Insider Selling: BlackRock California Municipal Income Trust (NYSE:BFZ) Major Shareholder Sells 18,568 Shares of Stock

BlackRock California Municipal Income Trust (NYSE:BFZ) major shareholder Saba Capital Management, L.P. sold 18,568 shares of the company’s stock in a transaction 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 sale, the insider now owns 3,148,234 shares of the company’s stock, valued at $35,291,703.14. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Large shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

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

• On Monday, April 1st, Saba Capital Management, L.P. acquired 6,109 shares of BlackRock California Municipal Income Trust stock. The stock was purchased at an average price of $11.76 per share, for a total transaction of $71,841.84.
• On Thursday, March 28th, Saba Capital Management, L.P. bought 40,094 shares of BlackRock California Municipal Income Trust stock. The shares were purchased at an average price of $11.82 per share, with a total value of $473,911.08.
• On Monday, March 25th, Saba Capital Management, L.P. purchased 23,774 shares of BlackRock California Municipal Income Trust stock. The shares were acquired at an average price of $11.77 per share, for a total transaction of $279,819.98.
• On Thursday, March 21st, Saba Capital Management, L.P. acquired 14,317 shares of BlackRock California Municipal Income Trust stock. The stock was acquired at an average price 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 price of $11.95 per share, for a total transaction of $426,650.85.

BlackRock California Municipal Income Trust Stock Performance

Shares of BlackRock California Municipal Income Trust stock opened at $11.57 on Thursday. The business has a 50 day moving average of $11.78 and a 200 day moving average of $11.36. BlackRock California Municipal Income Trust has a 52 week low of $9.86 and a 52 week high of $12.31.

BlackRock California Municipal Income Trust Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th will be issued a $0.051 dividend. The ex-dividend date of this dividend is Friday, April 12th. This represents a $0.61 annualized dividend and a yield of 5.29%.

Institutional Investors Weigh In On BlackRock California Municipal Income Trust

Institutional investors and hedge funds have recently modified their holdings of the stock. Blue Bell Private Wealth Management LLC purchased a new position in shares of BlackRock California Municipal Income Trust during the fourth quarter valued at about $33,000. Miracle Mile Advisors LLC raised its position in shares of BlackRock California Municipal Income Trust by 18.2% in 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 in the last quarter. Integrated Wealth Concepts LLC bought a new position in shares of BlackRock California Municipal Income Trust in the 2nd quarter worth approximately $141,000. Quarry LP purchased a new position in shares of BlackRock California Municipal Income Trust in the 2nd quarter valued at approximately $149,000. Finally, Envestnet Asset Management Inc. boosted its position in shares of BlackRock California Municipal Income Trust by 76.1% during the third quarter. Envestnet Asset Management Inc. now owns 18,514 shares of the company’s stock valued at $191,000 after purchasing an additional 8,000 shares in the last quarter.

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.