Saba Capital Management, L.P., a significant shareholder in Eaton (NYSE:ETN) Vance California Municipal Bond Fund (NYSE:EVM), recently increased its stake in the company. On November 14, the firm acquired 15,847 shares of common stock at a price of $9.35 per share, amounting to a total transaction value of $148,169. Following this purchase, Saba Capital Management's total holdings in the fund increased to 3,280,138 shares. The acquisition was disclosed in a recent SEC filing, highlighting Saba's ongoing investment strategy in the municipal bond market.
InvestingPro Insights
Saba Capital Management's recent acquisition of Eaton Vance California Municipal Bond Fund (NYSE:EVM) shares aligns with several key financial indicators. According to InvestingPro data, EVM boasts a notable dividend yield of 5.31% as of the latest available information, with the most recent ex-dividend date on October 23, 2024. This attractive yield may have influenced Saba's decision to increase its stake, particularly given that EVM has maintained dividend payments for 23 consecutive years, as noted in an InvestingPro Tip.
The fund's financial stability is further underscored by another InvestingPro Tip, which indicates that EVM's liquid assets exceed its short-term obligations. This strong liquidity position suggests a lower risk profile, potentially making it an appealing investment for institutional investors like Saba Capital Management.
Despite a slight revenue decline of 7.75% over the last twelve months, EVM has remained profitable during this period, as highlighted by an additional InvestingPro Tip. This resilience in profitability, coupled with the fund's consistent dividend history, may have contributed to Saba's confidence in increasing its position.
For investors seeking a more comprehensive analysis, InvestingPro offers 5 additional tips that could provide further insights into EVM's investment potential.
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