Insider Selling: BlackRock California Municipal Income Trust (NYSE:BFZ) Major Shareholder Sells 39,580 Shares of Stock

BlackRock California Municipal Income Trust (NYSE:BFZ) major shareholder Saba Capital Management, L.P. sold 39,580 shares of the company’s stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $11.32, for a total value of $448,045.60. Following the transaction, the insider now directly owns 5,160,508 shares in the company, valued at $58,416,950.56. This trade represents a 0.76 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Large shareholders that own 10% or more of a company’s stock are required to disclose their transactions with the SEC.

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

• 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 value of $358,063.26.
• On Monday, October 28th, Saba Capital Management, L.P. sold 6,313 shares of BlackRock California Municipal Income Trust stock. The shares were sold at an average price of $11.89, for a total transaction of $75,061.57.

BlackRock California Municipal Income Trust Trading Down 0.2 %

Shares of NYSE:BFZ opened at $11.26 on Friday. The company has a 50 day moving average of $11.45 and a 200-day moving average of $11.79. 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, February 3rd. Shareholders of record on Wednesday, January 15th will be given a dividend of $0.059 per share. This represents a $0.71 annualized dividend and a dividend yield of 6.29%. The ex-dividend date is Wednesday, January 15th.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in BFZ. Farther Finance Advisors LLC bought a new stake in BlackRock California Municipal Income Trust in the third quarter valued at about $170,000. Advisors Asset Management Inc. grew its position in shares of BlackRock California Municipal Income Trust by 3.8% during the 3rd quarter. Advisors Asset Management Inc. now owns 463,700 shares of the company’s stock worth $5,606,000 after buying an additional 17,144 shares during the period. Cypress Wealth Services LLC bought a new stake in shares of BlackRock California Municipal Income Trust in the 3rd quarter valued at about $250,000. Wolverine Asset Management LLC acquired a new stake in shares of BlackRock California Municipal Income Trust in the 3rd quarter valued at approximately $309,000. Finally, Sanctuary Advisors LLC acquired a new stake in shares of BlackRock California Municipal Income Trust in the 2nd quarter valued at approximately $509,000.

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.