Insider Selling: BlackRock California Municipal Income Trust (NYSE:BFZ) Major Shareholder Sells 39,580 Shares

On January 22nd, 2023, a significant transaction occurred involving BlackRock California Municipal Income Trust (NYSE:BFZ). Saba Capital Management, L.P., a major shareholder, sold a total of 39,580 shares of the company's stock. The shares were sold at an average price of $11.32 each, amounting to a total transaction value of $448,045.60.

After the sale, Saba Capital Management, L.P. holds 5,160,508 shares of BlackRock California Municipal Income Trust, which are valued at approximately $58,416,950.56. It’s worth noting that this transaction reflects a 0.76% decrease in their ownership stake.

This insider sale was officially reported in a filing with the Securities and Exchange Commission (SEC), which requires large shareholders (those owning 10% or more of a company) to disclose their transactions publicly.

In addition, Saba Capital Management, L.P. has been active in the market in recent months. On November 8th, they sold 30,293 shares at an average price of $11.82, resulting in a total value of $358,063.26. Earlier, on October 28th, they sold 6,313 shares at an average price of $11.89 for a total of $75,061.57.

Recent Trading Activity

As of Friday, shares of NYSE:BFZ opened at $11.26, showing a slight decline of 0.2%. The company has recorded a 50-day moving average of $11.45 and a 200-day moving average of $11.79. Over the past year, the stock has reached a low of $11.10 and a high of $12.23.

Dividend Announcement

BlackRock California Municipal Income Trust also announced a monthly dividend set to be paid on February 3rd. Shareholders on record as of January 15th will receive a dividend of $0.059 per share. This amounts to an annualized dividend of $0.71, presenting a dividend yield of 6.29%. The ex-dividend date was January 15th.

Institutional Activity

Several institutional investors have recently adjusted their positions in BFZ. Farther Finance Advisors LLC acquired a new stake in the Trust during the third quarter, valued at around $170,000. Advisors Asset Management Inc. increased their position by 3.8%, now owning 463,700 shares valued at $5,606,000 after purchasing an additional 17,144 shares. Other contributors to the Trust's share pool include Cypress Wealth Services LLC, Wolverine Asset Management LLC, and Sanctuary Advisors LLC, who have made new investments ranging from approximately $250,000 to $509,000.

About BlackRock California Municipal Income Trust

BlackRock California Municipal Income Trust is a closed-ended fixed income mutual fund initiated by BlackRock, Inc. It is managed by BlackRock Advisors, LLC, focusing primarily on investment-grade municipal bonds that are exempt from federal and California state taxes.

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