Tri-Continental (NYSE:TY) Stock Crosses Below 200-Day Moving Average – Here’s Why

Tri-Continental Co. (NYSE:TY) shares passed below its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $31.73 and traded as low as $30.97. Tri-Continental shares last traded at $31.15, with a volume of 45,287 shares changing hands.

Tri-Continental Price Performance

The firm’s 50 day simple moving average is $29.82 and its 200-day simple moving average is $31.73.

Tri-Continental Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 26th. Shareholders of record on Tuesday, March 18th were given a dividend of $0.2766 per share. This represents a $1.11 annualized dividend and a yield of 3.55%. The ex-dividend date was Tuesday, March 18th.

Insiders Place Their Bets

In other Tri-Continental news, Director Pamela G. Carlton sold 1,815 shares of the company’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $31.23, for a total value of $56,682.45. Following the sale, the director now owns 101 shares of the company’s stock, valued at approximately $3,154.23. This represents a 94.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 8.66% of the stock is currently owned by insiders.

Institutional Trading of Tri-Continental

Several institutional investors and hedge funds have recently made changes to their positions in TY. JPMorgan Chase & Co. boosted its stake in shares of Tri-Continental by 218.4% during the 3rd quarter. JPMorgan Chase & Co. now owns 13,160 shares of the investment management company’s stock worth $435,000 after purchasing an additional 9,027 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its position in Tri-Continental by 1.1% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 126,471 shares of the investment management company’s stock worth $4,179,000 after acquiring an additional 1,343 shares during the last quarter. Stolper Co grew its stake in Tri-Continental by 3.7% in the 4th quarter. Stolper Co now owns 55,019 shares of the investment management company’s stock worth $1,744,000 after acquiring an additional 1,965 shares during the period. Successful Portfolios LLC raised its holdings in Tri-Continental by 4.0% in the 4th quarter. Successful Portfolios LLC now owns 15,605 shares of the investment management company’s stock valued at $495,000 after acquiring an additional 593 shares during the last quarter. Finally, Janney Montgomery Scott LLC lifted its stake in shares of Tri-Continental by 4.9% during the 4th quarter. Janney Montgomery Scott LLC now owns 10,876 shares of the investment management company’s stock worth $345,000 after purchasing an additional 507 shares during the period. 10.22% of the stock is currently owned by hedge funds and other institutional investors.

Tri-Continental Company Profile

Tri-Continental Corporation is a closed ended equity mutual fund launched and managed by Columbia Management Investment Advisers, LLC. It primarily invests in the public equity markets of the United States. The fund invests in stocks of companies that operate across diversified sectors. It seeks to invest in stocks of large-cap companies.