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

Shares of Tri Continental Corporation (NYSE:TY) saw unusually-high trading volume on Thursday . 23,114 shares were traded 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 business has a fifty day moving average of $34.56 and a 200 day moving average of $33.41.

Tri Continental Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 25th. Shareholders of record on Tuesday, June 16th will be given a $0.2852 dividend. This is a positive change from Tri Continental’s previous quarterly dividend of $0.28. This represents a $1.14 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Tuesday, June 16th.

Insider Activity at Tri Continental

In other news, Portfolio Manager Yan Jin sold 2,500 shares of the stock in a transaction on Wednesday, May 27th. The shares were sold at an average price of $34.87, for a total transaction of $87,175.00. Following the transaction, 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 SEC, which can be accessed through this hyperlink. 8.66% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Tri Continental

Several hedge funds have recently bought and sold shares of the business. Commonwealth Retirement Investments LLC acquired a new stake in shares of Tri Continental in the fourth quarter worth about $29,000. Hanson & Doremus Investment Management bought a new position in shares of Tri Continental in the 1st quarter valued at approximately $29,000. BNP Paribas Financial Markets raised its stake in shares of 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 valued at $40,000 after acquiring an additional 1,059 shares in the last quarter. Assetmark Inc. acquired a new stake in Tri Continental in the 4th quarter worth approximately $54,000. Finally, Advocate Investing Services LLC acquired a new stake in Tri Continental in the 4th quarter worth 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.