Saba Capital Management, L.P. Acquires 23,774 Shares of BlackRock California Municipal Income Trust (NYSE:BFZ) Stock

BlackRock California Municipal Income Trust (NYSE:BFZ) major shareholder Saba Capital Management, L.P. purchased 23,774 shares of the business’s stock in a transaction on Monday, March 25th. The stock was acquired at an average cost of $11.77 per share, with a total value of $279,819.98. Following the completion of the acquisition, the insider now directly owns 5,185,006 shares in the company, valued at approximately $61,027,520.62. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Major shareholders that own at least 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 Thursday, March 21st, Saba Capital Management, L.P. bought 14,317 shares of BlackRock California Municipal Income Trust stock. The stock was bought at an average price of $11.68 per share, for a total transaction 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 shares were bought at an average price of $11.95 per share, for a total transaction of $426,650.85.

BlackRock California Municipal Income Trust Stock Performance

BFZ stock opened at $11.82 on Thursday. BlackRock California Municipal Income Trust has a 52-week low of $9.86 and a 52-week high of $12.31. The company’s 50 day simple moving average is $11.78 and its 200-day simple moving average is $11.25.

BlackRock California Municipal Income Trust Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Monday, April 1st. Stockholders of record on Friday, March 15th will be issued a $0.051 dividend. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $0.61 dividend on an annualized basis and a dividend yield of 5.18%.

Institutional Investors Weigh In On BlackRock California Municipal Income Trust

A number of institutional investors have recently bought and sold shares of BFZ. Saba Capital Management L.P. boosted its holdings in shares of BlackRock California Municipal Income Trust by 7.4% during the third quarter. Saba Capital Management L.P. now owns 4,513,628 shares of the company’s stock worth $46,445,000 after purchasing an additional 310,016 shares during the period. Woodline Partners LP grew its holdings in shares of BlackRock California Municipal Income Trust by 1,207.5% during the 2nd quarter. Woodline Partners LP now owns 202,382 shares of the company’s stock valued at $2,400,000 after acquiring an additional 186,904 shares in the last quarter. Rockefeller Capital Management L.P. purchased a new stake in shares of BlackRock California Municipal Income Trust during the first quarter worth $1,423,000. UBS Group AG boosted its position in BlackRock California Municipal Income Trust by 102.5% during the fourth quarter. UBS Group AG now owns 141,776 shares of the company’s stock valued at $1,706,000 after purchasing an additional 71,776 shares during the last quarter. Finally, Robinson Capital Management LLC purchased a new position in BlackRock California Municipal Income Trust in the third quarter valued at about $655,000.

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.