HighTower Advisors LLC Has $838,000 Stock Position 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 decreased its holdings in shares of Tortoise Energy Infrastructure Corporation (NYSE:TYG - Free Report) by 66.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. 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 approximately 0.18% of Tortoise Energy Infrastructure worth $838,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. JPMorgan Chase & Co. acquired a new position in shares of Tortoise Energy Infrastructure during the 4th quarter worth $25,000. Comerica Bank increased its stake in shares of Tortoise Energy Infrastructure by 95.0% during the 4th quarter. Comerica Bank now owns 942 shares of the financial services provider's stock worth $40,000 after purchasing an additional 459 shares during the last quarter. Farther Finance Advisors LLC increased its stake in shares of Tortoise Energy Infrastructure by 756.6% during the 1st 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 during the last quarter. Spire Wealth Management boosted its holdings in shares of Tortoise Energy Infrastructure by 68.9% during the 1st quarter. Spire Wealth Management now owns 1,611 shares of the financial services provider's stock worth $69,000 after buying an additional 657 shares during the period. Finally, Quarry LP bought a new stake in shares of Tortoise Energy Infrastructure during the 4th quarter worth $82,000. Institutional investors and hedge funds own 32.50% of the company's stock.

Tortoise Energy Infrastructure Price Performance

NYSE TYG opened at $42.92 on Thursday. The company has a fifty day simple moving average of $43.00 and a 200 day simple moving average of $41.93. Tortoise Energy Infrastructure Corporation has a 1 year low of $33.73 and a 1 year high of $48.76.

Tortoise Energy Infrastructure Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Tuesday, September 30th. Investors of record on Tuesday, September 23rd will be issued a dividend of $0.365 per share. This represents a c) annualized dividend and a dividend yield of 10.2%. The ex-dividend date of this dividend is Tuesday, September 23rd.

Insider Activity

In other news, major shareholder Prudential Financial Inc acquired 1,500,000 shares of the firm's stock in a transaction that occurred on Thursday, August 21st. The stock was acquired at an average cost of $10.00 per share, with a total value of $15,000,000.00. Following the acquisition, the insider owned 1,500,000 shares in the company, valued at approximately $15,000,000. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.10% of the company's stock.

Tortoise Energy Infrastructure Company 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.

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