Insider Selling: BlackRock California Municipal Income Trust (NYSE:BFZ) Major Shareholder Sells 62,808 Shares of Stock

BlackRock California Municipal Income Trust (NYSE:BFZ) major shareholder Saba Capital Management, L.P. sold 62,808 shares of the stock in a transaction on Wednesday, July 23rd. The shares were sold at an average price of $10.44, for a total value of $655,715.52. Following the sale, the insider owned 4,392,640 shares in the company, valued at approximately $45,859,161.60. This represents a 1.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Large shareholders that own 10% or more of a company’s shares are required to disclose their sales and purchases with the SEC.

Saba Capital Management, L.P. also recently made the following trade(s):

• On Tuesday, July 22nd, Saba Capital Management, L.P. sold 44,878 shares of BlackRock California Municipal Income Trust stock. The shares were sold at an average price of $10.48, for a total value of $470,321.44.
• On Monday, July 21st, Saba Capital Management, L.P. sold 21,255 shares of BlackRock California Municipal Income Trust stock. The shares were sold at an average price of $10.51, for a total value of $223,390.05.
• On Friday, July 18th, Saba Capital Management, L.P. sold 21,180 shares of BlackRock California Municipal Income Trust stock. The shares were sold at an average price of $10.56, for a total value of $223,660.80.
• On Wednesday, July 16th, Saba Capital Management, L.P. sold 4,933 shares of BlackRock California Municipal Income Trust stock. The shares were sold at an average price of $10.74, for a total value of $52,980.42.
• On Tuesday, July 15th, Saba Capital Management, L.P. sold 7,132 shares of BlackRock California Municipal Income Trust stock. The shares were sold at an average price of $10.79, for a total value of $76,954.28.
• On Monday, July 14th, Saba Capital Management, L.P. sold 46,385 shares of BlackRock California Municipal Income Trust stock. The shares were sold at an average price of $10.83, for a total value of $502,349.55.
• On Friday, July 11th, Saba Capital Management, L.P. sold 14,505 shares of BlackRock California Municipal Income Trust stock. The shares were sold at an average price of $10.78, for a total value of $156,363.90.
• On Thursday, July 10th, Saba Capital Management, L.P. sold 14,116 shares of BlackRock California Municipal Income Trust stock. The stock was sold at an average price of $10.86, for a total value of $153,299.76.
• On Wednesday, July 9th, Saba Capital Management, L.P. sold 25,849 shares of BlackRock California Municipal Income Trust stock. The stock was sold at an average price of $10.83, for a total value of $279,944.67.
• On Monday, July 7th, Saba Capital Management, L.P. sold 3,054 shares of BlackRock California Municipal Income Trust stock. The stock was sold at an average price of $10.87, for a total value of $33,196.98.

BlackRock California Municipal Income Trust Stock Performance

BFZ stock opened at $10.42 on Friday. BlackRock California Municipal Income Trust has a 1 year low of $10.17 and a 1 year high of $12.23. The stock’s fifty day moving average price is $10.75 and its 200-day moving average price is $10.94.

BlackRock California Municipal Income Trust Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th will be paid a $0.059 dividend. The ex-dividend date of this dividend is Tuesday, July 15th. This represents a $0.71 dividend on an annualized basis and a dividend yield of 6.80%.

Hedge Funds Weigh In On BlackRock California Municipal Income Trust

Institutional investors and hedge funds have recently modified their holdings of the company. Elequin Capital LP purchased a new position in shares of BlackRock California Municipal Income Trust in the 4th quarter worth $52,000. Shufro Rose & Co. LLC bought a new position in BlackRock California Municipal Income Trust in the 1st quarter worth $110,000. Jane Street Group LLC bought a new position in BlackRock California Municipal Income Trust in the 4th quarter worth $138,000. Landscape Capital Management L.L.C. bought a new position in BlackRock California Municipal Income Trust in the 4th quarter worth $147,000. Finally, Nomura Holdings Inc. bought a new position in BlackRock California Municipal Income Trust in the 4th quarter worth $150,000.

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.