Canopy Growth stock tumbles after announcing $200 million share sale plan
Saba Capital Management, L.P., a prominent investment firm, recently disclosed the sale of shares in BlackRock (NYSE:BLK) California Municipal Income Trust (NYSE:BFZ), which currently offers a substantial 6.3% dividend yield and maintains a low volatility profile with a beta of 0.52. According to InvestingPro, the trust has maintained dividend payments for 25 consecutive years. The transaction, filed on January 29, 2025, involved the sale of 31,198 shares at a price of $11.24 per share, totaling approximately $350,665. Following this sale, Saba Capital Management retains ownership of 5,129,310 shares in the $337 million market cap trust, which is currently trading near its 52-week low. The filing was signed by Zachary Gindes on behalf of Saba Capital Management and Boaz Weinstein, reflecting their status as ten percent owners in the trust. For more detailed financial metrics and exclusive insights, check out InvestingPro, which offers 6 additional key tips for BFZ investors.
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