Tri Continental (NYSE:TY) Stock Price Breaks Below 200 Day Moving Average – Should You Sell?

Tri Continental Corporation (NYSE:TY) passed below its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $34.22 and traded as low as $33.90. Tri Continental shares last traded at $33.9960, with a volume of 21,305 shares traded.

Tri Continental Stock Down 1.0%

The business has a 50 day simple moving average of $34.55 and a 200-day simple moving average of $34.22.

Tri Continental Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 22nd. Stockholders of record on Monday, September 14th were paid a dividend of $0.2962 per share. The ex-dividend date of this dividend was Monday, September 14th. This represents a $1.18 dividend on an annualized basis and a dividend yield of 3.5%. This is an increase from Tri Continental’s previous quarterly dividend of $0.2852.

Institutional Investors Weigh In On Tri Continental

Several hedge funds have recently modified their holdings of TY. Saba Capital Management L.P. increased its position in 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 purchasing an additional 33,497 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of Tri Continental by 9.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 366,014 shares of the investment management company’s stock valued at $11,562,000 after purchasing an additional 31,757 shares during the last quarter. Hennion & Walsh Asset Management Inc. boosted its holdings in shares of Tri Continental by 8.1% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 156,550 shares of the investment management company’s stock valued at $5,388,000 after purchasing an additional 11,778 shares during the last quarter. First Trust Advisors LP boosted its holdings in shares of Tri Continental by 5.5% in the 3rd quarter. First Trust Advisors LP now owns 88,314 shares of the investment management company’s stock valued at $3,033,000 after purchasing an additional 4,620 shares during the last quarter. Finally, Shaker Financial Services LLC purchased a new stake in shares of Tri Continental during the 3rd quarter valued at $2,987,000. 10.22% of the stock is owned by institutional investors and hedge funds.

Tri Continental Company Profile

Tri-Continental Corporation (NYSE: TY) is a diversified closed-end investment company. Rather than operating a traditional business, it invests in a portfolio of securities with the objective of providing long-term growth of capital and income. The fund invests primarily in stocks and may also hold other securities, including bonds and convertible securities. Its portfolio can include investments in U.S. and international companies, giving shareholders exposure to a range of businesses and industries.