Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) Major Shareholder Saba Capital Management, L.P. Sells 1,000,000 Shares

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) major shareholder Saba Capital Management, L.P. sold 1,000,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 26th. The stock was sold at an average price of $20.09, for a total transaction of $20,090,000.00. Following the transaction, the insider now directly owns 11,234 shares in the company, valued at $225,691.06. This represents a 98.89 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Major shareholders that own at least 10% of a company’s stock are required to disclose their transactions with the SEC.

Saba Capital Management, L.P. also recently made the following trade(s):

• On Tuesday, December 24th, Saba Capital Management, L.P. acquired 347,278 shares of Tortoise Power and Energy Infrastructure Fund stock. The stock was purchased at an average cost of $13.78 per share, with a total value of $4,785,490.84.

Tortoise Power and Energy Infrastructure Fund Trading Up 0.1 %

TPZ traded up $0.02 during trading on Tuesday, reaching $20.07. 116,903 shares of the company’s stock were exchanged, compared to its average volume of 26,705. The firm has a fifty day moving average price of $19.87 and a two-hundred day moving average price of $18.20. Tortoise Power and Energy Infrastructure Fund, Inc. has a one year low of $13.79 and a one year high of $20.99.

Tortoise Power and Energy Infrastructure Fund Announces Dividend

The business also recently disclosed a monthly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 22nd were issued a $0.105 dividend. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $1.26 dividend on an annualized basis and a yield of 6.28%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Kovitz Investment Group Partners LLC acquired a new position in shares of Tortoise Power and Energy Infrastructure Fund during the 3rd quarter valued at $13,071,000. Advisors Asset Management Inc. acquired a new position in shares of Tortoise Power and Energy Infrastructure Fund during the third quarter valued at about $1,186,000. Envestnet Asset Management Inc. boosted its position in shares of Tortoise Power and Energy Infrastructure Fund by 13.6% during the 2nd quarter. Envestnet Asset Management Inc. now owns 197,369 shares of the investment management company’s stock worth $3,116,000 after purchasing an additional 23,673 shares in the last quarter. Sanctuary Advisors LLC grew its stake in shares of Tortoise Power and Energy Infrastructure Fund by 126.5% in the 3rd quarter. Sanctuary Advisors LLC now owns 38,653 shares of the investment management company’s stock valued at $700,000 after buying an additional 21,589 shares during the period. Finally, Quarry LP acquired a new stake in shares of Tortoise Power and Energy Infrastructure Fund in the 3rd quarter valued at about $335,000.

Tortoise Power and Energy Infrastructure Fund Company Profile

Tortoise Power and Energy Infrastructure Fund, Inc is a closed-ended balanced mutual fund launched and managed by Tortoise Capital Advisors, LLC. The fund invests in the fixed income and public equity markets of the United States. It invests in securities of companies operating in the power and energy infrastructure sectors.