BlackRock California Municipal Income Trust (NYSE:BFZ) Major Shareholder Saba Capital Management, L.P. Sells 1,400 Shares

BlackRock California Municipal Income Trust (NYSE:BFZ) major shareholder Saba Capital Management, L.P. sold 1,400 shares of the firm’s stock in a transaction dated Friday, February 7th. The stock was sold at an average price of $11.32, for a total value of $15,848.00. Following the completion of the transaction, the insider now directly owns 4,838,515 shares in the company, valued at $54,771,989.80. This trade represents a 0.03 % 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 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 value of $660,623.04.
• On Monday, February 3rd, Saba Capital Management, L.P. sold 7,951 shares of BlackRock California Municipal Income Trust stock. The stock was sold at an average price of $11.29, for a total value of $89,766.79.
• On Friday, January 31st, Saba Capital Management, L.P. sold 20,717 shares of BlackRock California Municipal Income Trust stock. The stock was sold at an average price of $11.27, for a total value 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 stock was sold at an average price of $11.17, for a total value 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.

BlackRock California Municipal Income Trust Stock Up 0.4 %

BFZ traded up $0.05 on Monday, hitting $11.33. 55,643 shares of the company’s stock traded hands, compared to its average volume of 85,409. The company’s 50 day simple moving average is $11.39 and its 200-day simple moving average is $11.72. BlackRock California Municipal Income Trust has a one year low of $11.10 and a one year 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, March 3rd. Investors of record on Friday, February 14th will be paid a dividend of $0.059 per share. This represents a $0.71 annualized dividend and a yield of 6.25%. The ex-dividend date is Friday, February 14th.

Institutional Trading of BlackRock California Municipal Income Trust

Several institutional investors and hedge funds have recently added to or reduced their stakes in BFZ. Atala Financial Inc bought a new stake in BlackRock California Municipal Income Trust in the 4th quarter worth approximately $1,068,000. Commonwealth Equity Services LLC increased its stake in BlackRock California Municipal Income Trust by 4.7% in the 4th quarter. Commonwealth Equity Services LLC now owns 22,902 shares of the company’s stock worth $257,000 after acquiring an additional 1,037 shares during the last quarter. Raymond James Financial Inc. bought a new stake in BlackRock California Municipal Income Trust in the 4th quarter worth approximately $529,000. Wolverine Asset Management LLC increased its stake in BlackRock California Municipal Income Trust by 33.3% in the 4th quarter. Wolverine Asset Management LLC now owns 34,070 shares of the company’s stock worth $382,000 after acquiring an additional 8,505 shares during the last quarter. Finally, Golden State Wealth Management LLC bought a new stake in BlackRock California Municipal Income Trust in the 4th quarter worth approximately $118,000.

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.