Tortoise Energy Infrastructure Corporation $TYG Shares Bought by Raymond James Financial Inc.

Key Points

• Raymond James Financial Inc. increased its stake in Tortoise Energy Infrastructure by 50.6%, owning approximately 2.38% of the company valued at around $11.05 million as of the latest SEC filing.
• Major shareholder Prudential Financial Inc. bought 1.5 million shares at $10.00 each, increasing their ownership significantly, with the total transaction amounting to $15 million.
• Tortoise Energy Infrastructure declared a monthly dividend of $0.365 per share, which results in an annualized yield of 10.3%, with the ex-dividend date set for September 23rd.

Raymond James Financial Inc. lifted its holdings in Tortoise Energy Infrastructure Corporation (NYSE:TYG - Free Report) by 50.6% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 256,729 shares of the financial services provider's stock after buying an additional 86,304 shares during the quarter. Raymond James Financial Inc. owned approximately 2.38% of Tortoise Energy Infrastructure worth $11,052,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of TYG. JPMorgan Chase & Co. bought a new stake in shares of Tortoise Energy Infrastructure during the 4th quarter valued at about $25,000. Comerica Bank boosted its stake in 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 during the period. Farther Finance Advisors LLC grew its holdings 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 valued at $53,000 after purchasing an additional 1,082 shares during the last quarter. Spire Wealth Management grew its holdings 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 valued at $69,000 after purchasing an additional 657 shares during the last quarter. Finally, Commerce Bank acquired a new stake in shares of Tortoise Energy Infrastructure during the 1st quarter worth approximately $217,000. 32.50% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Tortoise Energy Infrastructure

In other news, major shareholder Prudential Financial Inc purchased 1,500,000 shares of the company's stock in a transaction on Thursday, August 21st. The shares were bought at an average price of $10.00 per share, for a total transaction of $15,000,000.00. Following the completion of the purchase, the insider owned 1,500,000 shares of the company's stock, valued at $15,000,000. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.10% of the company's stock.

Tortoise Energy Infrastructure Price Performance

NYSE TYG traded up $0.08 during trading hours on Thursday, hitting $42.78. The company had a trading volume of 41,219 shares, compared to its average volume of 86,918. Tortoise Energy Infrastructure Corporation has a fifty-two week low of $33.73 and a fifty-two week high of $48.76. The business has a fifty day simple moving average of $43.04 and a 200-day simple moving average of $41.86.

Tortoise Energy Infrastructure Announces Dividend

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

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.