BlackRock California Municipal Income Trust (NYSE:BFZ) Major Shareholder Saba Capital Management, L.P. Sells 14,505 Shares of Stock

BlackRock California Municipal Income Trust (NYSE:BFZ) major shareholder Saba Capital Management, L.P. sold 14,505 shares of the company’s stock in a transaction dated Friday, July 11th. The shares were sold at an average price of $10.78, for a total value of $156,363.90. Following the completion of the sale, the insider directly owned 4,601,211 shares of the company’s stock, valued at approximately $49,601,054.58. This trade represents a 0.31% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Major shareholders that own at least 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 Thursday, July 10th, Saba Capital Management, L.P. sold 14,116 shares of BlackRock California Municipal Income Trust stock. The stock was sold at an average price of $10.86, for a total value of $153,299.76.
• On Wednesday, July 9th, Saba Capital Management, L.P. sold 25,849 shares of BlackRock California Municipal Income Trust stock. The stock was sold at an average price of $10.83, for a total value of $279,944.67.
• On Monday, July 7th, Saba Capital Management, L.P. sold 3,054 shares of BlackRock California Municipal Income Trust stock. The stock was sold at an average price of $10.87, for a total value of $33,196.98.
• On Wednesday, July 2nd, Saba Capital Management, L.P. sold 33,982 shares of BlackRock California Municipal Income Trust stock. The stock was sold at an average price of $10.85, for a total value of $368,704.70.
• On Monday, June 30th, Saba Capital Management, L.P. sold 43,937 shares of BlackRock California Municipal Income Trust stock. The stock was sold at an average price of $10.80, for a total value of $474,519.60.
• On Friday, June 27th, Saba Capital Management, L.P. sold 31,062 shares of BlackRock California Municipal Income Trust stock. The stock was sold at an average price of $10.80, for a total value of $335,469.60.
• On Thursday, June 26th, Saba Capital Management, L.P. sold 35,213 shares of BlackRock California Municipal Income Trust stock. The stock was sold at an average price of $10.83, for a total value of $381,356.79.

BlackRock California Municipal Income Trust Stock Performance

BFZ stock opened at $10.80 on Tuesday. BlackRock California Municipal Income Trust has a 52-week low of $10.17 and a 52-week high of $12.23. The stock’s fifty day simple moving average is $10.82 and its 200-day simple moving average is $10.98.

BlackRock California Municipal Income Trust Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th will be issued a dividend of $0.059 per share. This represents a $0.71 annualized dividend and a dividend yield of 6.56%. The ex-dividend date is Tuesday, July 15th.

Institutional Investors Weigh In On BlackRock California Municipal Income Trust

Several hedge funds have recently made changes to their positions in the business. Ieq Capital LLC acquired a new position in BlackRock California Municipal Income Trust in the first quarter valued at $14,681,000. Royal Bank of Canada boosted its holdings in BlackRock California Municipal Income Trust by 472.6% in the first quarter. Royal Bank of Canada now owns 272,999 shares of the company’s stock valued at $2,998,000 after acquiring an additional 225,323 shares during the last quarter. Landscape Capital Management L.L.C. boosted its holdings in BlackRock California Municipal Income Trust by 766.2% in the first quarter. Landscape Capital Management L.L.C. now owns 113,547 shares of the company’s stock valued at $1,247,000 after acquiring an additional 100,439 shares during the last quarter. Bank of America Corp DE boosted its holdings in BlackRock California Municipal Income Trust by 128.9% in the fourth quarter. Bank of America Corp DE now owns 120,469 shares of the company’s stock valued at $1,349,000 after acquiring an additional 67,829 shares during the last quarter. Finally, Wolverine Asset Management LLC boosted its holdings in BlackRock California Municipal Income Trust by 162.0% in the first quarter. Wolverine Asset Management LLC now owns 89,271 shares of the company’s stock valued at $980,000 after acquiring an additional 55,201 shares during the last quarter.

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.