Royal Bank of Canada Grows Stock Position in Tortoise Energy Infrastructure Corporation $TYG

Royal Bank of Canada boosted its holdings in Tortoise Energy Infrastructure Corporation (NYSE:TYG) by 17.5% during the first quarter, HoldingsChannel reports. The fund owned 391,435 shares of the financial services provider’s stock after buying an additional 58,304 shares during the period. Royal Bank of Canada’s holdings in Tortoise Energy Infrastructure were worth $19,513,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the business. Fifth Third Bancorp acquired a new position in shares of Tortoise Energy Infrastructure in the 1st quarter valued at $36,000. Parkside Financial Bank & Trust raised its holdings in Tortoise Energy Infrastructure by 42.9% in the 4th quarter. Parkside Financial Bank & Trust now owns 1,000 shares of the financial services provider’s stock valued at $41,000 after buying an additional 300 shares during the period. Comerica Bank lifted its position in Tortoise Energy Infrastructure by 27.8% in the fourth quarter. Comerica Bank now owns 1,111 shares of the financial services provider’s stock valued at $45,000 after buying an additional 242 shares during the last quarter. Hartford Financial Management Inc. boosted its stake in Tortoise Energy Infrastructure by 49.2% during the fourth quarter. Hartford Financial Management Inc. now owns 1,244 shares of the financial services provider’s stock worth $51,000 after buying an additional 410 shares during the period. Finally, Rockefeller Capital Management L.P. boosted its stake in Tortoise Energy Infrastructure by 255.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,892 shares of the financial services provider’s stock worth $77,000 after buying an additional 1,360 shares during the period. 32.50% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Conrad S. Ciccotello bought 4,107 shares of the company’s stock in a transaction on Thursday, June 25th. The stock was bought at an average cost of $42.24 per share, with a total value of $173,479.68. Following the transaction, the director directly owned 16,225 shares in the company, valued at $685,344. The trade was a 33.89% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.09% of the stock is currently owned by corporate insiders.

Tortoise Energy Infrastructure Trading Up 0.2%

Shares of TYG opened at $41.98 on Friday. The firm has a 50-day simple moving average of $43.15 and a two-hundred day simple moving average of $45.97. Tortoise Energy Infrastructure Corporation has a 1-year low of $40.35 and a 1-year high of $51.18.

Tortoise Energy Infrastructure Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Monday, August 31st. Investors of record on Monday, August 24th will be issued a $0.475 dividend. This represents a c) annualized dividend and a dividend yield of 13.6%. The ex-dividend date is Monday, August 24th.

About Tortoise Energy Infrastructure

Tortoise Energy Infrastructure Corp. (NYSE: TYG) is a closed-end management investment company that focuses on investing in energy infrastructure companies. Organized as a business development company under the Investment Company Act of 1940, it primarily acquires and manages a diversified portfolio of debt and equity securities issued by publicly traded and private energy infrastructure businesses. The company seeks to generate current income and long-term capital appreciation through selective investments across the energy value chain.

The firm’s investment strategy emphasizes midstream infrastructure, including pipeline transportation, storage, processing facilities, and terminals.