BlackRock California Municipal Income Trust (NYSE:BFZ) Major Shareholder Saba Capital Management, L.P. Acquires 23,774 Shares

BlackRock California Municipal Income Trust (NYSE:BFZ) major shareholder Saba Capital Management, L.P. acquired 23,774 shares of the firm’s stock in a transaction that occurred on Monday, March 25th. The shares were purchased at an average price of $11.77 per share, with a total value of $279,819.98. Following the completion of the acquisition, the insider now owns 5,185,006 shares of the company’s stock, valued at approximately $61,027,520.62. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 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 Thursday, March 21st, Saba Capital Management, L.P. purchased 14,317 shares of BlackRock California Municipal Income Trust stock. The shares were bought at an average cost of $11.68 per share, with a total value of $167,222.56.
• On Tuesday, March 12th, Saba Capital Management, L.P. acquired 35,703 shares of BlackRock California Municipal Income Trust stock. The stock was acquired at an average cost of $11.95 per share, with a total value of $426,650.85.

BlackRock California Municipal Income Trust Stock Performance

Shares of BFZ traded up $0.03 during mid-day trading on Wednesday, reaching $11.81. The company’s stock had a trading volume of 7,988 shares, compared to its average volume of 55,857. The business has a 50-day simple moving average of $11.78 and a two-hundred day simple moving average of $11.25. BlackRock California Municipal Income Trust has a 1-year low of $9.86 and a 1-year high of $12.31.

BlackRock California Municipal Income Trust Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Monday, April 1st. Shareholders of record on Friday, March 15th will be paid a dividend of $0.051 per share. The ex-dividend date is Thursday, March 14th. This represents a $0.61 dividend on an annualized basis and a yield of 5.18%.

Hedge Funds Weigh In On BlackRock California Municipal Income Trust

Hedge funds and other institutional investors have recently modified their holdings of the business. Blue Bell Private Wealth Management LLC bought a new position in shares of BlackRock California Municipal Income Trust in the 4th quarter valued at $33,000. Integrated Wealth Concepts LLC bought a new stake in BlackRock California Municipal Income Trust during the 2nd quarter worth $141,000. Quarry LP bought a new stake in BlackRock California Municipal Income Trust during the 2nd quarter worth $149,000. Miracle Mile Advisors LLC grew its position in BlackRock California Municipal Income Trust by 18.2% during the 3rd quarter. Miracle Mile Advisors LLC now owns 13,000 shares of the company’s stock worth $134,000 after acquiring an additional 2,000 shares during the last quarter. Finally, Envestnet Asset Management Inc. grew its position in BlackRock California Municipal Income Trust by 76.1% during the 3rd quarter. Envestnet Asset Management Inc. now owns 18,514 shares of the company’s stock worth $191,000 after acquiring an additional 8,000 shares during 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.