Royal Bank of Canada Sells 9,396 Shares of Tortoise Energy Infrastructure Corporation $TYG

Key Points

• Royal Bank of Canada has reduced its stake in Tortoise Energy Infrastructure Corporation by 3.6%, selling 9,396 shares and currently holding 248,431 shares worth approximately $10.7 million.
• Prudential Financial Inc significantly increased its position by acquiring 1.5 million shares at $10.00 per share, with a total investment of $15 million.
• Tortoise Energy Infrastructure recently announced a monthly dividend of $0.365 per share, yielding 10.3%, with the payment scheduled for September 30th.

Royal Bank of Canada lessened its stake in shares of Tortoise Energy Infrastructure Corporation (NYSE:TYG - Free Report) by 3.6% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 248,431 shares of the financial services provider's stock after selling 9,396 shares during the period. Royal Bank of Canada owned 2.31% of Tortoise Energy Infrastructure worth $10,695,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Raymond James Financial Inc. grew its position in Tortoise Energy Infrastructure by 50.6% during the 1st quarter. Raymond James Financial Inc. now owns 256,729 shares of the financial services provider's stock worth $11,052,000 after acquiring an additional 86,304 shares during the last quarter. Focus Partners Advisor Solutions LLC acquired a new position in shares of Tortoise Energy Infrastructure in the 4th quarter valued at about $785,000. Spire Wealth Management lifted its stake in shares of Tortoise Energy Infrastructure by 68.9% in the 1st 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 period. Bank of America Corp DE raised its stake in Tortoise Energy Infrastructure by 56.1% during the 4th quarter. Bank of America Corp DE now owns 61,617 shares of the financial services provider's stock worth $2,588,000 after buying an additional 22,156 shares during the period. Finally, Fiduciary Alliance LLC acquired a new position in Tortoise Energy Infrastructure during the 1st quarter worth approximately $321,000. 32.50% of the stock is currently owned by institutional investors and hedge funds.

Tortoise Energy Infrastructure Stock Down 0.5%

TYG stock opened at $42.52 on Friday. The stock's 50 day simple moving average is $42.95 and its 200 day simple moving average is $41.74. Tortoise Energy Infrastructure Corporation has a fifty-two week low of $33.73 and a fifty-two week high of $48.76.

Tortoise Energy Infrastructure Dividend Announcement

The business also recently disclosed a monthly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Tuesday, September 23rd will be issued a dividend of $0.365 per share. This represents a c) dividend on an annualized basis and a yield of 10.3%. The ex-dividend date of this dividend is Tuesday, September 23rd.

Insider Buying and Selling

In related news, major shareholder Prudential Financial Inc acquired 1,500,000 shares of the firm's stock in a transaction on Thursday, August 21st. The stock was purchased 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 of the company's stock, valued at approximately $15,000,000. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.10% of the company's stock.

About Tortoise Energy Infrastructure

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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