Tri Continental (NYSE:TY) Share Price Crosses Below 200-Day Moving Average – What’s Next?

Tri Continental Corporation (NYSE:TY) passed below its 200-day moving average during trading on Tuesday. The stock has a 200-day moving average of $34.42 and traded as low as $34.04. Tri Continental shares last traded at $34.32, with a volume of 20,839 shares traded.

Tri Continental Stock Performance

The stock has a 50-day moving average price of $35.21 and a two-hundred day moving average price of $34.44.

Tri Continental Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 22nd. Shareholders of record on Monday, September 14th were paid a dividend of $0.2962 per share. This represents a $1.18 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date was Monday, September 14th. This is a positive change from Tri Continental’s previous quarterly dividend of $0.2852.

Hedge Funds Weigh In On Tri Continental

A number of hedge funds have recently modified their holdings of the company. Saba Capital Management L.P. raised its position in shares of Tri Continental by 4.8% during the 1st quarter. Saba Capital Management L.P. now owns 735,098 shares of the investment management company’s stock valued at $23,222,000 after purchasing an additional 33,497 shares during the period. Allspring Global Investments Holdings LLC raised its holdings in Tri Continental by 9.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 366,014 shares of the investment management company’s stock valued at $11,562,000 after acquiring an additional 31,757 shares during the period. Hennion & Walsh Asset Management Inc. lifted its position in shares of Tri Continental by 8.1% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 156,550 shares of the investment management company’s stock valued at $5,388,000 after acquiring an additional 11,778 shares in the last quarter. Cornerstone Advisory LLC boosted its stake in shares of Tri Continental by 2.8% in the first quarter. Cornerstone Advisory LLC now owns 151,571 shares of the investment management company’s stock worth $4,788,000 after acquiring an additional 4,099 shares during the period. Finally, First Trust Advisors LP boosted its stake in shares of Tri Continental by 15.3% in the first quarter. First Trust Advisors LP now owns 84,592 shares of the investment management company’s stock worth $2,672,000 after acquiring an additional 11,254 shares during the period. 10.22% of the stock is currently owned by institutional investors.

About Tri Continental

Tri-Continental Corporation (NYSE: TY) is a diversified closed-end investment company that seeks long-term capital appreciation and current income for its shareholders. Rather than operating a conventional business, the company invests in a portfolio of publicly traded securities.

Its portfolio may include common stocks, preferred stocks, convertible securities and other income-producing investments. Through these holdings, Tri-Continental provides investors with exposure to a range of industries and companies, primarily in the United States, while also maintaining the flexibility to invest in international markets.

Founded in 1929, Tri-Continental is among the oldest closed-end funds in the United States.