Tri Continental (NYSE:TY) Reaches New 1-Year High – Here’s Why

Shares of Tri Continental Corporation (NYSE:TY) hit a new 52-week high during mid-day trading on Monday . The company traded as high as $36.01 and last traded at $35.4750, with a volume of 1526 shares changing hands. The stock had previously closed at $34.88.

Tri Continental Trading Up 1.4%

The business’s fifty day simple moving average is $34.15 and its 200-day simple 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 given 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 is Tuesday, June 16th. This represents a $1.14 dividend on an annualized basis and a dividend yield of 3.2%.

Insider Buying and Selling

In related news, Portfolio Manager Yan Jin sold 2,500 shares of the 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 transaction, the portfolio manager owned 12,919 shares of the company’s stock, valued at $450,485.53. This represents a 16.21% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 8.66% of the stock is currently owned by corporate insiders.

Institutional Trading of Tri Continental

A number of institutional investors have recently modified their holdings of TY. Shaker Financial Services LLC grew its holdings in Tri Continental by 455.5% in the fourth quarter. Shaker Financial Services LLC now owns 70,445 shares of the investment management company’s stock worth $2,301,000 after purchasing an additional 57,763 shares during the last quarter. Hennion & Walsh Asset Management Inc. grew its stake in Tri Continental by 27.4% during the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 123,776 shares of the investment management company’s stock valued at $4,043,000 after purchasing an additional 26,593 shares during the last quarter. Altium Capital Management LLC purchased a new stake in Tri Continental in the fourth quarter valued at $1,321,000. Retirement Income Solutions Inc. purchased a new stake in Tri Continental in the fourth quarter valued at $203,000. Finally, Successful Portfolios LLC boosted its holdings in Tri Continental by 2.7% in the fourth quarter. Successful Portfolios LLC now owns 15,197 shares of the investment management company’s stock valued at $505,000 after purchasing an additional 406 shares during the last quarter. 10.22% of the stock is currently owned by hedge funds and other institutional investors.

Tri Continental Company Profile

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.