BlackRock California Municipal Income Trust (NYSE:BFZ) Sees Large Increase in Short Interest

BlackRock California Municipal Income Trust (NYSE:BFZ) was the recipient of a significant growth in short interest in June. As of June 15th, there was short interest totalling 62,300 shares, a growth of 141.5% from the May 31st total of 25,800 shares. Based on an average trading volume of 63,800 shares, the days-to-cover ratio is currently 1.0 days.

BlackRock California Municipal Income Trust Stock Up 0.3 %

NYSE BFZ traded up $0.04 during midday trading on Friday, hitting $11.97. 84,751 shares of the company traded hands, compared to its average volume of 61,161. BlackRock California Municipal Income Trust has a 52 week low of $9.86 and a 52 week high of $12.31. The company’s 50-day simple moving average is $11.77 and its 200-day simple moving average is $11.78.

BlackRock California Municipal Income Trust Increases Dividend

The business also recently disclosed a monthly dividend, which will be paid on Monday, July 1st. Investors of record on Friday, June 14th will be given a dividend of $0.059 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $0.71 dividend on an annualized basis and a yield of 5.91%. This is an increase from BlackRock California Municipal Income Trust’s previous monthly dividend of $0.05.

Insider Activity at BlackRock California Municipal Income Trust

In other BlackRock California Municipal Income Trust news, major shareholder Saba Capital Management, L.P. bought 6,109 shares of the company’s stock in a transaction on Monday, April 1st. The shares were bought at an average cost of $11.76 per share, for a total transaction of $71,841.84. Following the acquisition, the insider now directly owns 5,231,209 shares in the company, valued at $61,519,017.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Hedge Funds Weigh In On BlackRock California Municipal Income Trust

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Blue Bell Private Wealth Management LLC acquired a new position in shares of BlackRock California Municipal Income Trust during the fourth quarter worth $33,000. B. Riley Wealth Advisors Inc. acquired a new position in BlackRock California Municipal Income Trust during the 1st quarter valued at about $193,000. Napa Wealth Management purchased a new stake in BlackRock California Municipal Income Trust in the fourth quarter valued at about $380,000. Sanders Morris Harris LLC acquired a new stake in BlackRock California Municipal Income Trust in the first quarter worth about $479,000. Finally, Raymond James & Associates grew its stake in shares of BlackRock California Municipal Income Trust by 146.4% during the fourth quarter. Raymond James & Associates now owns 46,279 shares of the company’s stock worth $557,000 after acquiring an additional 27,500 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.