Canopy Growth stock tumbles after announcing $200 million share sale plan
Saba Capital Management, L.P. and Boaz Weinstein, both significant stakeholders in BlackRock (NYSE:BLK) California Municipal Income Trust (NYSE:BFZ), recently reported stock sales totaling $749,338. The transactions, disclosed in a recent SEC filing, occurred on February 10 and 11, 2025. The trust, with a market capitalization of $337.61 million, has maintained a notably low volatility profile with a beta of 0.53.
On February 10, the entities sold 5,404 shares at a price of $11.34 per share. The following day, an additional 60,890 shares were sold at $11.30 per share. These sales resulted in a decrease in their holdings, leaving them with 4,772,221 shares of the trust’s common stock. Currently trading near its 52-week low, BFZ offers investors a substantial 6.26% dividend yield, having maintained dividend payments for 25 consecutive years. InvestingPro subscribers can access additional insights about the trust’s financial health and valuation metrics.
The transactions were designated as indirect ownership, as noted in the filing. Both Saba Capital Management, L.P. and Boaz Weinstein have been identified as ten percent owners of the trust, highlighting their significant influence within the organization.
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