Saba Capital Sells 21180 Shares in BLACKROCK CALIFORNIA MUNICIPAL INCOME TRUST.

BlackRock California Municipal Income Trust (BFZ) has announced that Saba Capital Management, L.P., a 10% owner, has sold 21,180 shares at a price of $10.56 per share on July 18, 2025.

Saba Capital Management, L.P., a significant owner of BlackRock California Municipal Income Trust (BFZ), has sold 21,180 shares of the trust's common stock on July 18, 2025. The shares were sold at a price of $10.56 per share, totaling $223,660. This transaction comes at a time when BFZ is trading near its 52-week low of $10.17, yet maintains an impressive 6.7% dividend yield [1].

Following the sale, Saba Capital Management, L.P. indirectly owns 4,521,581 shares of BFZ, a substantial reduction from its previous holding. The firm's decision to sell these shares could be influenced by recent market conditions or a strategic adjustment in its investment portfolio [2].

BlackRock California Municipal Income Trust is a closed-end management investment company that primarily invests in municipal bonds to provide tax-exempt income. With a market capitalization of $320.173 million, BFZ has been listed on the stock market since July 27, 2001. The trust's investment objective is to offer current income exempt from regular U.S. federal income tax by investing a majority of its total assets in municipal bonds [2].

The stock's recent performance has been lackluster, with a current price of $10.65 reflecting a -1.66% change since the transaction. Year-to-date, BFZ has experienced a price change of -6.33%. Analysts suggest that the stock may face challenges in delivering strong returns, prompting investors to exercise caution [2].

Saba Capital Management, L.P. is a prominent investment firm headquartered in New York, known for its focus on the financial services and consumer cyclical sectors. The firm manages an equity portfolio valued at $3.68 billion, with top holdings including PIMCO Dynamic Income Strategy Fund (PDX) and BlackRock Capital Allocation Trust (BCAT) [2].

The recent transaction by Saba Capital Management to reduce its stake in BFZ reflects a strategic decision to adjust its portfolio exposure. Despite the reduction, Saba Capital Management maintains a substantial position in BFZ, indicating continued interest in the stock's long-term potential.

References:
[1] https://www.investing.com/news/insider-trading-news/saba-capital-sells-223k-in-blackrock-california-municipal-bfz-93CH-4144437
[2] https://www.gurufocus.com/news/2982938/saba-capital-management-lp-reduces-stake-in-blackrock-ca-muni-income-tr