In a recent transaction, Saba Capital Management, L.P., a significant shareholder in BlackRock (NYSE:BLK) California Municipal Income Trust (NYSE:BFZ), sold 6,313 shares of the fund. The shares were sold at an average price of $11.89 each, totaling approximately $75,061. Following this transaction, Saba Capital Management holds 5,233,255 shares in the trust.
This move was disclosed in a Form 4 filing with the Securities and Exchange Commission, dated October 28, 2024, and signed by both Saba Capital Management and Boaz Weinstein. The transaction reflects continued portfolio adjustments by the investment firm, which is known for its strategic asset management.
InvestingPro Insights
As Saba Capital Management adjusts its position in BlackRock California Municipal Income Trust (NYSE:BFZ), investors may find additional context in the fund's financial metrics and market performance. According to InvestingPro data, BFZ has a market capitalization of $354.45 million and trades at a P/E ratio of 29.55, suggesting a relatively high valuation compared to earnings.
The fund has demonstrated consistent revenue growth, with a 3.99% increase over the last twelve months as of Q4 2024, reaching $24.91 million. This growth, albeit modest, indicates steady performance in line with the fund's investment strategy.
One of the most attractive features for income-focused investors is BFZ's dividend yield, which stands at an impressive 5.98%. This aligns with an InvestingPro Tip highlighting that the fund has maintained dividend payments for 24 consecutive years, underscoring its commitment to providing regular income to shareholders.
Another InvestingPro Tip notes that the stock generally trades with low price volatility, which may appeal to risk-averse investors seeking stability in their municipal bond fund holdings. This characteristic is reflected in the fund's price performance, with a 26.37% total return over the past year and a more modest 3.25% year-to-date return as of the latest data.
For investors considering BFZ, it's worth noting that InvestingPro offers additional tips and insights that could further inform investment decisions. Currently, there are 5 more InvestingPro Tips available for BFZ, providing a deeper analysis of the fund's financial health and market position.
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