Welcome to our dedicated page for Neuberger Berman California Municipal Fund news (Ticker: NBW), a resource for investors and traders seeking the latest updates and insights on Neuberger Berman California Municipal Fund stock.
Neuberger Berman California Municipal Fund Inc. (Symbol: NBW) is a part of the renowned Neuberger Berman family, a global and employee-owned investment management firm established in 1939. Headquartered in New York, Neuberger Berman operates from 31 cities worldwide, managing a comprehensive range of strategies across various asset classes, including equity, fixed income, quantitative, multi-asset class, private equity, and hedge funds. The firm's diverse team, consisting of over 500 investment professionals and a total of approximately 1,900 employees, is dedicated to providing compelling investment results for their clients.
NBW predominantly focuses on investing in municipal bonds, aiming to provide income that is exempt from regular federal income tax. This makes it an attractive option for investors seeking tax-efficient income solutions. Over the years, NBW has built a reputation for stability and reliability in income generation for its shareholders.
Recently, Neuberger Berman California Municipal Fund Inc. (NBW) announced its reorganization into Neuberger Berman Municipal Fund Inc. (NBH), alongside Neuberger Berman New York Municipal Fund Inc. (NBO). This strategic move, completed on October 23, 2023, aims to streamline operations and leverage economies of scale. Stockholders of NBW and NBO received NBH common stock in proportion to their holdings, reflecting the aggregate net asset value of their investments.
Neuberger Berman's investment philosophy is underpinned by active management, engaged ownership, and rigorous fundamental research. The firm is recognized as a PRI Leader, a prestigious designation awarded to less than 1% of investment firms. This accolade highlights their commitment to integrating environmental, social, and governance factors into their investment processes.
Financially, Neuberger Berman manages $439 billion in client assets as of September 30, 2023. The firm has also been consistently ranked among the top in the Pensions & Investments Best Places to Work in Money Management survey for firms with 1,000 or more employees, showcasing its commitment to creating a positive workplace culture.
The firm’s commitment to excellence is reflected in its latest financial news. On October 23, 2023, Neuberger Berman Municipal Fund Inc. (NBH) announced a distribution of $0.03774 per share of common stock, payable on November 15, 2023. This distribution is part of their ongoing effort to provide steady income to its shareholders and reflects their robust financial strategy and market position.
For investors seeking a reliable and tax-efficient income stream, Neuberger Berman California Municipal Fund Inc. remains a compelling option, underscored by the firm’s long-standing expertise, robust financial health, and strategic initiatives.
Neuberger Berman Municipal Fund (NBH), California Municipal Fund (NBW), and New York Municipal Fund (NBO) have announced decreases in their monthly distribution rates, effective February 2023. NBH's distribution drops to $0.03774 from $0.05025, NBW to $0.0254 from $0.04480, and NBO to $0.024233 from $0.03933. These changes reflect current municipal market yields, leverage costs, and undistributed net investment income. The new annualized distributions are $0.45288 for NBH, $0.3048 for NBW, and $0.290796 for NBO, with payout dates set for March 15, 2023. The Funds aim to provide income exempt from federal and local taxes.
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