BlackRock California Municipal Income Trust (NYSE:BFZ) Trading Up 0.7% – What’s Next?

BlackRock California Municipal Income Trust (NYSE:BFZ) shares rose 0.7% during mid-day trading on Tuesday . The stock traded as high as $10.98 and last traded at $10.9560. Approximately 132,223 shares were traded during 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 company has a 50 day moving average price of $10.92 and a 200-day moving average price of $10.76.

BlackRock California Municipal Income Trust Announces Dividend

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

Insider Buying and Selling

In other news, major shareholder Saba Capital Management, L.P. sold 348,451 shares of BlackRock California Municipal Income Trust stock in a transaction dated Friday, September 5th. The shares were sold at an average price of $10.57, for a total transaction of $3,683,127.07. Following the sale, the insider owned 3,243,450 shares of the company’s stock, valued at approximately $34,283,266.50. The trade was a 9.70% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In the last three months, insiders have sold 662,672 shares of company stock valued at $7,046,444.

Institutional Trading of BlackRock California Municipal Income Trust

Several institutional investors and hedge funds have recently bought and sold shares of BFZ. Cetera Investment Advisers bought a new stake in shares of BlackRock California Municipal Income Trust during the first quarter valued at approximately $569,000. LPL Financial LLC raised its holdings in BlackRock California Municipal Income Trust by 7.7% in the first quarter. LPL Financial LLC now owns 228,402 shares of the company’s stock worth $2,508,000 after purchasing an additional 16,406 shares in the last quarter. Advisors Asset Management Inc. lifted its position in BlackRock California Municipal Income Trust by 16.3% during the second quarter. Advisors Asset Management Inc. now owns 568,664 shares of the company’s stock valued at $6,147,000 after buying an additional 79,735 shares during the period. Ieq Capital LLC bought a new stake in shares of BlackRock California Municipal Income Trust during the 1st quarter valued at $14,681,000. Finally, Oder Investment Management LLC boosted its holdings in shares of BlackRock California Municipal Income Trust by 2.2% during the 1st quarter. Oder Investment Management LLC now owns 107,139 shares of the company’s stock valued at $1,176,000 after buying an additional 2,285 shares in the last quarter.

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.