Saba Capital Management, L.P. Sells 58,256 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 58,256 shares of BlackRock California Municipal Income Trust stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $11.34, for a total transaction of $660,623.04. Following the completion of the sale, the insider now owns 4,865,375 shares in the company, valued at approximately $55,173,352.50. This trade represents a 1.18 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Large shareholders that own at least 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 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 shares were 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 stock was sold at an average price of $11.24, for a total transaction 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 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 Price Performance

NYSE:BFZ opened at $11.28 on Friday. The company’s 50-day moving average price is $11.39 and its 200-day moving average price is $11.73. BlackRock California Municipal Income Trust has a twelve month low of $11.10 and a twelve month high of $12.23.

BlackRock California Municipal Income Trust Dividend Announcement

The firm also recently declared a monthly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Friday, February 14th will be paid a $0.059 dividend. This represents a $0.71 annualized dividend and a dividend yield of 6.28%. The ex-dividend date is Friday, February 14th.

Hedge Funds Weigh In On BlackRock California Municipal Income Trust

Hedge funds and other institutional investors have recently modified their holdings of the business. Advisors Asset Management Inc. raised its stake in BlackRock California Municipal Income Trust by 3.8% during the third quarter. Advisors Asset Management Inc. now owns 463,700 shares of the company’s stock worth $5,606,000 after purchasing an additional 17,144 shares during the period. Trilogy Capital Inc. raised its stake in BlackRock California Municipal Income Trust by 1.3% during the fourth quarter. Trilogy Capital Inc. now owns 108,637 shares of the company’s stock worth $1,217,000 after purchasing an additional 1,376 shares during the period. Raymond James Financial Inc. purchased a new position in BlackRock California Municipal Income Trust during the fourth quarter worth about $529,000. Sanctuary Advisors LLC purchased a new position in BlackRock California Municipal Income Trust during the second quarter worth about $509,000. Finally, Absolute Investment Advisers LLC purchased a new position in BlackRock California Municipal Income Trust during the fourth quarter worth about $387,000.

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.