Eaton Vance California Municipal Income Trust (NYSE:CEV) Shares Down 0.6% - Time to Sell?

Key Points

• CEV shares fell 0.6% to $10.34 in Friday trading, with volume down 70% from its average. The stock is trading near both its 50-day and 200-day moving averages.
• The fund declared a monthly dividend of $0.05 per share, or $0.60 annualized, representing a 5.8% yield. The ex-dividend and record dates are October 14, with payment scheduled for October 26.
• Institutional ownership stands at 35.88%, with Rockefeller Capital Management, Wedbush Securities and Cypress Wealth Services recently increasing their stakes. CEV primarily invests in California municipal bonds to provide tax-advantaged income.

Shares of Eaton Vance California Municipal Income Trust (NYSE:CEV - Get Free Report) were down 0.6% on Friday. The stock traded as low as $10.29 and last traded at $10.34. Approximately 7,395 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 24,437 shares. The stock had previously closed at $10.40.

Eaton Vance California Municipal Income Trust Stock Down 0.6%

The stock has a fifty day moving average price of $10.34 and a 200-day moving average price of $10.33.

Eaton Vance California Municipal Income Trust Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Monday, October 26th. Shareholders of record on Wednesday, October 14th will be given a dividend of $0.05 per share. This represents a $0.60 annualized dividend and a yield of 5.8%. The ex-dividend date is Wednesday, October 14th.

Institutional Investors Weigh In On Eaton Vance California Municipal Income Trust

Large investors have recently added to or reduced their stakes in the business. Rockefeller Capital Management L.P. boosted its stake in shares of Eaton Vance California Municipal Income Trust by 58.7% during the 4th quarter. Rockefeller Capital Management L.P. now owns 110,426 shares of the company's stock worth $1,109,000 after purchasing an additional 40,826 shares during the last quarter. Wedbush Securities Inc. grew its holdings in shares of Eaton Vance California Municipal Income Trust by 25.2% during the second quarter. Wedbush Securities Inc. now owns 65,750 shares of the company's stock worth $692,000 after buying an additional 13,253 shares in the last quarter. Finally, Cypress Wealth Services LLC raised its position in shares of Eaton Vance California Municipal Income Trust by 22.7% in the third quarter. Cypress Wealth Services LLC now owns 77,865 shares of the company's stock valued at $797,000 after buying an additional 14,389 shares during the last quarter. 35.88% of the stock is owned by institutional investors and hedge funds.

Eaton Vance California Municipal Income Trust Company Profile

Eaton Vance California Municipal Income Trust NYSE: CEV is a closed-end investment company that seeks to provide current income exempt from regular federal income tax and California personal income tax. The fund is designed primarily for investors seeking tax-advantaged income rather than direct ownership of operating businesses.

CEV invests principally in municipal obligations issued by the state of California, its municipalities, and related public entities. Its portfolio may include bonds and other debt securities used to finance public infrastructure and essential services, such as schools, transportation systems, utilities, and healthcare facilities.

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