Tri Continental (NYSE:TY) Sets New 52-Week High – Should You Buy?

Tri Continental Corporation (NYSE:TY)’s share price reached a new 52-week high during trading on Monday . The company traded as high as $36.01 and last traded at $35.4750, with a volume of 1526 shares. The stock had previously closed at $34.88.

Tri Continental Price Performance

The business has a 50 day moving average price of $34.30 and a 200 day moving average price of $33.40.

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 3.2%.

Insider Activity at Tri Continental

In other news, Portfolio Manager Yan Jin sold 2,500 shares of Tri Continental stock in a transaction dated 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 directly owned 12,919 shares in the company, valued at approximately $450,485.53. The trade was a 16.21% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 8.66% of the company’s stock.

Hedge Funds Weigh In On Tri Continental

A number of institutional investors have recently made changes to their positions in TY. Commonwealth Retirement Investments LLC acquired a new stake in Tri Continental during the fourth quarter worth about $29,000. Hanson & Doremus Investment Management acquired a new stake in Tri Continental during the first quarter worth about $29,000. BNP Paribas Financial Markets grew 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 buying an additional 1,059 shares in the last quarter. Assetmark Inc. acquired a new stake in Tri Continental during the fourth quarter worth about $54,000. Finally, Advocate Investing Services LLC acquired a new stake in Tri Continental during the fourth quarter worth about $54,000. 10.22% of the stock is currently owned by institutional investors.

About Tri Continental

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.