Tri Continental (NYSE:TY) Sees Large Volume Increase – What’s Next?

Tri Continental Corporation (NYSE:TY) saw strong trading volume on Thursday . 23,114 shares traded hands during trading, a decline of 38% from the previous session’s volume of 37,262 shares.The stock last traded at $35.2180 and had previously closed at $34.88.

Tri Continental Stock Down 0.4%

The firm has a 50 day moving average price of $34.61 and a 200-day moving average price of $33.42.

Tri Continental Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, June 25th. Shareholders of record on Tuesday, June 16th were issued a dividend of $0.2852 per share. This is a positive change from Tri Continental’s previous quarterly dividend of $0.28. The ex-dividend date was Tuesday, June 16th. This represents a $1.14 annualized dividend and a yield of 3.3%.

Insiders Place Their Bets

In other Tri Continental news, Portfolio Manager Yan Jin sold 2,500 shares of the stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $34.87, for a total value of $87,175.00. Following the sale, the portfolio manager owned 12,919 shares of the company’s stock, valued at $450,485.53. This trade represents a 16.21% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 8.66% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Tri Continental

A number of institutional investors and hedge funds have recently made changes to their positions in TY. Commonwealth Retirement Investments LLC purchased a new stake in shares of Tri Continental during the fourth quarter worth approximately $29,000. Hanson & Doremus Investment Management purchased a new position in Tri Continental in the first quarter worth approximately $29,000. BNP Paribas Financial Markets lifted its stake in Tri Continental by 529.5% in the second quarter. BNP Paribas Financial Markets now owns 1,259 shares of the investment management company’s stock worth $40,000 after acquiring an additional 1,059 shares during the last quarter. Assetmark Inc. acquired a new position in Tri Continental during the 4th quarter worth approximately $54,000. Finally, Advocate Investing Services LLC acquired a new position in Tri Continental during the 4th quarter worth approximately $54,000. 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.