Bank of America Corp DE Acquires 47,553 Shares of Tri Continental Corporation $TY

Key Points

• Bank of America acquired 47,553 shares of Tri Continental during the second quarter, valued at approximately $1.64 million, giving it a 0.09% stake.
• Several other institutional investors also increased or initiated positions, bringing total institutional and hedge fund ownership to 10.22% of Tri Continental.
• Tri Continental raised its quarterly dividend to $0.2962 per share, equivalent to an annualized $1.18 dividend and a 3.4% yield.

Bank of America Corp DE bought a new stake in Tri Continental Corporation (NYSE:TY - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 47,553 shares of the investment management company's stock, valued at approximately $1,637,000. Bank of America Corp DE owned 0.09% of Tri Continental at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. EP Wealth Advisors LLC purchased a new position in Tri Continental in the second quarter valued at about $2,584,000. Altium Capital Management LLC boosted its position in shares of Tri Continental by 95.1% in the first quarter. Altium Capital Management LLC now owns 78,920 shares of the investment management company's stock worth $2,493,000 after buying an additional 38,469 shares during the period. Beckerman Institutional LLC purchased a new stake in shares of Tri Continental in the second quarter worth about $1,378,000. Saba Capital Management L.P. grew its stake in shares of Tri Continental by 4.8% in the first quarter. Saba Capital Management L.P. now owns 735,098 shares of the investment management company's stock valued at $23,222,000 after buying an additional 33,497 shares in the last quarter. Finally, Allworth Financial LP acquired a new stake in shares of Tri Continental in the second quarter valued at about $1,418,000. Institutional investors and hedge funds own 10.22% of the company's stock.

Tri Continental Trading Up 0.0%

Shares of NYSE:TY opened at $34.35 on Friday. The business's 50-day simple moving average is $35.20 and its 200 day simple moving average is $34.46. Tri Continental Corporation has a one year low of $30.53 and a one year high of $36.55.

Tri Continental Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 22nd. Shareholders of record on Monday, September 14th were given a $0.2962 dividend. This represents a $1.18 annualized dividend and a yield of 3.4%. This is a positive change from Tri Continental's previous quarterly dividend of $0.2852. The ex-dividend date of this dividend was Monday, September 14th.

Tri Continental Company Profile

Tri-Continental Corporation NYSE: TY is a diversified closed-end investment company that seeks long-term capital appreciation and current income for its shareholders. Rather than operating a conventional business, the company invests in a portfolio of publicly traded securities.

Its portfolio may include common stocks, preferred stocks, convertible securities and other income-producing investments. Through these holdings, Tri-Continental provides investors with exposure to a range of industries and companies, primarily in the United States, while also maintaining the flexibility to invest in international markets.

Founded in 1929, Tri-Continental is among the oldest closed-end funds in the United States.

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