106,305 Shares in Tortoise Energy Infrastructure Corporation $TYG Acquired by Rivernorth Capital Management LLC

Key Points

• Rivernorth Capital Management acquired 106,305 shares of Tortoise Energy Infrastructure, valued at approximately $4.56 million, giving it a 0.42% stake. Institutional investors and hedge funds collectively own 32.5% of the company.
• Director Conrad S. Ciccotello purchased 4,107 shares for about $173,480, increasing his ownership by 33.9%; insiders own 0.09% of the stock.
• TYG recently announced a $0.475 monthly dividend, equivalent to a 13.1% yield, while shares opened at $43.45—near the 50-day average of $43.35 and below the 200-day average of $45.87.

Rivernorth Capital Management LLC bought a new stake in Tortoise Energy Infrastructure Corporation (NYSE:TYG - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 106,305 shares of the financial services provider's stock, valued at approximately $4,557,000. Rivernorth Capital Management LLC owned 0.42% of Tortoise Energy Infrastructure as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Fifth Third Bancorp acquired a new position in Tortoise Energy Infrastructure in the first quarter valued at about $36,000. Parkside Financial Bank & Trust lifted its holdings in shares of 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 worth $41,000 after acquiring an additional 300 shares during the last quarter. Comerica Bank boosted its position in shares of Tortoise Energy Infrastructure by 27.8% during the 4th quarter. Comerica Bank now owns 1,111 shares of the financial services provider's stock worth $45,000 after purchasing an additional 242 shares during the period. Northwestern Mutual Wealth Management Co. acquired a new stake in Tortoise Energy Infrastructure in the 2nd quarter valued at approximately $54,000. Finally, Rockefeller Capital Management L.P. raised its position in Tortoise Energy Infrastructure by 255.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,892 shares of the financial services provider's stock valued at $77,000 after purchasing an additional 1,360 shares during the period. Institutional investors and hedge funds own 32.50% of the company's stock.

Insider Transactions at Tortoise Energy Infrastructure

In other Tortoise Energy Infrastructure news, Director Conrad S. Ciccotello purchased 4,107 shares of Tortoise Energy Infrastructure stock in a transaction dated Thursday, June 25th. The shares were acquired at an average price of $42.24 per share, with a total value of $173,479.68. Following the completion of the transaction, the director owned 16,225 shares of the company's stock, valued at $685,344. This trade represents a 33.89% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.09% of the stock is owned by company insiders.

Tortoise Energy Infrastructure Stock Performance

TYG opened at $43.45 on Monday. Tortoise Energy Infrastructure Corporation has a 52 week low of $40.35 and a 52 week high of $51.18. The business has a fifty day simple moving average of $43.35 and a 200-day simple moving average of $45.87.

Tortoise Energy Infrastructure Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Monday, November 30th. Shareholders of record on Monday, November 23rd will be given a $0.475 dividend. This represents a c) annualized dividend and a yield of 13.1%. The ex-dividend date of this dividend is Monday, November 23rd.

Tortoise Energy Infrastructure Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source