NEW YORK—On October 21, Saba Capital Administration, L.P., a big stakeholder in Eaton (NYSE:) Vance California Municipal Revenue Belief (NYSE:CEV), executed a sale of 31,551 shares of widespread inventory. The shares had been bought at a median worth of $10.81, totaling roughly $341,066. Following this transaction, Saba Capital Administration’s oblique possession within the firm stands at 694,818 shares. This transaction was documented in a latest SEC submitting, reflecting the continuing administration of Saba Capital’s funding portfolio.
InvestingPro Insights
Whereas Saba Capital Administration has decreased its stake in Eaton Vance California Municipal Revenue Belief (NYSE:CEV), the belief continues to reveal resilience in its monetary efficiency. In keeping with InvestingPro information, CEV has maintained a gross revenue margin of 100% over the past twelve months as of Q2 2024, indicating environment friendly administration of its municipal bond portfolio.
InvestingPro Suggestions spotlight that CEV has maintained dividend funds for 26 consecutive years, a testomony to its dedication to shareholder returns. This consistency aligns with the belief’s present enticing dividend yield of 5.61%, as reported by InvestingPro. The regular dividend historical past could clarify why traders like Saba Capital preserve important positions regardless of periodic changes.
It is value noting that whereas CEV has proven profitability over the past twelve months, one other InvestingPro Tip means that the inventory’s valuation implies a poor free money circulate yield. This might be a think about Saba Capital’s determination to trim its place.
For traders searching for a extra complete evaluation, InvestingPro gives extra ideas and metrics past these talked about right here. The platform supplies a complete of 4 ideas for CEV, providing deeper insights into the belief’s monetary well being and market place.
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