BlackRock California Municipal Income Trust (NYSE:BFZ) Sees Significant Increase in Short Interest

BlackRock California Municipal Income Trust (NYSE:BFZ) was the recipient of a significant growth in short interest in June. As of June 15th, there was short interest totalling 62,300 shares, a growth of 141.5% from the May 31st total of 25,800 shares. Based on an average daily trading volume, of 63,800 shares, the days-to-cover ratio is presently 1.0 days.

Insider Buying and Selling at BlackRock California Municipal Income Trust

In other news, major shareholder Saba Capital Management, L.P. acquired 6,109 shares of the business’s stock in a transaction on Monday, April 1st. The shares were purchased at an average price of $11.76 per share, for a total transaction of $71,841.84. Following the completion of the purchase, the insider now directly owns 5,231,209 shares of the company’s stock, valued at approximately $61,519,017.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Institutional Investors Weigh In On BlackRock California Municipal Income Trust

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Advisors Asset Management Inc. lifted its position in shares of BlackRock California Municipal Income Trust by 10.6% during the 1st quarter. Advisors Asset Management Inc. now owns 476,270 shares of the company’s stock valued at $5,630,000 after acquiring an additional 45,611 shares during the last quarter. Karpus Management Inc. purchased a new stake in shares of BlackRock California Municipal Income Trust in the fourth quarter valued at $561,000. Raymond James & Associates lifted its holdings in shares of BlackRock California Municipal Income Trust by 146.4% in the fourth quarter. Raymond James & Associates now owns 46,279 shares of the company’s stock valued at $557,000 after purchasing an additional 27,500 shares in the last quarter. Sanders Morris Harris LLC purchased a new stake in shares of BlackRock California Municipal Income Trust in the first quarter valued at $479,000. Finally, Napa Wealth Management purchased a new stake in shares of BlackRock California Municipal Income Trust in the fourth quarter valued at $380,000.

BlackRock California Municipal Income Trust Price Performance

Shares of BFZ stock opened at $11.97 on Friday. The business has a 50 day simple moving average of $11.77 and a 200 day simple moving average of $11.78. BlackRock California Municipal Income Trust has a 12-month low of $9.86 and a 12-month high of $12.31.

BlackRock California Municipal Income Trust Increases Dividend

The company also recently declared a monthly dividend, which will be paid on Monday, July 1st. Shareholders of record on Friday, June 14th will be paid a dividend of $0.059 per share. This is a positive change from BlackRock California Municipal Income Trust’s previous monthly dividend of $0.05. This represents a $0.71 dividend on an annualized basis and a yield of 5.91%. The ex-dividend date is Friday, June 14th.

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.