Insider Selling: BlackRock California Municipal Income Trust (NYSE:BFZ) Major Shareholder Sells $1,153,090.27 in Stock

BlackRock California Municipal Income Trust (NYSE:BFZ) major shareholder Saba Capital Management, L.P. sold 103,231 shares of BlackRock California Municipal Income Trust stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $11.17, for a total transaction of $1,153,090.27. Following the completion of the sale, the insider now directly owns 5,026,079 shares in the company, valued at $56,141,302.43. This represents a 2.01 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Large shareholders that own 10% or more of a company’s shares are required to disclose their transactions 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 shares were 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 stock was sold at an average price of $11.82, for a total value of $358,063.26.

BlackRock California Municipal Income Trust Stock Performance

NYSE BFZ opened at $11.27 on Friday. The stock’s 50 day simple moving average is $11.42 and its 200-day simple moving average is $11.75. BlackRock California Municipal Income Trust has a 1-year low of $11.10 and a 1-year high of $12.23.

BlackRock California Municipal Income Trust Announces Dividend

The company also recently disclosed 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 is Wednesday, January 15th. This represents a $0.71 dividend on an annualized basis and a yield of 6.28%.

Institutional Investors Weigh In On BlackRock California Municipal Income Trust

A number of large investors have recently modified their holdings of BFZ. Advisors Asset Management Inc. boosted its position in BlackRock California Municipal Income Trust by 3.8% during the third quarter. Advisors Asset Management Inc. now owns 463,700 shares of the company’s stock worth $5,606,000 after acquiring an additional 17,144 shares during the last quarter. Trilogy Capital Inc. boosted its holdings in shares of BlackRock California Municipal Income Trust by 1.3% during the 4th quarter. Trilogy Capital Inc. now owns 108,637 shares of the company’s stock worth $1,217,000 after purchasing an additional 1,376 shares during the last quarter. Sanctuary Advisors LLC purchased a new stake in shares of BlackRock California Municipal Income Trust in the second quarter valued at approximately $509,000. Absolute Investment Advisers LLC acquired a new stake in shares of BlackRock California Municipal Income Trust in the fourth quarter valued at approximately $387,000. Finally, Wolverine Asset Management LLC purchased a new position in BlackRock California Municipal Income Trust during the third quarter worth approximately $309,000.

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.