Eaton Vance California Municipal Income Trust (NYSE:CEV) Shares Up 0.5% – Here’s Why

Eaton Vance California Municipal Income Trust (NYSE:CEV)’s share price shot up 0.5% during mid-day trading on Wednesday . The stock traded as high as $10.23 and last traded at $10.13. 28,521 shares changed hands during mid-day trading, an increase of 62% from the average session volume of 17,600 shares. The stock had previously closed at $10.08.

Eaton Vance California Municipal Income Trust Stock Performance

The company’s 50 day moving average is $10.42 and its 200 day moving average is $10.28.

Eaton Vance California Municipal Income Trust Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Wednesday, March 25th. Stockholders of record on Friday, March 13th will be issued a dividend of $0.05 per share. The ex-dividend date is Friday, March 13th. This represents a c) annualized dividend and a dividend yield of 5.9%.

Institutional Investors Weigh In On Eaton Vance California Municipal Income Trust

Hedge funds have recently made changes to their positions in the stock. Northwestern Mutual Wealth Management Co. acquired a new stake in Eaton Vance California Municipal Income Trust during the second quarter worth about $52,000. US Bancorp DE acquired a new position in Eaton Vance California Municipal Income Trust in the 3rd quarter valued at approximately $83,000. Osaic Holdings Inc. lifted its position in shares of Eaton Vance California Municipal Income Trust by 400.0% in the 2nd quarter. Osaic Holdings Inc. now owns 10,000 shares of the company’s stock worth $97,000 after acquiring an additional 8,000 shares during the period. Concorde Asset Management LLC bought a new stake in shares of Eaton Vance California Municipal Income Trust in the 4th quarter worth approximately $100,000. Finally, Pasadena Private Wealth LLC acquired a new stake in shares of Eaton Vance California Municipal Income Trust during the 4th quarter worth approximately $100,000. Institutional investors 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.