BlackRock California Municipal Income Trust (NYSE:BFZ) Major Shareholder Saba Capital Management, L.P. Sells 58,256 Shares

BlackRock California Municipal Income Trust (NYSE:BFZ) major shareholder Saba Capital Management, L.P. sold 58,256 shares of the company’s stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $11.34, for a total value of $660,623.04. Following the completion of the transaction, the insider now directly owns 4,865,375 shares of the company’s stock, valued at $55,173,352.50. This represents a 1.18 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Large shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

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

• 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 shares were sold at an average price of $11.17, for a total value 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 stock was 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 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 stock was sold at an average price of $11.82, for a total value of $358,063.26.

BlackRock California Municipal Income Trust Stock Down 0.4 %

Shares of NYSE:BFZ opened at $11.33 on Friday. BlackRock California Municipal Income Trust has a 1 year low of $11.10 and a 1 year high of $12.23. The stock’s fifty day moving average price is $11.40 and its 200-day moving average price is $11.73.

BlackRock California Municipal Income Trust Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Friday, February 14th will be given a dividend of $0.059 per share. The ex-dividend date is Friday, February 14th. This represents a $0.71 annualized dividend and a yield of 6.25%.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Trilogy Capital Inc. boosted its stake in BlackRock California Municipal Income Trust by 292.8% in the 3rd quarter. Trilogy Capital Inc. now owns 107,261 shares of the company’s stock worth $1,297,000 after purchasing an additional 79,952 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in BlackRock California Municipal Income Trust during the 4th quarter worth $529,000. Sanctuary Advisors LLC acquired a new position in shares of BlackRock California Municipal Income Trust during the 2nd quarter valued at about $509,000. Absolute Investment Advisers LLC purchased a new stake in BlackRock California Municipal Income Trust during the fourth quarter worth about $387,000. Finally, Wolverine Asset Management LLC purchased a new stake in BlackRock California Municipal Income Trust during the third quarter worth about $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.