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

Tri Continental Corporation (NYSE:TY) saw strong trading volume on Tuesday . Approximately 42,441 shares traded hands during mid-day trading, an increase of 18% from the previous session’s volume of 35,819 shares.The stock last traded at $35.04 and had previously closed at $35.05.

Tri Continental Price Performance

The stock’s fifty day moving average is $35.29 and its 200-day moving average is $34.33.

Tri Continental Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 22nd. Investors of record on Monday, September 14th will be given a dividend of $0.2962 per share. This represents a $1.18 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend is Monday, September 14th. This is a positive change from Tri Continental’s previous quarterly dividend of $0.29.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. EP Wealth Advisors LLC purchased a new position in shares of Tri Continental in the second quarter valued at approximately $2,584,000. Altium Capital Management LLC increased its holdings in shares of Tri Continental by 95.1% in the 1st quarter. Altium Capital Management LLC now owns 78,920 shares of the investment management company’s stock valued at $2,493,000 after acquiring an additional 38,469 shares during the last quarter. Saba Capital Management L.P. raised its holdings in 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 worth $23,222,000 after purchasing an additional 33,497 shares in the last quarter. Beckerman Institutional LLC acquired a new position in Tri Continental in the second quarter valued at $1,378,000. Finally, Allspring Global Investments Holdings LLC grew its stake in Tri Continental by 9.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 366,014 shares of the investment management company’s stock worth $11,562,000 after buying an additional 31,757 shares during the last quarter. 10.22% of the stock is currently owned by institutional investors and hedge funds.

About Tri Continental

Tri-Continental Corporation (NYSE:TY) is a publicly traded closed-end investment company that seeks long-term capital appreciation and current income through a diversified portfolio of securities. Unlike an operating company, Tri-Continental does not manufacture products or provide services directly; it invests shareholder capital in securities selected by its investment adviser.

The fund may invest in common and preferred stocks, convertible securities, bonds and other investments. Its portfolio is primarily focused on equity securities, with investment decisions based on factors such as a company’s financial condition, business prospects and valuation.