Insider Buying: BlackRock California Municipal Income Trust (NYSE:BFZ) Major Shareholder Buys 10,434 Shares of Stock

BlackRock California Municipal Income Trust (NYSE:BFZ) major shareholder Saba Capital Management, L.P. acquired 10,434 shares of the company’s stock in a transaction that occurred on Thursday, September 14th. The shares were bought at an average price of $10.92 per share, with a total value of $113,939.28. Following the transaction, the insider now owns 4,305,488 shares in the company, valued at approximately $47,015,928.96. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

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

• On Tuesday, September 12th, Saba Capital Management, L.P. purchased 30,073 shares of BlackRock California Municipal Income Trust stock. The shares were purchased at an average cost of $10.95 per share, for a total transaction of $329,299.35.

BlackRock California Municipal Income Trust Price Performance

Shares of NYSE:BFZ traded up $0.03 during trading on Monday, reaching $10.85. The stock had a trading volume of 28,009 shares, compared to its average volume of 76,910. BlackRock California Municipal Income Trust has a fifty-two week low of $10.03 and a fifty-two week high of $12.10. The firm’s fifty day moving average is $11.39.

BlackRock California Municipal Income Trust Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 15th will be issued a dividend of $0.039 per share. This represents a $0.47 annualized dividend and a dividend yield of 4.31%. The ex-dividend date of this dividend is Thursday, September 14th.

Institutional Investors Weigh In On BlackRock California Municipal Income Trust

A number of institutional investors have recently bought and sold shares of the stock. Hennion & Walsh Asset Management Inc. raised its holdings in shares of BlackRock California Municipal Income Trust by 16.5% in the 1st quarter. Hennion & Walsh Asset Management Inc. now owns 334,300 shares of the company’s stock worth $3,911,000 after purchasing an additional 47,294 shares during the period. Prime Capital Investment Advisors LLC acquired a new stake in BlackRock California Municipal Income Trust during the 1st quarter worth approximately $117,000. Global Retirement Partners LLC raised its holdings in BlackRock California Municipal Income Trust by 87.4% in the first quarter. Global Retirement Partners LLC now owns 32,159 shares of the company’s stock valued at $383,000 after buying an additional 15,000 shares during the period. Guggenheim Capital LLC lifted its position in BlackRock California Municipal Income Trust by 7.8% during the first quarter. Guggenheim Capital LLC now owns 643,136 shares of the company’s stock valued at $7,525,000 after buying an additional 46,438 shares in the last quarter. Finally, Core Wealth Partners LLC purchased a new stake in BlackRock California Municipal Income Trust during the first quarter worth approximately $179,000.

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.