SoFi CEO enters prepaid forward contract on 1.5 million shares
In recent transactions involving the BlackRock (NYSE:BLK) California Municipal Income Trust (NYSE:BFZ), a $341.22 million market cap fund known for its impressive 6.23% dividend yield, Saba Capital Management, L.P. and Boaz Weinstein, both significant stakeholders, disclosed the sale of 58,256 shares. The shares were sold at an average price of $11.34, resulting in a total transaction value of approximately $660,623. Following this sale, the reporting entities hold a combined total of 4,865,375 shares. According to InvestingPro, the fund has maintained dividend payments for 25 consecutive years and trades with notably low volatility (Beta: 0.53), making it an interesting option for income-focused investors. These transactions reflect adjustments in the investment strategies of the involved parties, who are both recognized as ten percent owners of the trust. The fund currently trades near its 52-week low of $11.10, while maintaining a solid gross profit margin of 100%.
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