Advisors Asset Management Inc. Takes Position in Tri Continental Corporation $TY

Key Points

• Advisors Asset Management Inc. has acquired a new stake in Tri Continental Corporation, purchasing 24,044 shares valued at approximately $737,000.
• Several institutional investors, including Costello Asset Management and Comerica Bank, have also increased their positions in Tri Continental, indicating growing interest from large investors.
• Tri Continental recently declared a quarterly dividend of $0.2654 per share, with an annualized yield of 3.2%, highlighting the company's commitment to returning value to shareholders.

Advisors Asset Management Inc. bought a new position in shares of Tri Continental Corporation (NYSE:TY - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 24,044 shares of the investment management company's stock, valued at approximately $737,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Ameriprise Financial Inc. boosted its holdings in Tri Continental by 3.5% during the fourth quarter. Ameriprise Financial Inc. now owns 11,849 shares of the investment management company's stock worth $375,000 after buying an additional 402 shares during the last quarter. Cetera Investment Advisers boosted its holdings in Tri Continental by 2.6% during the first quarter. Cetera Investment Advisers now owns 26,149 shares of the investment management company's stock worth $802,000 after buying an additional 666 shares during the last quarter. Allworth Financial LP boosted its holdings in Tri Continental by 5.5% during the first quarter. Allworth Financial LP now owns 16,448 shares of the investment management company's stock worth $481,000 after buying an additional 863 shares during the last quarter. Comerica Bank boosted its holdings in Tri Continental by 103.9% during the fourth quarter. Comerica Bank now owns 2,551 shares of the investment management company's stock worth $81,000 after buying an additional 1,300 shares during the last quarter. Finally, Costello Asset Management INC bought a new position in Tri Continental during the first quarter worth about $48,000. Institutional investors own 10.22% of the company's stock.

Tri Continental Price Performance

TY traded up $0.09 during midday trading on Monday, reaching $34.00. 36,736 shares of the company were exchanged, compared to its average volume of 37,150. Tri Continental Corporation has a one year low of $26.54 and a one year high of $34.82. The stock's 50-day simple moving average is $32.92 and its 200 day simple moving average is $31.36.

Tri Continental Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 24th. Stockholders of record on Tuesday, September 16th will be issued a dividend of $0.2654 per share. This represents a $1.06 annualized dividend and a dividend yield of 3.1%. The ex-dividend date is Tuesday, September 16th.

Tri Continental 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.