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

BlackRock California Municipal Income Trust (NYSE:BFZ) major shareholder Saba Capital Management, L.P. sold 31,198 shares of the company’s stock in a transaction on Monday, January 27th. The shares were sold at an average price of $11.24, for a total value of $350,665.52. Following the completion of the sale, the insider now owns 5,129,310 shares in the company, valued at $57,653,444.40. This represents a 0.60 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Major shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases 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 shares were sold at an average price of $11.32, for a total transaction 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 stock was sold at an average price of $11.82, for a total transaction of $358,063.26.

BlackRock California Municipal Income Trust Stock Performance

Shares of NYSE:BFZ traded down $0.02 during trading on Wednesday, reaching $11.21. The stock had a trading volume of 153,463 shares, compared to its average volume of 70,321. BlackRock California Municipal Income Trust has a fifty-two week low of $11.10 and a fifty-two week high of $12.23. The business has a fifty day moving average price of $11.43 and a 200-day moving average price of $11.76.

BlackRock California Municipal Income Trust Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Wednesday, January 15th will be issued a dividend of $0.059 per share. 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 Investors Weigh In On BlackRock California Municipal Income Trust

A number of hedge funds and other institutional investors have recently made changes to their positions in BFZ. Golden State Wealth Management LLC acquired a new stake in BlackRock California Municipal Income Trust in the 4th quarter worth about $118,000. Farther Finance Advisors LLC acquired a new stake in shares of BlackRock California Municipal Income Trust in the third quarter worth approximately $170,000. Cypress Wealth Services LLC purchased a new stake in BlackRock California Municipal Income Trust in the third quarter valued at approximately $250,000. Wolverine Asset Management LLC acquired a new position in BlackRock California Municipal Income Trust during the third quarter worth approximately $309,000. Finally, Absolute Investment Advisers LLC acquired a new position in BlackRock California Municipal Income Trust during the fourth quarter worth approximately $387,000.

About BlackRock California Municipal Income Trust

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.