Waverly Advisors LLC Buys New Holdings in Tri-Continental Co. (NYSE:TY)

Waverly Advisors LLC purchased a new stake in shares of Tri-Continental Co. (NYSE:TY - Free Report) in the fourth quarter, according to its most recent filing with the SEC. The firm purchased 11,278 shares of the investment management company's stock, valued at approximately $357,000.

Several other institutional investors have also modified their holdings of the company. Raymond James Financial Inc. purchased a new position in shares of Tri-Continental in the fourth quarter valued at $10,315,000. Platform Technology Partners lifted its position in shares of Tri-Continental by 69.0% in the fourth quarter. Platform Technology Partners now owns 97,531 shares of the investment management company's stock valued at $3,091,000 after acquiring an additional 39,819 shares in the last quarter. Concurrent Investment Advisors LLC boosted its stake in shares of Tri-Continental by 95.3% during the fourth quarter. Concurrent Investment Advisors LLC now owns 59,871 shares of the investment management company's stock valued at $1,897,000 after acquiring an additional 29,212 shares during the last quarter. Mesirow Financial Investment Management Inc. purchased a new stake in Tri-Continental during the 4th quarter worth about $386,000. Finally, TIAA Trust National Association acquired a new position in Tri-Continental in the 4th quarter valued at about $377,000. Hedge funds and other institutional investors own 10.22% of the company's stock.

Tri-Continental Price Performance

NYSE:TY traded up $0.04 on Thursday, reaching $31.16. The stock had a trading volume of 42,106 shares, compared to its average volume of 44,394. Tri-Continental Co. has a 12-month low of $26.54 and a 12-month high of $34.82. The firm's fifty day moving average is $29.91 and its two-hundred day moving average is $31.58.

Tri-Continental Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 25th. Investors of record on Monday, June 16th will be paid a dividend of $0.29 per share. This is an increase from Tri-Continental's previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Monday, June 16th. This represents a $1.16 annualized dividend and a dividend yield of 3.72%.

Insider Buying and Selling

In related news, Director Pamela G. Carlton sold 1,815 shares of the stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $31.23, for a total transaction of $56,682.45. Following the transaction, the director now directly owns 101 shares in the company, valued at approximately $3,154.23. This represents a 94.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 8.66% of the stock is owned by company insiders.

Tri-Continental Company Profile

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.