Tortoise Energy Infrastructure Corporation $TYG Stake Cut by Royal Bank of Canada

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 reduced its stake in shares of Tortoise Energy Infrastructure Corporation (NYSE:TYG - Free Report) by 3.6% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 248,431 shares of the financial services provider's stock after selling 9,396 shares during the quarter. Royal Bank of Canada owned 2.31% of Tortoise Energy Infrastructure worth $10,695,000 as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. Raymond James Financial Inc. lifted its position in shares of Tortoise Energy Infrastructure by 50.6% during the first quarter. Raymond James Financial Inc. now owns 256,729 shares of the financial services provider's stock worth $11,052,000 after purchasing an additional 86,304 shares in the last quarter. Focus Partners Advisor Solutions LLC acquired a new position in shares of Tortoise Energy Infrastructure during the fourth quarter worth $785,000. Spire Wealth Management lifted its position 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 worth $69,000 after purchasing an additional 657 shares in the last quarter. Bank of America Corp DE lifted its position in shares of Tortoise Energy Infrastructure by 56.1% during the fourth quarter. Bank of America Corp DE now owns 61,617 shares of the financial services provider's stock worth $2,588,000 after purchasing an additional 22,156 shares in the last quarter. Finally, Fiduciary Alliance LLC acquired a new position in shares of Tortoise Energy Infrastructure during the first quarter worth $321,000. 32.50% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Tortoise Energy Infrastructure

In related news, major shareholder Prudential Financial Inc purchased 1,500,000 shares of the firm's stock in a transaction dated Thursday, August 21st. The stock was acquired at an average price of $10.00 per share, with a total value of $15,000,000.00. Following the completion of the transaction, the insider owned 1,500,000 shares of the company's stock, valued at $15,000,000. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.10% of the company's stock.

Tortoise Energy Infrastructure Trading Down 0.3%

Shares of NYSE TYG traded down $0.11 during trading on Wednesday, reaching $42.21. 48,125 shares of the stock were exchanged, compared to its average volume of 56,354. Tortoise Energy Infrastructure Corporation has a twelve month low of $33.73 and a twelve month high of $48.76. The business's 50-day moving average price is $42.89 and its 200 day moving average price is $41.71.

Tortoise Energy Infrastructure Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Tuesday, September 23rd will be given a dividend of $0.365 per share. 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 10.4%.

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.