Tri Continental (NYSE:TY) Sees Unusually-High Trading Volume – Here’s Why

Tri Continental Corporation (NYSE:TY) shares saw unusually-strong trading volume on Thursday . Approximately 41,838 shares changed hands during trading, an increase of 1% from the previous session’s volume of 41,461 shares.The stock last traded at $33.58 and had previously closed at $33.57.

Tri Continental Trading Up 1.2%

The stock’s fifty day moving average is $32.56 and its two-hundred day moving average is $33.25.

Tri Continental Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 25th. Investors of record on Tuesday, March 17th were issued a dividend of $0.2848 per share. This represents a $1.14 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date was Tuesday, March 17th.

Hedge Funds Weigh In On Tri Continental

Institutional investors have recently added to or reduced their stakes in the company. Quadrant Private Wealth Management LLC acquired a new position in Tri Continental during the third quarter worth $1,306,000. Allspring Global Investments Holdings LLC increased its holdings in Tri Continental by 7.9% during the third quarter. Allspring Global Investments Holdings LLC now owns 336,196 shares of the investment management company’s stock worth $11,431,000 after buying an additional 24,645 shares during the last quarter. Hennion & Walsh Asset Management Inc. increased its holdings in Tri Continental by 27.4% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 123,776 shares of the investment management company’s stock worth $4,043,000 after buying an additional 26,593 shares during the last quarter. Shaker Financial Services LLC increased its holdings in Tri Continental by 455.5% during the fourth quarter. Shaker Financial Services LLC now owns 70,445 shares of the investment management company’s stock worth $2,301,000 after buying an additional 57,763 shares during the last quarter. Finally, Cornerstone Advisory LLC increased its holdings in Tri Continental by 1.3% during the third quarter. Cornerstone Advisory LLC now owns 140,993 shares of the investment management company’s stock worth $4,794,000 after buying an additional 1,816 shares during the last quarter. 10.22% of the stock is currently owned by institutional investors and hedge funds.

About Tri Continental

Tri-Continental Corporation is a diversified closed-end management investment company that seeks to generate long-term total return through a combination of capital appreciation and income. The firm offers investors access to a broad portfolio of securities through a single, actively managed vehicle listed on the New York Stock Exchange under the ticker TY.

The company’s core strategy centers on investing primarily in equity securities of companies located in North America, Europe and the Pacific Basin.