Key Points
- Tri Continental Portfolio Manager Yan Jin sold 2,500 shares on May 27 at an average price of $34.87, totaling $87,175. The sale reduced Jin’s direct holdings by 16.21% to 12,919 shares.
- The company recently raised its quarterly dividend to $0.2852 per share from $0.28, payable June 25 to shareholders of record on June 16. That implies an annualized dividend of $1.14 and a 3.2% yield.
- Tri-Continental shares were last reported at $35.16, near the stock’s 52-week high of $35.47, and above both its 50-day and 200-day moving averages. Institutional investors currently hold about 10.22% of the stock.
Tri Continental Corporation (NYSE:TY - Get Free Report) Portfolio Manager Yan Jin sold 2,500 shares of the firm's stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $34.87, for a total transaction of $87,175.00. Following the transaction, the portfolio manager directly owned 12,919 shares in the company, valued at $450,485.53. The trade was a 16.21% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Tri Continental Price Performance
TY opened at $35.16 on Friday. The company's 50-day moving average is $33.38 and its 200 day moving average is $33.30. Tri Continental Corporation has a fifty-two week low of $30.40 and a fifty-two week high of $35.47.
Tri Continental Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, June 25th. Investors of record on Tuesday, June 16th will be given a dividend of $0.2852 per share. The ex-dividend date of this dividend is Tuesday, June 16th. This is an increase 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 3.2%.
Institutional Inflows and Outflows
Large investors have recently made changes to their positions in the company. Commonwealth Retirement Investments LLC bought a new position in shares of Tri Continental during the fourth quarter valued at about $29,000. Hanson & Doremus Investment Management bought a new position in shares of Tri Continental during the first quarter valued at about $29,000. BNP Paribas Financial Markets lifted its position in shares of Tri Continental by 529.5% during the second quarter. BNP Paribas Financial Markets now owns 1,259 shares of the investment management company's stock valued at $40,000 after purchasing an additional 1,059 shares in the last quarter. Assetmark Inc. bought a new position in shares of Tri Continental during the fourth quarter valued at about $54,000. Finally, Advocate Investing Services LLC bought a new position in Tri Continental during the fourth quarter valued at about $54,000. 10.22% of the stock is owned by institutional investors.
About Tri Continental
(
Get Free Report)
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.
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