BlackRock California Municipal Income Trust (NYSE:BFZ) Major Shareholder Saba Capital Management, L.P. Sells 18,568 Shares

BlackRock California Municipal Income Trust (NYSE:BFZ) major shareholder Saba Capital Management, L.P. sold 18,568 shares of the firm’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $11.21, for a total transaction of $208,147.28. Following the sale, the insider now directly owns 3,148,234 shares in the company, valued at approximately $35,291,703.14. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Large shareholders that own at least 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 Monday, April 1st, Saba Capital Management, L.P. purchased 6,109 shares of BlackRock California Municipal Income Trust stock. The shares were bought at an average price of $11.76 per share, for a total transaction of $71,841.84.
• On Thursday, March 28th, Saba Capital Management, L.P. acquired 40,094 shares of BlackRock California Municipal Income Trust stock. The stock was bought at an average price of $11.82 per share, with a total value of $473,911.08.
• On Monday, March 25th, Saba Capital Management, L.P. bought 23,774 shares of BlackRock California Municipal Income Trust stock. The shares were purchased at an average price of $11.77 per share, for a total transaction of $279,819.98.
• On Thursday, March 21st, Saba Capital Management, L.P. bought 14,317 shares of BlackRock California Municipal Income Trust stock. The stock was purchased at an average cost of $11.68 per share, with a total value of $167,222.56.
• On Tuesday, March 12th, Saba Capital Management, L.P. purchased 35,703 shares of BlackRock California Municipal Income Trust stock. The shares were purchased at an average cost of $11.95 per share, for a total transaction of $426,650.85.

BlackRock California Municipal Income Trust Price Performance

BFZ stock opened at $11.48 on Tuesday. The business has a 50 day simple moving average of $11.79 and a 200-day simple moving average of $11.35. BlackRock California Municipal Income Trust has a twelve month low of $9.86 and a twelve month high of $12.31.

BlackRock California Municipal Income Trust Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th will be given a dividend of $0.051 per share. This represents a $0.61 annualized dividend and a yield of 5.33%. The ex-dividend date is Friday, April 12th.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of BFZ. Blue Bell Private Wealth Management LLC purchased a new position in shares of BlackRock California Municipal Income Trust during the fourth quarter worth about $33,000. Miracle Mile Advisors LLC increased its holdings in shares of BlackRock California Municipal Income Trust by 18.2% in the third quarter. Miracle Mile Advisors LLC now owns 13,000 shares of the company’s stock valued at $134,000 after purchasing an additional 2,000 shares during the period. Integrated Wealth Concepts LLC acquired a new position in shares of BlackRock California Municipal Income Trust in the second quarter valued at approximately $141,000. Quarry LP purchased a new stake in shares of BlackRock California Municipal Income Trust during the second quarter worth approximately $149,000. Finally, Envestnet Asset Management Inc. lifted its holdings in shares of BlackRock California Municipal Income Trust by 76.1% during the third quarter. Envestnet Asset Management Inc. now owns 18,514 shares of the company’s stock worth $191,000 after purchasing an additional 8,000 shares during the period.

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.