Tri Continental Corporation (NYSE:TY – Get Free Report)’s share price passed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $34.18 and traded as high as $34.78. Tri Continental shares last traded at $34.5850, with a volume of 41,789 shares changing hands.
Tri Continental Price Performance
The stock has a 50-day simple moving average of $34.73 and a 200-day simple moving average of $34.18.
Tri Continental Increases Dividend
The business also recently announced a quarterly dividend, which was paid on Tuesday, September 22nd. Shareholders of record on Monday, September 14th were paid a $0.2962 dividend. The ex-dividend date was Monday, September 14th. This represents a $1.18 annualized dividend and a yield of 3.4%. This is an increase from Tri Continental’s previous quarterly dividend of $0.2852.
Institutional Inflows and Outflows
Hedge funds have recently made changes to their positions in the company. Bank of America Corp DE bought a new stake in shares of Tri Continental during the 2nd quarter valued at about $1,637,000. EP Wealth Advisors LLC purchased a new position in shares of Tri Continental during the second quarter valued at about $2,584,000. Altium Capital Management LLC raised its stake in Tri Continental by 95.1% in the first quarter. Altium Capital Management LLC now owns 78,920 shares of the investment management company’s stock worth $2,493,000 after buying an additional 38,469 shares in the last quarter. Saba Capital Management L.P. raised its stake in Tri Continental by 4.8% in the first quarter. Saba Capital Management L.P. now owns 735,098 shares of the investment management company’s stock worth $23,222,000 after buying an additional 33,497 shares in the last quarter. Finally, Beckerman Institutional LLC bought a new position in Tri Continental in the second quarter worth about $1,378,000. 10.22% of the stock is currently owned by hedge funds and other institutional investors.
About Tri Continental
Tri-Continental Corporation is a publicly traded closed-end investment company listed on the New York Stock Exchange under the symbol TY. Rather than operating a commercial business, the company manages a diversified portfolio of investments for its stockholders.
The fund invests primarily in publicly traded securities, including common stocks, preferred stocks, convertible securities and fixed-income investments. Its objective is long-term capital growth, with current income as a secondary consideration.
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