BlackRock California Municipal Income Trust (NYSE:BFZ) Sees Large Increase in Short Interest

BlackRock California Municipal Income Trust (NYSE:BFZ) was the recipient of a large increase in short interest in March. As of March 15th, there was short interest totalling 10,900 shares, an increase of 43.4% from the February 28th total of 7,600 shares. Based on an average daily volume of 90,700 shares, the short-interest ratio is currently 0.1 days.

Insiders Place Their Bets

In other news, major shareholder Saba Capital Management, L.P. sold 13,200 shares of the firm’s stock in a transaction that occurred on Thursday, February 20th. The shares were sold at an average price of $11.36, for a total transaction of $149,952.00. Following the completion of the transaction, the insider now directly owns 4,752,360 shares of the company’s stock, valued at $53,986,809.60. This trade represents a 0.28 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last 90 days, insiders sold 280,937 shares of company stock worth $3,162,753.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Golden State Wealth Management LLC acquired a new stake in shares of BlackRock California Municipal Income Trust in the 4th quarter valued at approximately $118,000. Atala Financial Inc bought a new stake in shares of BlackRock California Municipal Income Trust in the 4th quarter valued at about $1,068,000. Wolverine Asset Management LLC grew its holdings in BlackRock California Municipal Income Trust by 33.3% during the fourth quarter. Wolverine Asset Management LLC now owns 34,070 shares of the company’s stock worth $382,000 after purchasing an additional 8,505 shares during the period. Trilogy Capital Inc. increased its position in BlackRock California Municipal Income Trust by 1.3% during the fourth quarter. Trilogy Capital Inc. now owns 108,637 shares of the company’s stock worth $1,217,000 after buying an additional 1,376 shares during the last quarter. Finally, Absolute Investment Advisers LLC bought a new stake in BlackRock California Municipal Income Trust in the fourth quarter valued at approximately $387,000.

BlackRock California Municipal Income Trust Trading Up 0.1 %

NYSE:BFZ traded up $0.02 on Monday, hitting $10.99. 56,974 shares of the company’s stock were exchanged, compared to its average volume of 87,203. The firm has a 50-day moving average price of $11.22 and a 200-day moving average price of $11.53. BlackRock California Municipal Income Trust has a 52 week low of $10.84 and a 52 week high of $12.23.

BlackRock California Municipal Income Trust Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Tuesday, April 1st. Investors of record on Friday, March 14th will be issued a dividend of $0.059 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $0.71 annualized dividend and a yield of 6.45%.

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.