BlackRock California Municipal Income Trust (NYSE:BFZ) Stock Price Up 0.7% – Here’s Why

BlackRock California Municipal Income Trust (NYSE:BFZ)’s stock price rose 0.7% during trading on Tuesday . The company traded as high as $10.98 and last traded at $10.9560. Approximately 132,223 shares traded hands during trading, an increase of 28% from the average daily volume of 103,206 shares. The stock had previously closed at $10.88.

BlackRock California Municipal Income Trust Stock Performance

The stock has a 50-day moving average price of $10.92 and a 200 day moving average price of $10.76.

BlackRock California Municipal Income Trust Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Monday, December 1st. Shareholders of record on Friday, November 14th will be issued a $0.059 dividend. This represents a c) annualized dividend and a yield of 6.5%. The ex-dividend date of this dividend is Friday, November 14th.

Insider Activity at BlackRock California Municipal Income Trust

In other news, major shareholder Saba Capital Management, L.P. sold 23,604 shares of the company’s stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $10.95, for a total transaction of $258,463.80. Following the completion of the transaction, the insider directly owned 2,997,865 shares of the company’s stock, valued at $32,826,621.75. This represents a 0.78% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders sold 662,672 shares of company stock valued at $7,046,444 in the last three months.

Institutional Investors Weigh In On BlackRock California Municipal Income Trust

A number of institutional investors have recently added to or reduced their stakes in the stock. Cetera Investment Advisers acquired a new position in BlackRock California Municipal Income Trust during the first quarter worth $569,000. LPL Financial LLC increased its stake in shares of BlackRock California Municipal Income Trust by 7.7% during the first quarter. LPL Financial LLC now owns 228,402 shares of the company’s stock worth $2,508,000 after purchasing an additional 16,406 shares in the last quarter. Shufro Rose & Co. LLC purchased a new stake in shares of BlackRock California Municipal Income Trust during the first quarter worth about $110,000. Wolverine Asset Management LLC raised its position in shares of BlackRock California Municipal Income Trust by 162.0% during the 1st quarter. Wolverine Asset Management LLC now owns 89,271 shares of the company’s stock worth $980,000 after purchasing an additional 55,201 shares during the last quarter. Finally, Oder Investment Management LLC lifted its stake in BlackRock California Municipal Income Trust by 2.2% in the 1st quarter. Oder Investment Management LLC now owns 107,139 shares of the company’s stock valued at $1,176,000 after buying an additional 2,285 shares in the last quarter.

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.