Saba Capital Management, L.P., and Boaz Weinstein reported significant stock purchases in Eaton (NYSE:ETN) Vance California Municipal Bond Fund (NYSE:EVM) this month, according to a recent SEC filing. The transactions, which took place on November 7 and November 11, involved the acquisition of a total of 75,485 shares at prices ranging from $9.25 to $9.32 per share. The total value of these purchases amounted to approximately $700,282. Following these transactions, Saba Capital Management and Weinstein now collectively own 3,198,833 shares of the fund.
InvestingPro Insights
The recent stock purchases by Saba Capital Management and Boaz Weinstein in Eaton Vance California Municipal Bond Fund (NYSE:EVM) align with several key financial indicators and trends highlighted by InvestingPro data.
EVM's dividend yield stands at an attractive 5.37%, which may have been a factor in the investors' decision to increase their stake. This yield is particularly noteworthy given that EVM has maintained dividend payments for 23 consecutive years, as pointed out by one of the InvestingPro Tips. This consistent dividend history suggests a stable income stream for investors, which is often a priority for those investing in municipal bond funds.
The fund's financial health appears solid, with InvestingPro data showing that liquid assets exceed short-term obligations. This strong liquidity position provides a safety buffer and may have contributed to the investors' confidence in increasing their holdings.
Despite a slight revenue decline of 7.75% in the last twelve months, EVM has remained profitable over this period. The fund's gross profit margin stands at an impressive 100%, indicating efficient management of its investment portfolio.
It's worth noting that EVM generally trades with low price volatility, according to another InvestingPro Tip. This characteristic may appeal to investors seeking stability in their portfolio, especially in the current economic climate.
For readers interested in a deeper analysis, InvestingPro offers additional tips and metrics that could provide further insight into EVM's investment potential. The platform lists several more tips that could be valuable for investors considering this municipal bond fund.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.