Saba Capital Management, L.P., a significant stakeholder in the Eaton (NYSE:ETN) Vance California Municipal Bond Fund (NYSE:EVM), recently reported a series of stock purchases totaling approximately $83,306. These transactions took place on November 5 and November 6, with shares acquired at prices ranging from $9.18 to $9.27. Following these acquisitions, Saba Capital Management's total holdings in the fund increased to 3,123,348 shares. The purchases reflect ongoing interest and investment in the fund, which focuses on municipal bonds in California.
InvestingPro Insights
Saba Capital Management's recent purchases of Eaton Vance California Municipal Bond Fund (NYSE:EVM) shares align with several key financial metrics and trends identified by InvestingPro. The fund's attractive dividend yield of 5.46%, as reported by InvestingPro, may be a contributing factor to Saba's increased stake. This yield is particularly noteworthy given that EVM has maintained dividend payments for 23 consecutive years, according to 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 could be reassuring for investors like Saba Capital Management, especially in the context of municipal bond investments.
Despite a slight revenue decline of 7.75% over the last twelve months, EVM has remained profitable during this period, as noted by InvestingPro. This profitability, combined with the fund's low price volatility, may appeal to investors seeking stable income streams from municipal bonds.
For those interested in a deeper analysis, InvestingPro offers additional tips and metrics that could provide further insight into EVM's investment potential. Currently, there are 5 more InvestingPro Tips available for EVM, which could offer valuable perspectives on the fund's performance and outlook.
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