HighTower Advisors LLC Reduces Stock Holdings in Tortoise Energy Infrastructure Corporation $TYG

Key Points

• HighTower Advisors LLC has significantly reduced its stock holdings in Tortoise Energy Infrastructure Corporation by 66.2%, now owning approximately 19,459 shares valued at $838,000.
• Other institutional investors have also been active, with JPMorgan Chase & Co. acquiring a new position worth $25,000 and Comerica Bank increasing its stake by 95%.
• The company declared a monthly dividend of $0.365 per share with an annualized yield of 10.2%, scheduled to be paid on September 30th.

HighTower Advisors LLC lowered its stake in Tortoise Energy Infrastructure Corporation (NYSE:TYG - Free Report) by 66.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 19,459 shares of the financial services provider's stock after selling 38,070 shares during the quarter. HighTower Advisors LLC owned about 0.18% of Tortoise Energy Infrastructure worth $838,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in TYG. JPMorgan Chase & Co. acquired a new stake in shares of Tortoise Energy Infrastructure during the fourth quarter worth about $25,000. Comerica Bank lifted its position in shares of Tortoise Energy Infrastructure by 95.0% during the fourth quarter. Comerica Bank now owns 942 shares of the financial services provider's stock worth $40,000 after purchasing an additional 459 shares in the last quarter. Farther Finance Advisors LLC lifted its position in shares of Tortoise Energy Infrastructure by 756.6% during the first quarter. Farther Finance Advisors LLC now owns 1,225 shares of the financial services provider's stock worth $53,000 after purchasing an additional 1,082 shares in the last quarter. Spire Wealth Management lifted its position in shares of Tortoise Energy Infrastructure by 68.9% during the first quarter. Spire Wealth Management now owns 1,611 shares of the financial services provider's stock worth $69,000 after purchasing an additional 657 shares in the last quarter. Finally, Quarry LP acquired a new stake in shares of Tortoise Energy Infrastructure during the fourth quarter worth about $82,000. Institutional investors and hedge funds own 32.50% of the company's stock.

Insiders Place Their Bets

In other news, major shareholder Prudential Financial Inc bought 1,500,000 shares of Tortoise Energy Infrastructure stock in a transaction that occurred on Thursday, August 21st. The shares were purchased at an average price of $10.00 per share, with a total value of $15,000,000.00. Following the completion of the acquisition, the insider directly owned 1,500,000 shares in the company, valued at $15,000,000. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.10% of the stock is currently owned by company insiders.

Tortoise Energy Infrastructure Stock Down 0.6%

NYSE:TYG traded down $0.26 during mid-day trading on Tuesday, hitting $42.37. The stock had a trading volume of 63,616 shares, compared to its average volume of 59,524. The stock has a 50-day simple moving average of $43.03 and a two-hundred day simple moving average of $41.85. Tortoise Energy Infrastructure Corporation has a twelve month low of $33.73 and a twelve month high of $48.76.

Tortoise Energy Infrastructure Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 23rd will be issued a $0.365 dividend. The ex-dividend date of this dividend is Tuesday, September 23rd. This represents a c) annualized dividend and a yield of 10.3%.

Tortoise Energy Infrastructure Profile

Tortoise Energy Infrastructure Corporation is a closed ended equity mutual fund launched and managed by Tortoise Capital Advisors LLC The fund invests in the public equity markets of the United States. It seeks to invest in the stocks of companies operating in the energy infrastructure sector, with an emphasis on those companies that are engaged in transporting, processing, storing, distributing or marketing natural gas, natural gas liquids (primarily propane), coal, crude oil or refined petroleum products, or exploring, developing, managing or producing such commodities.