Insider Selling: BlackRock California Municipal Income Trust (NYSE:BFZ) Major Shareholder Sells 7,951 Shares of Stock

BlackRock California Municipal Income Trust (NYSE:BFZ) major shareholder Saba Capital Management, L.P. sold 7,951 shares of the firm’s stock in a transaction on Monday, February 3rd. The stock was sold at an average price of $11.29, for a total value of $89,766.79. Following the completion of the sale, the insider now directly owns 4,969,240 shares of the company’s stock, valued at $56,102,719.60. This trade represents a 0.16 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Major shareholders that own more than 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 Wednesday, February 5th, Saba Capital Management, L.P. sold 58,256 shares of BlackRock California Municipal Income Trust stock. The stock was sold at an average price of $11.34, for a total transaction of $660,623.04.
• On Friday, January 31st, Saba Capital Management, L.P. sold 20,717 shares of BlackRock California Municipal Income Trust stock. The shares were sold at an average price of $11.27, for a total transaction of $233,480.59.
• 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 stock was 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 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 transaction of $358,063.26.

BlackRock California Municipal Income Trust Stock Performance

BFZ opened at $11.33 on Friday. BlackRock California Municipal Income Trust has a 52 week low of $11.10 and a 52 week high of $12.23. The business has a fifty day simple moving average of $11.40 and a 200-day simple moving average of $11.73.

BlackRock California Municipal Income Trust Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Monday, March 3rd. Investors of record on Friday, February 14th will be issued a $0.059 dividend. The ex-dividend date is Friday, February 14th. This represents a $0.71 dividend on an annualized basis and a yield of 6.25%.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Advisors Asset Management Inc. boosted its stake in shares of BlackRock California Municipal Income Trust by 3.8% in the 3rd quarter. Advisors Asset Management Inc. now owns 463,700 shares of the company’s stock valued at $5,606,000 after buying an additional 17,144 shares during the period. Trilogy Capital Inc. raised its holdings in 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 valued at $1,217,000 after acquiring an additional 1,376 shares in the last quarter. Raymond James Financial Inc. purchased a new position in BlackRock California Municipal Income Trust in the fourth quarter worth approximately $529,000. Sanctuary Advisors LLC acquired a new position in BlackRock California Municipal Income Trust during the 2nd quarter worth approximately $509,000. Finally, Absolute Investment Advisers LLC purchased a new stake in shares of BlackRock California Municipal Income Trust in the 4th quarter valued at approximately $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.