Insider Selling: BlackRock California Municipal Income Trust (NYSE:BFZ) Major Shareholder Sells 103,231 Shares of Stock

BlackRock California Municipal Income Trust (NYSE:BFZ) major shareholder Saba Capital Management, L.P. sold 103,231 shares of the firm’s stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $11.17, for a total value of $1,153,090.27. Following the sale, the insider now directly owns 5,026,079 shares in the company, valued at $56,141,302.43. This trade represents a 2.01 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Major shareholders that own more than 10% 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 Monday, January 27th, Saba Capital Management, L.P. sold 31,198 shares of BlackRock California Municipal Income Trust stock. The stock was sold at an average price of $11.24, for a total value of $350,665.52.
• On Wednesday, January 22nd, Saba Capital Management, L.P. sold 39,580 shares of BlackRock California Municipal Income Trust stock. The stock was sold at an average price of $11.32, for a total value of $448,045.60.
• 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.

BlackRock California Municipal Income Trust Price Performance

Shares of NYSE BFZ opened at $11.27 on Friday. BlackRock California Municipal Income Trust has a fifty-two week low of $11.10 and a fifty-two week high of $12.23. The stock’s 50-day simple moving average is $11.42 and its 200-day simple moving average is $11.75.

BlackRock California Municipal Income Trust Dividend Announcement

The company also recently declared 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 yield of 6.28%. The ex-dividend date is Wednesday, January 15th.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in BFZ. Golden State Wealth Management LLC acquired a new position in BlackRock California Municipal Income Trust during the fourth quarter worth approximately $118,000. Farther Finance Advisors LLC acquired a new position in BlackRock California Municipal Income Trust during the third quarter worth approximately $170,000. Cypress Wealth Services LLC acquired a new position in BlackRock California Municipal Income Trust during the third quarter worth approximately $250,000. Wolverine Asset Management LLC acquired a new position in BlackRock California Municipal Income Trust during the third quarter worth approximately $309,000. Finally, Absolute Investment Advisers LLC acquired a new position in BlackRock California Municipal Income Trust during the fourth quarter worth approximately $387,000.

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.