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

BlackRock California Municipal Income Trust (NYSE:BFZ) was the recipient of a significant increase in short interest in the month of April. As of April 15th, there was short interest totalling 42,000 shares, an increase of 47.9% from the March 31st total of 28,400 shares. Based on an average daily volume of 57,800 shares, the short-interest ratio is presently 0.7 days.

Insider Activity at BlackRock California Municipal Income Trust

In other BlackRock California Municipal Income Trust news, major shareholder Saba Capital Management, L.P. acquired 6,109 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The shares were purchased at an average price of $11.76 per share, with a total value of $71,841.84. Following the completion of the acquisition, the insider now directly owns 5,231,209 shares of the company’s stock, valued at approximately $61,519,017.84. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders bought a total of 119,997 shares of company stock worth $1,419,446 over the last 90 days.

Hedge Funds Weigh In On BlackRock California Municipal Income Trust

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Clough Capital Partners L P increased its position in shares of BlackRock California Municipal Income Trust by 175.5% in the third quarter. Clough Capital Partners L P now owns 34,536 shares of the company’s stock valued at $355,000 after buying an additional 22,000 shares in the last quarter. Oder Investment Management LLC grew its stake in BlackRock California Municipal Income Trust by 2.4% in the 3rd quarter. Oder Investment Management LLC now owns 122,120 shares of the company’s stock valued at $1,257,000 after acquiring an additional 2,820 shares during the last quarter. Saba Capital Management L.P. increased its holdings in BlackRock California Municipal Income Trust by 7.4% during the 3rd quarter. Saba Capital Management L.P. now owns 4,513,628 shares of the company’s stock valued at $46,445,000 after acquiring an additional 310,016 shares in the last quarter. Advisors Asset Management Inc. raised its position in BlackRock California Municipal Income Trust by 3.3% during the third quarter. Advisors Asset Management Inc. now owns 423,566 shares of the company’s stock worth $4,358,000 after acquiring an additional 13,578 shares during the last quarter. Finally, Raymond James & Associates lifted its holdings in shares of BlackRock California Municipal Income Trust by 60.5% in the third quarter. Raymond James & Associates now owns 18,779 shares of the company’s stock valued at $193,000 after purchasing an additional 7,079 shares in the last quarter.

BlackRock California Municipal Income Trust Stock Up 0.5 %

BFZ stock traded up $0.06 during trading on Friday, reaching $11.58. 12,792 shares of the company were exchanged, compared to its average volume of 55,744. BlackRock California Municipal Income Trust has a 52-week low of $9.86 and a 52-week high of $12.31. The stock’s 50 day moving average price is $11.75 and its 200 day moving average price is $11.42.

BlackRock California Municipal Income Trust Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Wednesday, May 1st. Investors of record on Monday, April 15th will be issued a $0.051 dividend. This represents a $0.61 dividend on an annualized basis and a dividend yield of 5.29%. The ex-dividend date of this dividend is Friday, April 12th.

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.