Commerce Bank Purchases New Position in Tortoise Energy Infrastructure Corporation $TYG

Key Points

• Commerce Bank acquired 68,825 TYG shares worth approximately $2.95 million during the second quarter, giving it a 0.27% stake. Institutional investors collectively own 32.50% of Tortoise Energy Infrastructure.
• Director Conrad S. Ciccotello purchased 4,107 shares for about $173,480, increasing his ownership by 33.89%; insiders overall own 0.09% of the company.
• TYG recently declared a monthly dividend of $0.475 per share, implying a reported annualized yield of 13.1%. The stock opened at $43.57, compared with a 12-month range of $40.35 to $51.18.

Commerce Bank purchased a new position in shares of Tortoise Energy Infrastructure Corporation (NYSE:TYG - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 68,825 shares of the financial services provider's stock, valued at approximately $2,951,000. Commerce Bank owned approximately 0.27% of Tortoise Energy Infrastructure at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of TYG. Fifth Third Bancorp acquired a new stake in shares of Tortoise Energy Infrastructure in the 1st quarter valued at about $36,000. Parkside Financial Bank & Trust increased its position in Tortoise Energy Infrastructure by 42.9% during 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 during the period. Comerica Bank lifted its stake in Tortoise Energy Infrastructure by 27.8% in the fourth quarter. Comerica Bank now owns 1,111 shares of the financial services provider's stock valued at $45,000 after buying an additional 242 shares during the last quarter. Northwestern Mutual Wealth Management Co. purchased a new stake in Tortoise Energy Infrastructure in the second quarter valued at approximately $54,000. Finally, Rockefeller Capital Management L.P. boosted its holdings in shares of Tortoise Energy Infrastructure by 255.6% in the fourth quarter. Rockefeller Capital Management L.P. now owns 1,892 shares of the financial services provider's stock valued at $77,000 after acquiring an additional 1,360 shares during the period. Institutional investors and hedge funds own 32.50% of the company's stock.

Insider Activity at Tortoise Energy Infrastructure

In other Tortoise Energy Infrastructure news, Director Conrad S. Ciccotello bought 4,107 shares of Tortoise Energy Infrastructure stock in a transaction dated Thursday, June 25th. The stock was acquired at an average cost of $42.24 per share, with a total value of $173,479.68. Following the completion of the acquisition, the director owned 16,225 shares of the company's stock, valued at approximately $685,344. This represents a 33.89% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.09% of the company's stock.

Tortoise Energy Infrastructure Stock Performance

Shares of TYG opened at $43.57 on Tuesday. The company's 50 day simple moving average is $43.27 and its 200-day simple moving average is $45.92. Tortoise Energy Infrastructure Corporation has a 12-month low of $40.35 and a 12-month high of $51.18.

Tortoise Energy Infrastructure Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Monday, November 30th. Shareholders of record on Monday, November 23rd will be paid a $0.475 dividend. The ex-dividend date is Monday, November 23rd. This represents a c) dividend on an annualized basis and a yield of 13.1%.

Tortoise Energy Infrastructure Company Profile

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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