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 on Wednesday, February 5th. The stock was sold at an average price of $11.34, for a total value of $660,623.04. Following the transaction, the insider now directly owns 4,865,375 shares in the company, valued at approximately $55,173,352.50. The trade was a 1.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Major shareholders that own more than 10% of a company’s shares are required to disclose their transactions 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 stock was 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 value 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 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 value of $358,063.26.

BlackRock California Municipal Income Trust Price Performance

NYSE:BFZ traded down $0.02 on Thursday, reaching $11.35. The company’s stock had a trading volume of 39,227 shares, compared to its average volume of 83,739. The stock has a 50 day moving average price of $11.40 and a 200 day moving average price of $11.73. BlackRock California Municipal Income Trust has a 12-month low of $11.10 and a 12-month high of $12.23.

BlackRock California Municipal Income Trust Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Monday, March 3rd. Investors of record on Friday, February 14th will be paid a dividend of $0.059 per share. This represents a $0.71 annualized dividend and a yield of 6.24%. The ex-dividend date of this dividend is Friday, February 14th.

Institutional Trading of BlackRock California Municipal Income Trust

A number of large investors have recently modified their holdings of the stock. Sanctuary Advisors LLC acquired a new position in BlackRock California Municipal Income Trust during the 2nd quarter worth approximately $509,000. Cypress Wealth Services LLC purchased a new position in BlackRock California Municipal Income Trust in the third quarter valued at $250,000. Trilogy Capital Inc. raised its stake 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 buying an additional 79,952 shares in the last quarter. Farther Finance Advisors LLC purchased a new position in shares of BlackRock California Municipal Income Trust in the 3rd quarter valued at about $170,000. Finally, Wolverine Asset Management LLC acquired a new stake in shares of BlackRock California Municipal Income Trust during the 3rd 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.