Tri Continental (NYSE:TY) Hits New 1-Year High – Time to Buy?

Tri Continental Corporation (NYSE:TY) shares reached a new 52-week high on Monday . The stock traded as high as $36.01 and last traded at $35.4750, with a volume of 1526 shares traded. The stock had previously closed at $34.88.

Tri Continental Stock Performance

The firm’s 50-day moving average is $34.15 and its two-hundred day moving average is $33.38.

Tri Continental Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 25th. Stockholders of record on Tuesday, June 16th will be issued a dividend of $0.2852 per share. The ex-dividend date is Tuesday, June 16th. This represents a $1.14 dividend on an annualized basis and a dividend yield of 3.2%. This is an increase from Tri Continental’s previous quarterly dividend of $0.28.

Insider Activity

In other 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 sale, the portfolio manager owned 12,919 shares in the company, valued at $450,485.53. This trade represents a 16.21% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 8.66% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Tri Continental

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Royal Bank of Canada raised its holdings in shares of Tri Continental by 1.9% in the first quarter. Royal Bank of Canada now owns 58,243 shares of the investment management company’s stock valued at $1,840,000 after buying an additional 1,072 shares during the last quarter. Saba Capital Management L.P. grew its holdings in shares of Tri Continental by 4.8% during the first quarter. Saba Capital Management L.P. now owns 735,098 shares of the investment management company’s stock worth $23,222,000 after buying an additional 33,497 shares during the last quarter. Gateway Wealth Partners LLC purchased a new position in shares of Tri Continental during the first quarter worth about $235,000. Sei Investments Co. purchased a new position in shares of Tri Continental during the first quarter worth about $358,000. Finally, First Trust Advisors LP grew its holdings in shares of Tri Continental by 15.3% during the first quarter. First Trust Advisors LP now owns 84,592 shares of the investment management company’s stock worth $2,672,000 after buying an additional 11,254 shares during the last quarter. 10.22% of the stock is owned by hedge funds and other institutional investors.

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.