Allspring Global Investments Holdings LLC Sells 121,570 Shares of Tortoise Energy Infrastructure Corporation $TYG

Key Points

• Allspring Global Investments Holdings LLC cut its Tortoise Energy Infrastructure stake by 87.8%, selling 121,570 shares and retaining 16,920 shares worth approximately $843,000. Institutional investors own 32.5% of the company.
• TYG shares opened at $43.78, within a 52-week range of $40.35 to $51.18. The stock’s 50-day moving average was $43.67, compared with $46.00 for its 200-day average.
• Tortoise Energy Infrastructure announced a $0.475 monthly dividend, implying an annualized yield of about 13.0%; meanwhile, Director Conrad S. Ciccotello purchased 4,107 shares for roughly $173,480.

Allspring Global Investments Holdings LLC lowered its stake in shares of Tortoise Energy Infrastructure Corporation (NYSE:TYG - Free Report) by 87.8% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 16,920 shares of the financial services provider's stock after selling 121,570 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.08% of Tortoise Energy Infrastructure worth $843,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Fifth Third Bancorp purchased a new position in shares of Tortoise Energy Infrastructure in the 1st quarter worth about $36,000. Parkside Financial Bank & Trust boosted its stake in Tortoise Energy Infrastructure by 42.9% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,000 shares of the financial services provider's stock worth $41,000 after buying an additional 300 shares in the last quarter. Comerica Bank grew its position in Tortoise Energy Infrastructure by 27.8% during the fourth quarter. Comerica Bank now owns 1,111 shares of the financial services provider's stock valued at $45,000 after acquiring an additional 242 shares during the last quarter. Hartford Financial Management Inc. grew its position in Tortoise Energy Infrastructure by 49.2% during the fourth quarter. Hartford Financial Management Inc. now owns 1,244 shares of the financial services provider's stock valued at $51,000 after acquiring an additional 410 shares during the last quarter. Finally, Rockefeller Capital Management L.P. raised its stake in shares of Tortoise Energy Infrastructure by 255.6% during the fourth quarter. Rockefeller Capital Management L.P. now owns 1,892 shares of the financial services provider's stock worth $77,000 after acquiring an additional 1,360 shares in the last quarter. 32.50% of the stock is owned by institutional investors.

Tortoise Energy Infrastructure Stock Performance

Shares of TYG opened at $43.78 on Tuesday. Tortoise Energy Infrastructure Corporation has a fifty-two week low of $40.35 and a fifty-two week high of $51.18. The firm has a 50 day moving average price of $43.67 and a 200-day moving average price of $46.00.

Tortoise Energy Infrastructure Dividend Announcement

The firm also recently announced a monthly dividend, which will be paid on Monday, August 31st. Investors of record on Monday, August 24th will be given a $0.475 dividend. This represents a c) dividend on an annualized basis and a yield of 13.0%. The ex-dividend date is Monday, August 24th.

Insider Buying and Selling

In other Tortoise Energy Infrastructure news, Director Conrad S. Ciccotello bought 4,107 shares of the firm's stock in a transaction that occurred on Thursday, June 25th. The shares were bought at an average price of $42.24 per share, for a total transaction of $173,479.68. Following the transaction, the director directly owned 16,225 shares in the company, valued at $685,344. This trade represents a 33.89% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.09% of the stock is currently owned by insiders.

About Tortoise Energy Infrastructure

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.

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