipal Income Trust in the third quarter valued at approximately $83,000. Concorde Asset Management LLC purchased a new position in Eaton Vance California Municipal Income Trust in the fourth quarter valued at approximately $100,000. Osaic Holdings Inc. lifted its stake in Eaton Vance California Municipal Income Trust by 400.0% in the second quarter. Osaic Holdings Inc. now owns 10,000 shares of the company's stock valued at $97,000 after purchasing an additional 8,000 shares during the last quarter. Finally, Pasadena Private Wealth LLC purchased a new position in Eaton Vance California Municipal Income Trust in the fourth quarter valued at approximately $100,000. 35.88% of the stock is owned by institutional investors.

Eaton Vance California Municipal Income Trust Company Profile

Eaton Vance California Municipal Income Trust is a closed-end management investment company that seeks to provide shareholders with a high level of current income exempt from regular federal income tax and California personal income tax. The trust primarily invests in investment-grade municipal securities issued by state and local governmental entities, with a portfolio focus on California debt obligations. Its tax-exempt income objective makes it a specialized option for investors in higher tax brackets seeking steady tax-advantaged distributions.

The trust's portfolio typically includes a diversified mix of general obligation bonds, revenue bonds and essential-service obligations that finance public utilities, transportation, education and healthcare facilities within California.

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