Raymond James Financial Inc. Sells 65,870 Shares of Tri Continental Corporation $TY

Key Points

• Raymond James Financial Inc. reduced its stake in Tri Continental Corporation by 20.2% in the first quarter, owning approximately 0.50% of the company valued at $7.96 million after selling 65,870 shares.
• Other institutional investors, including Costello Asset Management and Comerica Bank, have also recently altered their positions in Tri Continental, with total institutional ownership at 10.22%.
• Tri Continental's stock opened at $33.56, with a 12-month price range between $26.54 and $34.82.

Raymond James Financial Inc. cut its position in Tri Continental Corporation (NYSE:TY - Free Report) by 20.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 259,625 shares of the investment management company's stock after selling 65,870 shares during the quarter. Raymond James Financial Inc. owned 0.50% of Tri Continental worth $7,963,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of TY. First Trust Advisors LP raised its position in Tri Continental by 4.7% in the fourth quarter. First Trust Advisors LP now owns 56,749 shares of the investment management company's stock valued at $1,798,000 after purchasing an additional 2,547 shares during the last quarter. Comerica Bank raised its stake in shares of Tri Continental by 103.9% during the fourth quarter. Comerica Bank now owns 2,551 shares of the investment management company's stock valued at $81,000 after acquiring an additional 1,300 shares during the last quarter. Ameriprise Financial Inc. raised its stake in shares of Tri Continental by 3.5% during the fourth quarter. Ameriprise Financial Inc. now owns 11,849 shares of the investment management company's stock valued at $375,000 after acquiring an additional 402 shares during the last quarter. Bank of America Corp DE raised its stake in shares of Tri Continental by 5.6% during the fourth quarter. Bank of America Corp DE now owns 46,149 shares of the investment management company's stock valued at $1,462,000 after acquiring an additional 2,464 shares during the last quarter. Finally, Cetera Investment Advisers raised its stake in shares of Tri Continental by 22.7% during the fourth quarter. Cetera Investment Advisers now owns 25,483 shares of the investment management company's stock valued at $808,000 after acquiring an additional 4,717 shares during the last quarter. 10.22% of the stock is currently owned by institutional investors.

Tri Continental Price Performance

Shares of TY stock traded up $0.02 during trading hours on Friday, hitting $33.59. 97,299 shares of the company's stock traded hands, compared to its average volume of 37,594. The stock's 50 day simple moving average is $32.68 and its 200 day simple moving average is $31.31. Tri Continental Corporation has a 12 month low of $26.54 and a 12 month high of $34.82.

Tri Continental Cuts Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 24th. Stockholders of record on Tuesday, September 16th will be given a dividend of $0.2654 per share. This represents a $1.06 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Tuesday, September 16th.

Tri Continental Profile

Tri-Continental Corporation is a closed ended equity mutual fund launched and managed by Columbia Management Investment Advisers, LLC. It primarily invests in the public equity markets of the United States. The fund invests in stocks of companies that operate across diversified sectors. It seeks to invest in stocks of large-cap companies.