Saba Capital Management, L.P. Sells 31,198 Shares of BlackRock California Municipal Income Trust (NYSE:BFZ) Stock

BlackRock California Municipal Income Trust (NYSE:BFZ) major shareholder Saba Capital Management, L.P. sold 31,198 shares of the stock in a transaction dated Monday, January 27th. The stock was sold at an average price of $11.24, for a total transaction of $350,665.52. Following the transaction, the insider now directly owns 5,129,310 shares of the company’s stock, valued at $57,653,444.40. This represents a 0.60 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

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

• On Wednesday, January 22nd, Saba Capital Management, L.P. sold 39,580 shares of BlackRock California Municipal Income Trust stock. The stock was sold at an average price of $11.32, for a total value of $448,045.60.
• On Friday, November 8th, Saba Capital Management, L.P. sold 30,293 shares of BlackRock California Municipal Income Trust stock. The shares were sold at an average price of $11.82, for a total value of $358,063.26.

BlackRock California Municipal Income Trust Trading Down 0.2 %

NYSE:BFZ traded down $0.02 during trading hours on Wednesday, hitting $11.21. The company’s stock had a trading volume of 153,463 shares, compared to its average volume of 70,321. BlackRock California Municipal Income Trust has a 52-week low of $11.10 and a 52-week high of $12.23. The business’s 50-day moving average is $11.43 and its two-hundred day moving average is $11.76.

BlackRock California Municipal Income Trust Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Monday, February 3rd. Investors of record on Wednesday, January 15th will be paid a $0.059 dividend. This represents a $0.71 annualized dividend and a dividend yield of 6.32%. The ex-dividend date of this dividend is Wednesday, January 15th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Sanctuary Advisors LLC purchased a new stake in shares of BlackRock California Municipal Income Trust during the 2nd quarter worth approximately $509,000. Farther Finance Advisors LLC purchased a new stake in BlackRock California Municipal Income Trust during the third quarter worth $170,000. Trilogy Capital Inc. grew its holdings in BlackRock California Municipal Income Trust by 292.8% in the third quarter. Trilogy Capital Inc. now owns 107,261 shares of the company’s stock valued at $1,297,000 after purchasing an additional 79,952 shares during the last quarter. Cypress Wealth Services LLC purchased a new position in shares of BlackRock California Municipal Income Trust in the third quarter valued at $250,000. Finally, Wolverine Asset Management LLC acquired a new position in shares of BlackRock California Municipal Income Trust during the 3rd quarter worth $309,000.

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.