Tri Continental (NYSE:TY) Hits New 12-Month High – Here’s What Happened

Tri Continental Corporation (NYSE:TY) hit a new 52-week high during trading on Thursday . The stock traded as high as $36.25 and last traded at $36.2980, with a volume of 3898 shares. The stock had previously closed at $35.77.

Tri Continental Price Performance

The company’s 50-day moving average price is $35.11 and its 200-day moving average price is $33.95.

Tri Continental Increases Dividend

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

Insider Activity

In other Tri Continental news, Portfolio Manager Yan Jin sold 2,500 shares of the firm’s stock in a transaction on Wednesday, May 27th. The stock was sold at an average price of $34.87, for a total value of $87,175.00. Following the completion of the sale, the portfolio manager directly owned 12,919 shares of the company’s stock, valued at $450,485.53. This trade represents a 16.21% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 8.66% of the stock is owned by company insiders.

Institutional Investors Weigh In On Tri Continental

A number of institutional investors and hedge funds have recently added to or reduced their stakes in TY. Royal Bank of Canada increased 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 valued at $1,732,000 after acquiring an additional 13,321 shares during the last quarter. Jones Financial Companies Lllp lifted its holdings in shares of 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 worth $83,000 after acquiring an additional 877 shares during the last quarter. Guggenheim Capital LLC boosted its position in shares of Tri Continental by 21.5% during the 2nd quarter. Guggenheim Capital LLC now owns 28,819 shares of the investment management company’s stock worth $912,000 after purchasing an additional 5,090 shares during the period. First Trust Advisors LP boosted its position in shares of Tri Continental by 3.2% during 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 period. Finally, Baird Financial Group Inc. acquired a new stake in Tri Continental in the 2nd quarter valued at approximately $220,000. Hedge funds and other 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.