Eaton Vance California Municipal Income Trust (NYSE:CEV) Stock Price Up 0.8% – Time to Buy?

Eaton Vance California Municipal Income Trust (NYSE:CEV)’s stock price shot up 0.8% on Tuesday . The company traded as high as $10.78 and last traded at $10.72. 17,850 shares changed hands during mid-day trading, a decline of 17% from the average session volume of 21,449 shares. The stock had previously closed at $10.63.

Eaton Vance California Municipal Income Trust Trading Up 0.8%

The business’s 50-day moving average is $10.26 and its 200-day moving average is $10.13.

Eaton Vance California Municipal Income Trust Dividend Announcement

The business also recently announced a monthly dividend, which was paid on Tuesday, February 24th. Stockholders of record on Friday, February 13th were paid a $0.05 dividend. The ex-dividend date was Friday, February 13th. This represents a c) dividend on an annualized basis and a dividend yield of 5.6%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. purchased a new stake in Eaton Vance California Municipal Income Trust in the 2nd quarter worth approximately $52,000. US Bancorp DE acquired a new position in shares of Eaton Vance California Municipal Income Trust in the 3rd quarter valued at $83,000. Concorde Asset Management LLC purchased a new stake in Eaton Vance California Municipal Income Trust during the fourth quarter worth $100,000. 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 valued at $97,000 after buying an additional 8,000 shares during the period. Finally, Pasadena Private Wealth LLC purchased a new position in Eaton Vance California Municipal Income Trust in the fourth quarter valued at $100,000. 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 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.