Tri Continental (NYSE:TY) Sees Large Volume Increase – Time to Buy?

Shares of Tri Continental Corporation (NYSE:TY) saw strong trading volume on Monday . 55,070 shares were traded during trading, an increase of 21% from the previous session’s volume of 45,482 shares.The stock last traded at $33.0060 and had previously closed at $32.63.

Tri Continental Stock Up 0.2%

The stock’s 50 day simple moving average is $33.97 and its two-hundred day simple moving average is $33.18.

Tri Continental Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 22nd. Investors of record on Friday, December 12th will be given a $2.3154 dividend. The ex-dividend date of this dividend is Friday, December 12th. This represents a $9.26 annualized dividend and a yield of 28.3%. This is an increase from Tri Continental’s previous quarterly dividend of $0.27.

Institutional Trading of Tri Continental

Several hedge funds and other institutional investors have recently modified their holdings of the company. Royal Bank of Canada boosted its position in shares of 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 worth $1,732,000 after buying an additional 13,321 shares during the period. Advisors Asset Management Inc. bought a new stake in Tri Continental in the 1st quarter valued at approximately $737,000. Jones Financial Companies Lllp lifted its stake in Tri Continental by 49.7% in the 1st 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. Bard Financial Services Inc. boosted its position in Tri Continental by 6.1% during the 2nd quarter. Bard Financial Services Inc. now owns 470,799 shares of the investment management company’s stock worth $14,906,000 after acquiring an additional 26,965 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its stake in shares of Tri Continental by 1.8% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 126,281 shares of the investment management company’s stock worth $4,046,000 after acquiring an additional 2,217 shares in the last quarter. Institutional investors and hedge funds 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.