Prudential Financial Inc Buys 1,500,000 Shares of Tortoise Energy Infrastructure (NYSE:TYG) Stock

Tortoise Energy Infrastructure Corporation (NYSE:TYG) major shareholder Prudential Financial Inc bought 1,500,000 shares of the stock in a transaction dated Thursday, August 21st. The stock was bought at an average price of $10.00 per share, with a total value of $15,000,000.00. Following the acquisition, the insider owned 1,500,000 shares in the company, valued at approximately $15,000,000. This represents a ∞ increase in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Tortoise Energy Infrastructure Trading Down 0.1%

Shares of NYSE:TYG opened at $42.91 on Wednesday. Tortoise Energy Infrastructure Corporation has a 12 month low of $33.73 and a 12 month high of $48.76. The company’s fifty day moving average price is $42.99 and its 200 day moving average price is $41.92.

Tortoise Energy Infrastructure Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 23rd will be given a dividend of $0.365 per share. The ex-dividend date is Tuesday, September 23rd. This represents a c) dividend on an annualized basis and a dividend yield of 10.2%.

Institutional Trading of Tortoise Energy Infrastructure

Large investors have recently made changes to their positions in the company. MGB Wealth Management LLC increased its position in Tortoise Energy Infrastructure by 1.1% during the first quarter. MGB Wealth Management LLC now owns 23,295 shares of the financial services provider’s stock worth $1,003,000 after buying an additional 258 shares during the period. Benjamin Edwards Inc. grew its position in shares of Tortoise Energy Infrastructure by 5.1% during the second quarter. Benjamin Edwards Inc. now owns 7,295 shares of the financial services provider’s stock worth $320,000 after acquiring an additional 355 shares during the last quarter. Samalin Investment Counsel LLC increased its holdings in shares of Tortoise Energy Infrastructure by 3.1% in the 2nd quarter. Samalin Investment Counsel LLC now owns 13,080 shares of the financial services provider’s stock valued at $574,000 after acquiring an additional 396 shares during the period. Comerica Bank increased its holdings in shares of Tortoise Energy Infrastructure by 95.0% in the 4th quarter. Comerica Bank now owns 942 shares of the financial services provider’s stock valued at $40,000 after acquiring an additional 459 shares during the period. Finally, Cary Street Partners Financial LLC increased its stake in Tortoise Energy Infrastructure by 7.7% in the second quarter. Cary Street Partners Financial LLC now owns 6,970 shares of the financial services provider’s stock valued at $306,000 after purchasing an additional 500 shares during the period. 32.50% of the stock is owned by institutional investors and hedge funds.

Tortoise Energy Infrastructure Company Profile

Tortoise Energy Infrastructure Corporation is a closed ended equity mutual fund launched and managed by Tortoise Capital Advisors LLC The fund invests in the public equity markets of the United States. It seeks to invest in the stocks of companies operating in the energy infrastructure sector, with an emphasis on those companies that are engaged in transporting, processing, storing, distributing or marketing natural gas, natural gas liquids (primarily propane), coal, crude oil or refined petroleum products, or exploring, developing, managing or producing such commodities.