BlackRock California Municipal Income Trust (NYSE:BFZ) Stock Price Up 0.7% – Here’s Why

BlackRock California Municipal Income Trust (NYSE:BFZ) was up 0.7% during trading on Tuesday . The company traded as high as $10.98 and last traded at $10.9560. Approximately 132,223 shares traded hands during mid-day trading, an increase of 28% from the average daily volume of 103,206 shares. The stock had previously closed at $10.88.

BlackRock California Municipal Income Trust Stock Performance

The firm’s 50 day simple moving average is $10.92 and its 200 day simple moving average is $10.76.

BlackRock California Municipal Income Trust Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Monday, December 1st. Shareholders of record on Friday, November 14th will be issued a $0.059 dividend. This represents a c) annualized dividend and a yield of 6.5%. The ex-dividend date of this dividend is Friday, November 14th.

Insider Buying and Selling at BlackRock California Municipal Income Trust

In other news, major shareholder Saba Capital Management, L.P. sold 348,451 shares of the business’s stock in a transaction dated Friday, September 5th. The stock was sold at an average price of $10.57, for a total value of $3,683,127.07. Following the completion of the transaction, the insider owned 3,243,450 shares of the company’s stock, valued at $34,283,266.50. The trade was a 9.70% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In the last ninety days, insiders sold 662,672 shares of company stock worth $7,046,444.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of BFZ. Elequin Capital LP lifted its holdings in BlackRock California Municipal Income Trust by 47.1% in the first quarter. Elequin Capital LP now owns 6,866 shares of the company’s stock valued at $75,000 after acquiring an additional 2,200 shares during the period. Shufro Rose & Co. LLC purchased a new position in shares of BlackRock California Municipal Income Trust during the 1st quarter valued at approximately $110,000. First Foundation Advisors acquired a new position in shares of BlackRock California Municipal Income Trust in the 3rd quarter valued at $111,000. NewEdge Advisors LLC acquired a new position in shares of BlackRock California Municipal Income Trust in the 2nd quarter valued at $124,000. Finally, Dymon Asia Capital Singapore PTE. LTD. purchased a new stake in BlackRock California Municipal Income Trust during the second quarter worth $129,000.

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.