Tri Continental (NYSE:TY) Sets New 12-Month High – Here’s What Happened

Tri Continental Corporation (NYSE:TY) shares hit a new 52-week high during trading on Tuesday . The company traded as high as $35.12 and last traded at $35.11, with a volume of 5852 shares trading hands. The stock had previously closed at $34.86.

Tri Continental Trading Up 0.2%

The stock’s 50-day moving average price is $33.19 and its 200 day moving average price is $33.28.

Tri Continental Increases Dividend

The business also recently disclosed 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. This represents a $1.14 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Tuesday, June 16th.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Saba Capital Management L.P. raised its position in shares of 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 valued at $23,222,000 after buying an additional 33,497 shares during the last quarter. Lazard Asset Management LLC increased its stake in Tri Continental by 15.1% in the third quarter. Lazard Asset Management LLC now owns 517,626 shares of the investment management company’s stock valued at $17,599,000 after acquiring an additional 67,821 shares during the period. Blue Bell Private Wealth Management LLC increased its stake 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 acquiring an additional 2,899 shares during the period. Allspring Global Investments Holdings LLC increased its stake in 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 acquiring an additional 31,757 shares during the period. Finally, Raymond James Financial Inc. increased its stake in 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 acquiring an additional 2,577 shares during the period. Institutional investors and hedge funds own 10.22% of the company’s stock.

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.