Saba Capital Management L.P. Increases Holdings in Tri Continental Corporation $TY

Saba Capital Management L.P. increased its position in Tri Continental Corporation (NYSE:TY) by 4.8% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 735,098 shares of the investment management company’s stock after acquiring an additional 33,497 shares during the period. Tri Continental makes up about 0.6% of Saba Capital Management L.P.’s investment portfolio, making the stock its 25th biggest position. Saba Capital Management L.P. owned approximately 1.38% of Tri Continental worth $23,222,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Lazard Asset Management LLC boosted its position in Tri Continental by 15.1% during the third quarter. Lazard Asset Management LLC now owns 517,626 shares of the investment management company’s stock worth $17,599,000 after purchasing an additional 67,821 shares in the last quarter. Blue Bell Private Wealth Management LLC grew its holdings in Tri Continental by 0.7% in the fourth quarter. Blue Bell Private Wealth Management LLC now owns 420,932 shares of the investment management company’s stock valued at $13,748,000 after purchasing an additional 2,899 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Tri Continental by 9.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 366,014 shares of the investment management company’s stock valued at $11,562,000 after buying an additional 31,757 shares in the last quarter. Raymond James Financial Inc. increased its position in shares of Tri Continental by 1.0% in the third quarter. Raymond James Financial Inc. now owns 266,059 shares of the investment management company’s stock valued at $9,046,000 after buying an additional 2,577 shares in the last quarter. Finally, Focus Partners Wealth purchased a new position in shares of Tri Continental in the fourth quarter valued at $6,293,000. 10.22% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Tri Continental news, Portfolio Manager Yan Jin sold 2,500 shares of Tri Continental 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 completion of the transaction, the portfolio manager owned 12,919 shares in the company, valued at approximately $450,485.53. The trade was a 16.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 8.66% of the company’s stock.

Tri Continental Stock Up 0.2%

NYSE:TY opened at $34.92 on Tuesday. Tri Continental Corporation has a 52-week low of $30.53 and a 52-week high of $36.05. The stock has a fifty day simple moving average of $34.96 and a 200-day simple moving average of $33.72.

Tri Continental Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 25th. Shareholders of record on Tuesday, June 16th were issued a dividend of $0.2852 per share. This is an increase from Tri Continental’s previous quarterly dividend of $0.28. The ex-dividend date was Tuesday, June 16th. This represents a $1.14 annualized dividend and a yield of 3.3%.

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.