Tri Continental (NYSE:TY) Sees Unusually-High Trading Volume – Still a Buy?

Tri Continental Corporation (NYSE:TY) shares saw unusually-strong trading volume on Thursday . Approximately 41,838 shares traded hands during mid-day trading, an increase of 1% from the previous session’s volume of 41,461 shares.The stock last traded at $33.58 and had previously closed at $33.57.

Tri Continental Stock Up 0.1%

The business’s 50 day moving average price is $32.53 and its two-hundred day moving average price is $33.25.

Tri Continental Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 25th. Stockholders of record on Tuesday, March 17th were paid a $0.2848 dividend. This represents a $1.14 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend was Tuesday, March 17th.

Institutional Trading of Tri Continental

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Quadrant Private Wealth Management LLC acquired a new stake in Tri Continental during the third quarter valued at approximately $1,306,000. Allspring Global Investments Holdings LLC lifted its stake in Tri Continental by 7.9% during the third quarter. Allspring Global Investments Holdings LLC now owns 336,196 shares of the investment management company’s stock valued at $11,431,000 after purchasing an additional 24,645 shares during the last quarter. Hennion & Walsh Asset Management Inc. lifted its stake in Tri Continental by 27.4% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 123,776 shares of the investment management company’s stock valued at $4,043,000 after purchasing an additional 26,593 shares during the last quarter. RB Capital Management LLC lifted its stake in Tri Continental by 1.0% during the third quarter. RB Capital Management LLC now owns 61,581 shares of the investment management company’s stock valued at $2,094,000 after purchasing an additional 588 shares during the last quarter. Finally, MGO One Seven LLC lifted its stake in Tri Continental by 3.3% during the fourth quarter. MGO One Seven LLC now owns 21,850 shares of the investment management company’s stock valued at $714,000 after purchasing an additional 704 shares during the last quarter. 10.22% of the stock is owned by institutional investors and hedge funds.

About Tri Continental

Tri-Continental Corporation is a diversified closed-end management investment company that seeks to generate long-term total return through a combination of capital appreciation and income. The firm offers investors access to a broad portfolio of securities through a single, actively managed vehicle listed on the New York Stock Exchange under the ticker TY.

The company’s core strategy centers on investing primarily in equity securities of companies located in North America, Europe and the Pacific Basin.