Tri Continental (NYSE:TY) Shares Cross Above 50-Day Moving Average – What’s Next?

Tri Continental Corporation (NYSE:TY)’s stock price passed above its 50-day moving average during trading on Monday . The stock has a 50-day moving average of $34.49 and traded as high as $34.94. Tri Continental shares last traded at $34.80, with a volume of 42,428 shares traded.

Tri Continental Stock Performance

The business’s 50-day moving average is $34.49 and its 200-day moving average is $33.41.

Tri Continental Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 25th. Shareholders of record on Tuesday, June 16th will be paid a dividend of $0.2852 per share. This is a positive change from Tri Continental’s previous quarterly dividend of $0.28. This represents a $1.14 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Tuesday, June 16th.

Insider Activity

In other news, Portfolio Manager Yan Jin sold 2,500 shares of Tri Continental stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $34.87, for a total transaction of $87,175.00. Following the completion of the transaction, the portfolio manager directly owned 12,919 shares in the company, valued at approximately $450,485.53. This trade represents a 16.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 8.66% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Royal Bank of Canada raised its stake in Tri Continental by 30.9% during the first quarter. Royal Bank of Canada now owns 56,484 shares of the investment management company’s stock valued at $1,732,000 after buying an additional 13,321 shares during the last quarter. Jones Financial Companies Lllp increased its holdings in shares of Tri Continental by 49.7% during the first quarter. Jones Financial Companies Lllp now owns 2,643 shares of the investment management company’s stock valued at $83,000 after acquiring an additional 877 shares in the last quarter. Guggenheim Capital LLC increased its holdings in shares of Tri Continental by 21.5% during the second quarter. Guggenheim Capital LLC now owns 28,819 shares of the investment management company’s stock valued at $912,000 after acquiring an additional 5,090 shares in the last quarter. First Trust Advisors LP raised its position in shares of Tri Continental by 3.2% in the 2nd quarter. First Trust Advisors LP now owns 62,617 shares of the investment management company’s stock worth $1,982,000 after purchasing an additional 1,914 shares during the last quarter. Finally, Baird Financial Group Inc. purchased a new position in shares of Tri Continental in the 2nd quarter worth about $220,000. Institutional investors own 10.22% of the company’s stock.

Tri Continental Company Profile

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.