Invesco Ltd. Boosts Position in Tortoise Energy Infrastructure Corporation $TYG

Key Points

• Invesco Ltd. has increased its stake in Tortoise Energy Infrastructure Corporation by 52.8%, now owning 39,151 shares valued at approximately $1.7 million.
• Tortoise Energy Infrastructure announced a monthly dividend of $0.365 per share with a yield of 10.3%, to be paid to shareholders of record on September 23rd.
• Major shareholder Prudential Financial Inc. significantly boosted its position by acquiring 1.5 million shares for a total of $15 million on August 21st.

Invesco Ltd. boosted its position in shares of Tortoise Energy Infrastructure Corporation (NYSE:TYG - Free Report) by 52.8% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 39,151 shares of the financial services provider's stock after buying an additional 13,530 shares during the quarter. Invesco Ltd. owned 0.36% of Tortoise Energy Infrastructure worth $1,685,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. JPMorgan Chase & Co. bought a new stake in shares of Tortoise Energy Infrastructure in the fourth quarter valued at about $25,000. Comerica Bank raised its holdings in shares of Tortoise Energy Infrastructure by 95.0% in the fourth quarter. Comerica Bank now owns 942 shares of the financial services provider's stock valued at $40,000 after acquiring an additional 459 shares in the last quarter. Farther Finance Advisors LLC raised its holdings in shares of Tortoise Energy Infrastructure by 756.6% in the first quarter. Farther Finance Advisors LLC now owns 1,225 shares of the financial services provider's stock valued at $53,000 after acquiring an additional 1,082 shares in the last quarter. Spire Wealth Management raised its holdings in shares of Tortoise Energy Infrastructure by 68.9% in the first quarter. Spire Wealth Management now owns 1,611 shares of the financial services provider's stock valued at $69,000 after acquiring an additional 657 shares in the last quarter. Finally, Commerce Bank bought a new stake in shares of Tortoise Energy Infrastructure in the first quarter valued at about $217,000. 32.50% of the stock is owned by hedge funds and other institutional investors.

Tortoise Energy Infrastructure Stock Performance

Tortoise Energy Infrastructure stock traded up $0.08 during trading hours on Thursday, reaching $42.78. The stock had a trading volume of 40,196 shares, compared to its average volume of 86,887. Tortoise Energy Infrastructure Corporation has a 52 week low of $33.73 and a 52 week high of $48.76. The business's 50 day moving average price is $43.04 and its 200-day moving average price is $41.86.

Tortoise Energy Infrastructure Announces Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 23rd will be given a $0.365 dividend. The ex-dividend date of this dividend is Tuesday, September 23rd. This represents a c) dividend on an annualized basis and a dividend yield of 10.2%.

Insider Buying and Selling

In related news, major shareholder Prudential Financial Inc acquired 1,500,000 shares of the business's stock in a transaction dated Thursday, August 21st. The shares were purchased at an average price of $10.00 per share, for a total transaction 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.10% of the company's stock.

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.