Tri Continental (NYSE:TY) Hits New 1-Year High – Here’s What Happened

Tri Continental Corporation (NYSE:TY)’s stock price reached a new 52-week high on Friday . The company traded as high as $36.05 and last traded at $35.6650, with a volume of 31374 shares traded. The stock had previously closed at $35.50.

Tri Continental Price Performance

The company’s 50 day moving average is $34.83 and its 200-day moving average is $33.54.

Tri Continental Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 25th. Shareholders of record on Tuesday, June 16th were issued a $0.2852 dividend. This represents a $1.14 dividend on an annualized basis and a yield of 3.2%. This is a boost from Tri Continental’s previous quarterly dividend of $0.28. The ex-dividend date was Tuesday, June 16th.

Insider Buying and Selling at Tri Continental

In other Tri Continental news, Portfolio Manager Yan Jin sold 2,500 shares of the firm’s 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 owned 12,919 shares of the company’s stock, valued at approximately $450,485.53. This trade represents a 16.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate 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. Oppenheimer & Co. Inc. lifted its holdings in shares of Tri Continental by 3.4% during the 4th quarter. Oppenheimer & Co. Inc. now owns 10,007 shares of the investment management company’s stock valued at $327,000 after buying an additional 327 shares during the period. Royal Bank of Canada increased its position in Tri Continental by 0.6% during the fourth quarter. Royal Bank of Canada now owns 57,171 shares of the investment management company’s stock valued at $1,867,000 after acquiring an additional 365 shares during the last quarter. Successful Portfolios LLC lifted its holdings in Tri Continental by 2.7% in the fourth quarter. Successful Portfolios LLC now owns 15,197 shares of the investment management company’s stock valued at $505,000 after acquiring an additional 406 shares during the period. International Assets Investment Management LLC boosted its position in Tri Continental by 6.3% in the fourth quarter. International Assets Investment Management LLC now owns 8,126 shares of the investment management company’s stock worth $265,000 after purchasing an additional 482 shares during the last quarter. Finally, Commonwealth Equity Services LLC grew its stake in shares of Tri Continental by 0.9% during the 4th quarter. Commonwealth Equity Services LLC now owns 53,953 shares of the investment management company’s stock valued at $1,762,000 after purchasing an additional 496 shares during the period. Institutional investors own 10.22% of the company’s stock.

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.