BlackRock California Municipal Income Trust (NYSE:BFZ) Major Shareholder Saba Capital Management, L.P. Sells 5,404 Shares

BlackRock California Municipal Income Trust (NYSE:BFZ) major shareholder Saba Capital Management, L.P. sold 5,404 shares of the company’s stock in a transaction dated Monday, February 10th. The stock was sold at an average price of $11.34, for a total transaction of $61,281.36. Following the completion of the sale, the insider now owns 4,833,111 shares in the company, valued at $54,807,478.74. This represents a 0.11 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Saba Capital Management, L.P. also recently made the following trade(s):

• On Friday, February 7th, Saba Capital Management, L.P. sold 1,400 shares of BlackRock California Municipal Income Trust stock. The stock was sold at an average price of $11.32, for a total value of $15,848.00.
• On Wednesday, February 5th, Saba Capital Management, L.P. sold 58,256 shares of BlackRock California Municipal Income Trust stock. The stock was sold at an average price of $11.34, for a total transaction of $660,623.04.
• On Monday, February 3rd, Saba Capital Management, L.P. sold 7,951 shares of BlackRock California Municipal Income Trust stock. The shares were sold at an average price of $11.29, for a total transaction of $89,766.79.
• On Friday, January 31st, Saba Capital Management, L.P. sold 20,717 shares of BlackRock California Municipal Income Trust stock. The stock was sold at an average price of $11.27, for a total transaction of $233,480.59.
• On Wednesday, January 29th, Saba Capital Management, L.P. sold 103,231 shares of BlackRock California Municipal Income Trust stock. The stock was sold at an average price of $11.17, for a total transaction of $1,153,090.27.
• On Monday, January 27th, Saba Capital Management, L.P. sold 31,198 shares of BlackRock California Municipal Income Trust stock. The shares were sold at an average price of $11.24, for a total value of $350,665.52.
• On Wednesday, January 22nd, Saba Capital Management, L.P. sold 39,580 shares of BlackRock California Municipal Income Trust stock. The shares were sold at an average price of $11.32, for a total value of $448,045.60.

BlackRock California Municipal Income Trust Stock Performance

BFZ stock traded down $0.09 during mid-day trading on Wednesday, hitting $11.22. The company had a trading volume of 54,992 shares, compared to its average volume of 86,008. BlackRock California Municipal Income Trust has a 12 month low of $11.10 and a 12 month high of $12.23. The stock’s fifty day moving average price is $11.38 and its two-hundred day moving average price is $11.71.

BlackRock California Municipal Income Trust Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Friday, February 14th will be given a dividend of $0.059 per share. The ex-dividend date of this dividend is Friday, February 14th. This represents a $0.71 dividend on an annualized basis and a dividend yield of 6.31%.

Hedge Funds Weigh In On BlackRock California Municipal Income Trust

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Sanctuary Advisors LLC purchased a new position in shares of BlackRock California Municipal Income Trust during the second quarter worth about $509,000. Trilogy Capital Inc. boosted its holdings in BlackRock California Municipal Income Trust by 292.8% during the 3rd quarter. Trilogy Capital Inc. now owns 107,261 shares of the company’s stock valued at $1,297,000 after acquiring an additional 79,952 shares during the period. Farther Finance Advisors LLC bought a new position in BlackRock California Municipal Income Trust during the 3rd quarter worth approximately $170,000. Wolverine Asset Management LLC purchased a new position in BlackRock California Municipal Income Trust in the 3rd quarter worth approximately $309,000. Finally, Advisors Asset Management Inc. lifted its position in BlackRock California Municipal Income Trust by 3.8% in the third quarter. Advisors Asset Management Inc. now owns 463,700 shares of the company’s stock valued at $5,606,000 after purchasing an additional 17,144 shares during the last quarter.

BlackRock California Municipal Income Trust Company Profile

BlackRock California Municipal Income Trust is a closed ended fixed income mutual fund launched by BlackRock, Inc It is managed by BlackRock Advisors, LLC. The fund invests in fixed income markets. It invests primarily in investment grade municipal bonds that are exempt from regular federal and California income taxes.