Tri Continental (NYSE:TY) Sees Unusually-High Trading Volume – Here’s What Happened

Tri Continental Corporation (NYSE:TY) shares saw unusually-high trading volume on Thursday . Approximately 23,114 shares traded hands during mid-day trading, a decline of 38% from the previous session’s volume of 37,262 shares.The stock last traded at $35.2180 and had previously closed at $34.88.

Tri Continental Stock Up 0.3%

The firm’s fifty day moving average is $34.56 and its 200 day moving average is $33.41.

Tri Continental Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 25th. Stockholders of record on Tuesday, June 16th will be paid a $0.2852 dividend. The ex-dividend date is Tuesday, June 16th. This is a boost from Tri Continental’s previous quarterly dividend of $0.28. This represents a $1.14 dividend on an annualized basis and a dividend yield of 3.3%.

Insider Buying and Selling at Tri Continental

In related news, Portfolio Manager Yan Jin sold 2,500 shares of the stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $34.87, for a total transaction of $87,175.00. Following the completion of the sale, the portfolio manager owned 12,919 shares in the company, valued at $450,485.53. This represents a 16.21% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 8.66% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of TY. Commonwealth Retirement Investments LLC bought a new stake in shares of Tri Continental in the fourth quarter valued at approximately $29,000. Hanson & Doremus Investment Management acquired a new stake in shares of Tri Continental in the first quarter worth $29,000. BNP Paribas Financial Markets increased its position in Tri Continental by 529.5% during the second quarter. BNP Paribas Financial Markets now owns 1,259 shares of the investment management company’s stock worth $40,000 after acquiring an additional 1,059 shares during the period. Assetmark Inc. bought a new position in Tri Continental during the fourth quarter worth $54,000. Finally, Advocate Investing Services LLC acquired a new position in Tri Continental during the 4th quarter valued at $54,000. 10.22% of the stock is currently owned by institutional investors and hedge funds.

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.