Tri Continental (NYSE:TY) Shares Gap Down – Here’s What Happened

Tri Continental Corporation (NYSE:TY)’s stock price gapped down before the market opened on Friday . The stock had previously closed at $34.98, but opened at $32.50. Tri Continental shares last traded at $32.7050, with a volume of 19,957 shares trading hands.

Tri Continental Stock Down 7.3%

The firm’s fifty day simple moving average is $34.15 and its 200-day simple moving average is $33.14.

Tri Continental Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 22nd. Investors of record on Friday, December 12th will be issued a $2.3154 dividend. This represents a $9.26 dividend on an annualized basis and a yield of 28.6%. The ex-dividend date is Friday, December 12th. This is an increase from Tri Continental’s previous quarterly dividend of $0.27.

Institutional Trading of Tri Continental

Institutional investors have recently added to or reduced their stakes in the business. Foundations Investment Advisors LLC raised its stake in shares of Tri Continental by 3.4% in the second quarter. Foundations Investment Advisors LLC now owns 11,683 shares of the investment management company’s stock worth $370,000 after purchasing an additional 385 shares during the last quarter. 1620 Investment Advisors Inc. increased its holdings in Tri Continental by 0.5% in the 3rd quarter. 1620 Investment Advisors Inc. now owns 91,759 shares of the investment management company’s stock worth $3,120,000 after buying an additional 417 shares in the last quarter. Level Four Advisory Services LLC raised its position in Tri Continental by 5.5% in the 2nd quarter. Level Four Advisory Services LLC now owns 8,718 shares of the investment management company’s stock worth $276,000 after buying an additional 453 shares during the last quarter. Tower Wealth Partners Inc. lifted its stake in Tri Continental by 3.4% during the 2nd quarter. Tower Wealth Partners Inc. now owns 14,323 shares of the investment management company’s stock valued at $453,000 after acquiring an additional 471 shares during the period. Finally, MGO One Seven LLC lifted its stake in Tri Continental by 2.8% during the 2nd quarter. MGO One Seven LLC now owns 21,101 shares of the investment management company’s stock valued at $668,000 after acquiring an additional 584 shares during the period. 10.22% of the stock is currently owned by hedge funds and other institutional investors.

Tri Continental Company Profile

Tri-Continental Corporation is a closed ended equity mutual fund launched and managed by Columbia Management Investment Advisers, LLC. It primarily invests in the public equity markets of the United States. The fund invests in stocks of companies that operate across diversified sectors. It seeks to invest in stocks of large-cap companies.