Eaton Vance California Municipal Income Trust (NYSE:CEV) Trading Down 0.4% – Here’s Why

Eaton Vance California Municipal Income Trust (NYSE:CEV) shares fell 0.4% during trading on Thursday . The stock traded as low as $10.16 and last traded at $10.23. Approximately 47,636 shares changed hands during trading, an increase of 115% from the average session volume of 22,182 shares. The stock had previously closed at $10.27.

Eaton Vance California Municipal Income Trust Stock Down 0.4%

The company’s 50 day moving average price is $10.36 and its 200 day moving average price is $10.33.

Eaton Vance California Municipal Income Trust Dividend Announcement

The company also recently declared a monthly dividend, which was paid on Friday, July 24th. Investors of record on Tuesday, July 14th were issued a dividend of $0.05 per share. This represents a c) annualized dividend and a yield of 5.9%. The ex-dividend date of this dividend was Tuesday, July 14th.

Institutional Investors Weigh In On Eaton Vance California Municipal Income Trust

A number of hedge funds have recently added to or reduced their stakes in CEV. Wells Fargo & Company MN boosted its position in shares of Eaton Vance California Municipal Income Trust by 9.2% during the 4th quarter. Wells Fargo & Company MN now owns 50,702 shares of the company’s stock worth $509,000 after purchasing an additional 4,262 shares in the last quarter. Concorde Asset Management LLC purchased a new position in shares of Eaton Vance California Municipal Income Trust in the 4th quarter valued at about $100,000. Wedbush Securities Inc. lifted its stake in shares of Eaton Vance California Municipal Income Trust by 147.4% in the fourth quarter. Wedbush Securities Inc. now owns 33,897 shares of the company’s stock valued at $340,000 after purchasing an additional 20,197 shares during the period. LPL Financial LLC boosted its holdings in Eaton Vance California Municipal Income Trust by 34.7% during the fourth quarter. LPL Financial LLC now owns 140,685 shares of the company’s stock worth $1,412,000 after buying an additional 36,248 shares in the last quarter. Finally, Osaic Holdings Inc. grew its position in Eaton Vance California Municipal Income Trust by 400.0% during the second quarter. Osaic Holdings Inc. now owns 10,000 shares of the company’s stock worth $97,000 after buying an additional 8,000 shares during the period. Institutional investors and hedge funds own 35.88% of the company’s stock.

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.