Saba Capital Management, L.P. Sells 20,717 Shares of BlackRock California Municipal Income Trust (NYSE:BFZ) Stock

BlackRock California Municipal Income Trust (NYSE:BFZ) major shareholder Saba Capital Management, L.P. sold 20,717 shares of the company’s stock in a transaction on Friday, January 31st. The stock was sold at an average price of $11.27, for a total transaction of $233,480.59. Following the completion of the transaction, the insider now owns 4,977,191 shares of the company’s stock, valued at $56,092,942.57. This trade represents a 0.41 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Major shareholders that own 10% or more 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 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 transaction 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 shares were 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 value 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 transaction of $358,063.26.

BlackRock California Municipal Income Trust Price Performance

BFZ traded down $0.00 during midday trading on Monday, reaching $11.28. The company’s stock had a trading volume of 125,367 shares, compared to its average volume of 75,153. BlackRock California Municipal Income Trust has a 1 year low of $11.10 and a 1 year high of $12.23. The stock’s 50-day moving average is $11.42 and its 200-day moving average is $11.75.

BlackRock California Municipal Income Trust Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Wednesday, January 15th will be issued a $0.059 dividend. The ex-dividend date of this dividend is Wednesday, January 15th. This represents a $0.71 annualized dividend and a yield of 6.28%.

Institutional Trading of BlackRock California Municipal Income Trust

A number of institutional investors and hedge funds have recently modified their holdings of BFZ. Golden State Wealth Management LLC purchased a new stake in shares of BlackRock California Municipal Income Trust during the fourth quarter valued at $118,000. Farther Finance Advisors LLC purchased a new position in BlackRock California Municipal Income Trust during the third quarter valued at approximately $170,000. Cypress Wealth Services LLC bought a new position in shares of BlackRock California Municipal Income Trust in the third quarter worth approximately $250,000. Wolverine Asset Management LLC purchased a new stake in shares of BlackRock California Municipal Income Trust in the third quarter worth $309,000. Finally, Absolute Investment Advisers LLC bought a new stake in shares of BlackRock California Municipal Income Trust during the 4th quarter valued at $387,000.

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.