Private Advisor Group LLC Sells 39,951 Shares of Tortoise Energy Infrastructure Corporation $TYG

Key Points

• Private Advisor Group LLC reduced its stake in Tortoise Energy Infrastructure by 76.2% in the first quarter, selling 39,951 shares and leaving it with 12,469 shares valued at about $622,000.
• Several other institutional investors increased their holdings, and overall institutional ownership stands at 32.50%; meanwhile, director Conrad S. Ciccotello bought 4,107 shares in a recent insider purchase.
• The stock opened at $43.44 and the company announced a monthly dividend of $0.475 per share, payable Aug. 31, implying an annualized yield of about 13.1%.

Private Advisor Group LLC cut its holdings in shares of Tortoise Energy Infrastructure Corporation (NYSE:TYG - Free Report) by 76.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 12,469 shares of the financial services provider's stock after selling 39,951 shares during the period. Private Advisor Group LLC owned approximately 0.06% of Tortoise Energy Infrastructure worth $622,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Advisors Asset Management Inc. increased its holdings in shares of Tortoise Energy Infrastructure by 17.9% in the fourth quarter. Advisors Asset Management Inc. now owns 381,612 shares of the financial services provider's stock worth $15,608,000 after acquiring an additional 57,930 shares in the last quarter. Royal Bank of Canada lifted its holdings in shares of Tortoise Energy Infrastructure by 22.6% during the 4th quarter. Royal Bank of Canada now owns 333,131 shares of the financial services provider's stock valued at $13,625,000 after purchasing an additional 61,432 shares in the last quarter. Raymond James Financial Inc. grew its position in shares of Tortoise Energy Infrastructure by 8.3% in the 3rd quarter. Raymond James Financial Inc. now owns 317,361 shares of the financial services provider's stock valued at $13,675,000 after purchasing an additional 24,319 shares during the period. Bard Associates Inc. grew its position in shares of Tortoise Energy Infrastructure by 71.1% in the 4th quarter. Bard Associates Inc. now owns 195,725 shares of the financial services provider's stock valued at $8,005,000 after purchasing an additional 81,306 shares during the period. Finally, Wealth Enhancement Advisory Services LLC increased its stake in Tortoise Energy Infrastructure by 19.5% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 167,078 shares of the financial services provider's stock worth $6,910,000 after purchasing an additional 27,300 shares in the last quarter. 32.50% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Tortoise Energy Infrastructure

In related news, Director Conrad S. Ciccotello acquired 4,107 shares of the business's stock in a transaction that occurred on Thursday, June 25th. The shares were acquired at an average cost of $42.24 per share, with a total value of $173,479.68. Following the transaction, the director owned 16,225 shares of the company's stock, valued at $685,344. The trade was a 33.89% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.09% of the stock is currently owned by insiders.

Tortoise Energy Infrastructure Stock Performance

Shares of TYG stock opened at $43.44 on Thursday. The company's 50 day moving average price is $44.06 and its two-hundred day moving average price is $45.81. Tortoise Energy Infrastructure Corporation has a 52 week low of $40.35 and a 52 week high of $51.18.

Tortoise Energy Infrastructure Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Monday, August 31st. Investors of record on Monday, August 24th will be issued a dividend of $0.475 per share. This represents a c) dividend on an annualized basis and a dividend yield of 13.1%. The ex-dividend date is Monday, August 24th.

Tortoise Energy Infrastructure 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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