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

A number of other institutional investors and hedge funds have also modified their holdings of the company. Royal Bank of Canada lifted its stake in shares of Tri Continental by 30.9% in the first quarter. Royal Bank of Canada now owns 56,484 shares of the investment management company's stock worth $1,732,000 after buying an additional 13,321 shares during the last quarter. Wolverine Asset Management LLC increased its position in Tri Continental by 6.2% during the first quarter. Wolverine Asset Management LLC now owns 134,784 shares of the investment management company's stock worth $4,134,000 after acquiring an additional 7,852 shares during the period. Costello Asset Management INC bought a new position in Tri Continental during the first quarter worth $48,000. LPL Financial LLC increased its position in Tri Continental by 10.4% during the first quarter. LPL Financial LLC now owns 47,985 shares of the investment management company's stock worth $1,472,000 after acquiring an additional 4,523 shares during the period. Finally, Cornerstone Advisory LLC increased its position in Tri Continental by 2.3% during the first quarter. Cornerstone Advisory LLC now owns 132,096 shares of the investment management company's stock worth $3,969,000 after acquiring an additional 3,001 shares during the period. 10.22% of the stock is currently owned by institutional investors and hedge funds.

Tri Continental Trading Down 0.0%

TY stock traded down $0.01 on Friday, reaching $33.93. 21,715 shares of the company were exchanged, compared to its average volume of 37,918. The stock's fifty day moving average price is $32.88 and its 200 day moving average price is $31.35. Tri Continental Corporation has a 12 month low of $26.54 and a 12 month high of $34.82.

Tri Continental Cuts Dividend

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

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.