Shaker Financial Services LLC Makes New $2.99 Million Investment in Tri Continental Corporation $TY

Key Points

• Shaker Financial Services LLC acquired 86,983 shares of Tri Continental, valued at approximately $2.99 million, giving it about a 0.16% stake.
• Other institutional investors also adjusted their positions, with hedge funds and institutions collectively owning 10.22% of Tri Continental.
• Tri Continental’s shares recently traded at $34.72, while the company raised its quarterly dividend to $0.2962 per share, equivalent to a 3.4% annualized yield.

Shaker Financial Services LLC acquired a new position in Tri Continental Corporation (NYSE:TY - Free Report) in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 86,983 shares of the investment management company's stock, valued at approximately $2,987,000. Shaker Financial Services LLC owned approximately 0.16% of Tri Continental at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Worth Asset Management LLC bought a new position in Tri Continental in the third quarter worth about $230,000. Engineers Gate Manager LP purchased a new position in shares of Tri Continental during the 2nd quarter worth approximately $340,000. Waverly Advisors LLC grew its holdings in shares of Tri Continental by 9.4% during the 2nd quarter. Waverly Advisors LLC now owns 14,153 shares of the investment management company's stock worth $487,000 after acquiring an additional 1,218 shares during the period. Brown Lisle Cummings Inc. grew its holdings in shares of Tri Continental by 22.6% during the 2nd quarter. Brown Lisle Cummings Inc. now owns 5,150 shares of the investment management company's stock worth $177,000 after acquiring an additional 950 shares during the period. Finally, HighTower Advisors LLC raised its position in shares of Tri Continental by 2.1% in the 2nd quarter. HighTower Advisors LLC now owns 29,663 shares of the investment management company's stock worth $1,021,000 after acquiring an additional 598 shares in the last quarter. 10.22% of the stock is owned by hedge funds and other institutional investors.

Tri Continental Trading Down 0.2%

Shares of TY traded down $0.06 on Wednesday, reaching $34.72. The stock had a trading volume of 9,037 shares, compared to its average volume of 35,650. The company has a 50-day simple moving average of $35.13 and a 200-day simple moving average of $34.62. Tri Continental Corporation has a 12-month low of $30.53 and a 12-month high of $36.55.

Tri Continental Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 22nd. Shareholders of record on Monday, September 14th were given a dividend of $0.2962 per share. This is an increase from Tri Continental's previous quarterly dividend of $0.2852. This represents a $1.18 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend was Monday, September 14th.

About Tri Continental

Tri-Continental Corporation NYSE: TY is a diversified closed-end investment company that seeks long-term capital appreciation and current income for its shareholders. Rather than operating a conventional business, the company invests in a portfolio of publicly traded securities.

Its portfolio may include common stocks, preferred stocks, convertible securities and other income-producing investments. Through these holdings, Tri-Continental provides investors with exposure to a range of industries and companies, primarily in the United States, while also maintaining the flexibility to invest in international markets.

Founded in 1929, Tri-Continental is among the oldest closed-end funds in the United States.

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