Prentiss Smith & Co. Inc. Makes New $230,000 Investment in Tri-Continental Co. (NYSE:TY)

Prentiss Smith & Co. Inc. purchased a new position in Tri-Continental Co. (NYSE:TY) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 7,973 shares of the investment management company’s stock, valued at approximately $230,000.

Other hedge funds have also bought and sold shares of the company. Uncommon Cents Investing LLC raised its stake in shares of Tri-Continental by 0.8% during the third quarter. Uncommon Cents Investing LLC now owns 172,463 shares of the investment management company’s stock valued at $4,586,000 after acquiring an additional 1,310 shares during the last quarter. Commonwealth Equity Services LLC lifted its position in Tri-Continental by 0.4% during the third quarter. Commonwealth Equity Services LLC now owns 109,607 shares of the investment management company’s stock valued at $2,914,000 after purchasing an additional 479 shares during the period. Cambridge Investment Research Advisors Inc. lifted its position in Tri-Continental by 1.1% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 53,405 shares of the investment management company’s stock valued at $1,420,000 after purchasing an additional 579 shares during the period. TIAA Trust National Association bought a new position in Tri-Continental during the third quarter valued at approximately $707,000. Finally, Allspring Global Investments Holdings LLC raised its position in Tri-Continental by 9.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 445,892 shares of the investment management company’s stock worth $11,856,000 after acquiring an additional 38,962 shares during the period. 10.22% of the stock is currently owned by hedge funds and other institutional investors.

Tri-Continental Stock Down 1.0 %

Shares of TY stock traded down $0.30 on Thursday, hitting $29.46. 35,853 shares of the stock traded hands, compared to its average volume of 40,629. Tri-Continental Co. has a 52 week low of $25.16 and a 52 week high of $30.95. The firm has a 50 day simple moving average of $29.94 and a two-hundred day simple moving average of $28.58.

Tri-Continental Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 19th. Investors of record on Monday, March 11th were given a dividend of $0.256 per share. The ex-dividend date of this dividend was Friday, March 8th. This represents a $1.02 dividend on an annualized basis and a yield of 3.48%.

About Tri-Continental

Tri-Continental Corporation is a closed ended equity mutual fund launched and managed by Columbia Management Investment Advisers, LLC. It primarily invests in the public equity markets of the United States. The fund invests in stocks of companies that operate across diversified sectors. It seeks to invest in stocks of large-cap companies.