👀 Ones to watch: The MOST undervalued shares to buy right nowSee Undervalued Shares

Saba Capital Management sells $75,061 in BlackRock California Municipal Income Trust shares

Published 30/10/2024, 02:46 am
BFZ
-

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.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.