BlackRock California Municipal Income Trust (NYSE:BFZ) Major Shareholder Saba Capital Management, L.P. Purchases 50,569 Shares

BlackRock California Municipal Income Trust (NYSE:BFZ) major shareholder Saba Capital Management, L.P. bought 50,569 shares of the company’s stock in a transaction that occurred on Friday, April 11th. The stock was acquired at an average price of $10.23 per share, for a total transaction of $517,320.87. Following the completion of the acquisition, the insider now directly owns 4,802,929 shares in the company, valued at approximately $49,133,963.67. This represents a 1.06 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Large shareholders that own 10% or more of a company’s stock are required to disclose their sales and purchases with the SEC.

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

• On Thursday, February 20th, Saba Capital Management, L.P. sold 13,200 shares of BlackRock California Municipal Income Trust stock. The shares were sold at an average price of $11.36, for a total value of $149,952.00.
• On Monday, February 10th, Saba Capital Management, L.P. sold 5,404 shares of BlackRock California Municipal Income Trust stock. The stock was sold at an average price of $11.34, for a total value of $61,281.36.
• On Friday, February 7th, Saba Capital Management, L.P. sold 1,400 shares of BlackRock California Municipal Income Trust stock. The shares were sold at an average price of $11.32, for a total value of $15,848.00.
• On Wednesday, February 5th, Saba Capital Management, L.P. sold 58,256 shares of BlackRock California Municipal Income Trust stock. The stock was sold at an average price of $11.34, for a total value of $660,623.04.
• On Monday, February 3rd, Saba Capital Management, L.P. sold 7,951 shares of BlackRock California Municipal Income Trust stock. The stock was sold at an average price of $11.29, for a total transaction of $89,766.79.
• On Friday, January 31st, Saba Capital Management, L.P. sold 20,717 shares of BlackRock California Municipal Income Trust stock. The shares were sold at an average price of $11.27, for a total transaction of $233,480.59.
• On Wednesday, January 29th, Saba Capital Management, L.P. sold 103,231 shares of BlackRock California Municipal Income Trust stock. The stock was sold at an average price of $11.17, for a total transaction of $1,153,090.27.
• On Monday, January 27th, Saba Capital Management, L.P. sold 31,198 shares of BlackRock California Municipal Income Trust stock. The shares were sold at an average price of $11.24, for a total transaction 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.

BlackRock California Municipal Income Trust Price Performance

Shares of BlackRock California Municipal Income Trust stock opened at $10.48 on Wednesday. BlackRock California Municipal Income Trust has a 1 year low of $10.17 and a 1 year high of $12.23. The stock has a 50-day moving average price of $11.07 and a 200 day moving average price of $11.42.

BlackRock California Municipal Income Trust Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Thursday, May 1st. Investors of record on Tuesday, April 15th will be issued a dividend of $0.059 per share. This represents a $0.71 annualized dividend and a dividend yield of 6.76%. The ex-dividend date of this dividend is Tuesday, April 15th.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bank of America Corp DE lifted its position in BlackRock California Municipal Income Trust by 128.9% in the 4th quarter. Bank of America Corp DE now owns 120,469 shares of the company’s stock worth $1,349,000 after buying an additional 67,829 shares in the last quarter. Trilogy Capital Inc. raised its holdings in shares of 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 acquiring an additional 1,376 shares in the last quarter. Atala Financial Inc acquired a new stake in BlackRock California Municipal Income Trust during the fourth quarter valued at $1,068,000. Ameriprise Financial Inc. grew its stake in BlackRock California Municipal Income Trust by 247.4% in the fourth quarter. Ameriprise Financial Inc. now owns 69,484 shares of the company’s stock valued at $778,000 after purchasing an additional 49,484 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in BlackRock California Municipal Income Trust in the 4th quarter worth about $529,000.

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.