BlackRock California Municipal Income Trust (NYSE:BFZ) Short Interest Update

BlackRock California Municipal Income Trust (NYSE:BFZ) was the target of a large increase in short interest during the month of April. As of April 15th, there was short interest totalling 42,000 shares, an increase of 47.9% from the March 31st total of 28,400 shares. Based on an average daily volume of 57,800 shares, the short-interest ratio is currently 0.7 days.

BlackRock California Municipal Income Trust Stock Performance

Shares of BFZ stock remained flat at $11.58 during midday trading on Monday. The company’s stock had a trading volume of 43,369 shares, compared to its average volume of 55,592. The stock has a 50-day simple moving average of $11.75 and a 200 day simple moving average of $11.43. BlackRock California Municipal Income Trust has a one year low of $9.86 and a one year high of $12.31.

BlackRock California Municipal Income Trust Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Wednesday, May 1st. Investors of record on Monday, April 15th will be given a $0.051 dividend. The ex-dividend date is Friday, April 12th. This represents a $0.61 annualized dividend and a dividend yield of 5.28%.

Insider Activity

In related news, major shareholder Saba Capital Management, L.P. sold 18,568 shares of the stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $11.21, for a total transaction of $208,147.28. Following the completion of the transaction, the insider now owns 3,148,234 shares of the company’s stock, valued at approximately $35,291,703.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have acquired a total of 119,997 shares of company stock valued at $1,419,446 in the last quarter.

Hedge Funds Weigh In On BlackRock California Municipal Income Trust

Institutional investors have recently made changes to their positions in the stock. Saba Capital Management L.P. lifted its stake in shares of BlackRock California Municipal Income Trust by 7.4% during the 3rd quarter. Saba Capital Management L.P. now owns 4,513,628 shares of the company’s stock worth $46,445,000 after purchasing an additional 310,016 shares during the period. Advisors Asset Management Inc. boosted its stake in BlackRock California Municipal Income Trust by 3.3% in the 3rd quarter. Advisors Asset Management Inc. now owns 423,566 shares of the company’s stock worth $4,358,000 after buying an additional 13,578 shares during the last quarter. Hennion & Walsh Asset Management Inc. grew its holdings in BlackRock California Municipal Income Trust by 6.5% in the 3rd quarter. Hennion & Walsh Asset Management Inc. now owns 358,458 shares of the company’s stock valued at $3,689,000 after buying an additional 21,799 shares during the period. Oder Investment Management LLC increased its stake in shares of BlackRock California Municipal Income Trust by 2.4% during the 3rd quarter. Oder Investment Management LLC now owns 122,120 shares of the company’s stock valued at $1,257,000 after acquiring an additional 2,820 shares during the last quarter. Finally, Robinson Capital Management LLC purchased a new position in shares of BlackRock California Municipal Income Trust during the 3rd quarter worth about $655,000.

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.