Meridian Investment Counsel Inc. Sells 2,500 Shares of BlackRock California Municipal Income Trust (NYSE:BFZ)

Meridian Investment Counsel Inc. cut its holdings in BlackRock California Municipal Income Trust (NYSE:BFZ) by 7.9% in the 1st quarter, HoldingsChannel.com reports. The firm owned 29,200 shares of the company’s stock after selling 2,500 shares during the period. Meridian Investment Counsel Inc.’s holdings in BlackRock California Municipal Income Trust were worth $321,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in BFZ. Atala Financial Inc bought a new stake in BlackRock California Municipal Income Trust in the fourth quarter worth $1,068,000. Bank of America Corp DE lifted its stake in BlackRock California Municipal Income Trust by 128.9% in the fourth quarter. Bank of America Corp DE now owns 120,469 shares of the company’s stock worth $1,349,000 after purchasing an additional 67,829 shares during the last quarter. Ameriprise Financial Inc. lifted 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 worth $778,000 after purchasing an additional 49,484 shares during the last quarter. Raymond James Financial Inc. bought a new stake in BlackRock California Municipal Income Trust in the fourth quarter worth $529,000. Finally, D.A. Davidson & CO. bought a new stake in BlackRock California Municipal Income Trust in the first quarter worth $376,000.

BlackRock California Municipal Income Trust Stock Down 0.3%

Shares of NYSE:BFZ opened at $10.86 on Friday. The company has a 50-day moving average price of $10.82 and a 200-day moving average price of $11.00. BlackRock California Municipal Income Trust has a 12 month low of $10.17 and a 12 month high of $12.23.

BlackRock California Municipal Income Trust Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th will be paid a dividend of $0.059 per share. This represents a $0.71 annualized dividend and a dividend yield of 6.52%. The ex-dividend date is Tuesday, July 15th.

Insider Activity at BlackRock California Municipal Income Trust

In other news, major shareholder Saba Capital Management, L.P. acquired 50,569 shares of the stock in a transaction dated Friday, April 11th. The stock was purchased at an average cost of $10.23 per share, with a total value of $517,320.87. Following the completion of the purchase, the insider owned 4,802,929 shares in the company, valued at approximately $49,133,963.67. The trade was a 1.06% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold 110,212 shares of company stock worth $1,191,346 over the last ninety days.

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.