Tri Continental (NYSE:TY) Reaches New 12-Month High – Still a Buy?

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

Tri Continental Stock Performance

The company has a 50-day moving average of $33.31 and a 200-day moving average of $33.29.

Tri Continental Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 25th. Investors of record on Tuesday, June 16th will be given a dividend of $0.2852 per share. The ex-dividend date of this dividend is Tuesday, June 16th. This represents a $1.14 annualized dividend and a dividend yield of 3.2%. This is an increase from Tri Continental’s previous quarterly dividend of $0.28.

Insider Activity

In related news, Portfolio Manager Yan Jin sold 2,500 shares of the company’s 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 sale, the portfolio manager directly owned 12,919 shares of the company’s stock, valued at approximately $450,485.53. This represents a 16.21% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 8.66% of the company’s stock.

Institutional Investors Weigh In On Tri Continental

Several large investors have recently added to or reduced their stakes in TY. Commonwealth Retirement Investments LLC bought a new position in shares of Tri Continental during the fourth quarter worth about $29,000. Hanson & Doremus Investment Management acquired a new position in Tri Continental during the 1st quarter valued at about $29,000. BNP Paribas Financial Markets grew its position in Tri Continental by 529.5% in the 2nd quarter. BNP Paribas Financial Markets now owns 1,259 shares of the investment management company’s stock worth $40,000 after purchasing an additional 1,059 shares during the last quarter. Assetmark Inc. bought a new position in Tri Continental in the 4th quarter worth about $54,000. Finally, Advocate Investing Services LLC acquired a new stake in shares of Tri Continental in the fourth quarter valued at approximately $54,000. 10.22% of the stock is 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.