Tri Continental (NYSE:TY) Reaches New 12-Month High – Should You Buy?

Tri Continental Corporation (NYSE:TY) hit a new 52-week high during mid-day trading on Friday . The company traded as high as $34.93 and last traded at $34.88, with a volume of 13578 shares traded. The stock had previously closed at $34.59.

Tri Continental Trading Up 0.6%

The business has a 50-day moving average price of $34.11 and a 200-day moving average price of $32.98.

Tri Continental Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 22nd. Stockholders of record on Friday, December 12th will be issued a dividend of $2.3154 per share. This is an increase from Tri Continental’s previous quarterly dividend of $0.27. This represents a $9.26 dividend on an annualized basis and a dividend yield of 26.6%. The ex-dividend date is Friday, December 12th.

Institutional Trading of Tri Continental

A number of hedge funds have recently modified their holdings of TY. HM Payson & Co. acquired a new stake in Tri Continental during the 3rd quarter worth approximately $35,000. Ameritas Advisory Services LLC acquired a new position in Tri Continental in the 2nd quarter worth $39,000. BNP Paribas Financial Markets increased its holdings in Tri Continental by 529.5% during the 2nd quarter. BNP Paribas Financial Markets now owns 1,259 shares of the investment management company’s stock worth $40,000 after purchasing an additional 1,059 shares in the last quarter. Jones Financial Companies Lllp raised its stake in shares of Tri Continental by 49.7% in the 1st quarter. Jones Financial Companies Lllp now owns 2,643 shares of the investment management company’s stock valued at $83,000 after purchasing an additional 877 shares during the period. Finally, CWM LLC lifted its holdings in shares of Tri Continental by 83.9% in the third quarter. CWM LLC now owns 3,285 shares of the investment management company’s stock valued at $112,000 after purchasing an additional 1,499 shares in the last quarter. Hedge funds and other institutional investors own 10.22% of the company’s stock.

About Tri Continental

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.