Harris Stayce D., a director at BlackRock (NYSE:BLK) California Municipal Income Trust (NYSE:BFZ), recently acquired shares in the company. On October 29, Harris purchased 10 shares of common stock at a price of $11.79 per share, amounting to a total investment of $117. This transaction brings Harris's total holdings to 10 shares, indicating a direct ownership stake. The purchase was reported in a recent SEC filing, highlighting the director's ongoing involvement with the trust.
InvestingPro Insights
While Harris Stayce D.'s recent acquisition of 10 shares in BlackRock California Municipal Income Trust (NYSE:BFZ) may seem modest, it aligns with the trust's stable financial profile. According to InvestingPro data, BFZ boasts a market capitalization of $352.05 million, reflecting its substantial presence in the municipal bond market.
The trust's commitment to shareholder value is evident in its dividend history. An InvestingPro Tip reveals that BFZ has maintained dividend payments for an impressive 24 consecutive years. This consistency is particularly attractive given the current dividend yield of 6.07%, which could be a key factor in attracting investors like Harris to increase their holdings.
Despite the relatively small purchase by the director, BFZ's financial metrics paint a picture of a solid investment. The trust has been profitable over the last twelve months, with a P/E ratio of 29.35. This profitability is supported by a robust gross profit margin of 100% for the same period, indicating efficient management of its investment portfolio.
Investors considering BFZ might be interested to know that InvestingPro offers additional insights, with 5 more tips available for this stock. These tips could provide valuable context for understanding the trust's performance and potential future direction.
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