BlackRock California Municipal Income Trust (NYSE:BFZ) Major Shareholder Saba Capital Management, L.P. Sells 103,231 Shares of Stock

BlackRock California Municipal Income Trust (NYSE:BFZ) major shareholder Saba Capital Management, L.P. sold 103,231 shares of the firm’s stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $11.17, for a total value of $1,153,090.27. Following the completion of the transaction, the insider now directly owns 5,026,079 shares in the company, valued at $56,141,302.43. This trade represents a 2.01 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Large 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 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 shares were 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 $11.26 on Friday. The business’s 50-day simple moving average is $11.42 and its two-hundred day simple moving average is $11.76. BlackRock California Municipal Income Trust has a 52 week low of $11.10 and a 52 week high of $12.23.

BlackRock California Municipal Income Trust Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Monday, February 3rd. Investors of record on Wednesday, January 15th will be paid a dividend of $0.059 per share. This represents a $0.71 annualized dividend and a yield of 6.29%. The ex-dividend date of this dividend is Wednesday, January 15th.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Trilogy Capital Inc. lifted its holdings in shares of BlackRock California Municipal Income Trust by 1.3% in the fourth quarter. Trilogy Capital Inc. now owns 108,637 shares of the company’s stock worth $1,217,000 after buying an additional 1,376 shares in the last quarter. Golden State Wealth Management LLC bought a new stake in BlackRock California Municipal Income Trust in the 4th quarter valued at $118,000. Farther Finance Advisors LLC purchased a new stake in BlackRock California Municipal Income Trust in the 3rd quarter worth $170,000. Advisors Asset Management Inc. boosted its holdings in shares of BlackRock California Municipal Income Trust by 3.8% during the 3rd quarter. Advisors Asset Management Inc. now owns 463,700 shares of the company’s stock valued at $5,606,000 after purchasing an additional 17,144 shares during the last quarter. Finally, Cypress Wealth Services LLC purchased a new position in shares of BlackRock California Municipal Income Trust during the third quarter valued at about $250,000.

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.