Tortoise Energy Infrastructure Corporation $TYG Shares Sold by Thomas J. Herzfeld Advisors Inc.

Key Points

• Thomas J. Herzfeld Advisors Inc. reduced its stake in Tortoise Energy Infrastructure Corporation (NYSE:TYG) by 17.1%, now holding 105,767 shares worth approximately $4.55 million.
• Recently, several hedge funds increased their positions in Tortoise Energy, with Saba Capital Management L.P. ramping up its stake by 118.8% to over $44 million.
• Tortoise Energy Infrastructure announced a monthly dividend of $0.365 to be paid on September 30, representing an annualized yield of 10.2%.

Thomas J. Herzfeld Advisors Inc. lowered its position in Tortoise Energy Infrastructure Corporation (NYSE:TYG - Free Report) by 17.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 105,767 shares of the financial services provider's stock after selling 21,813 shares during the quarter. Tortoise Energy Infrastructure makes up about 1.5% of Thomas J. Herzfeld Advisors Inc.'s portfolio, making the stock its 15th biggest position. Thomas J. Herzfeld Advisors Inc. owned approximately 0.98% of Tortoise Energy Infrastructure worth $4,553,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. Focus Partners Advisor Solutions LLC bought a new position in shares of Tortoise Energy Infrastructure during the fourth quarter valued at approximately $785,000. Spire Wealth Management boosted its position in 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 in the last quarter. Bank of America Corp DE grew its stake in Tortoise Energy Infrastructure by 56.1% in the fourth quarter. Bank of America Corp DE now owns 61,617 shares of the financial services provider's stock valued at $2,588,000 after purchasing an additional 22,156 shares during the last quarter. Fiduciary Alliance LLC bought a new position in Tortoise Energy Infrastructure in the first quarter worth about $321,000. Finally, Wealth Enhancement Advisory Services LLC raised its holdings in Tortoise Energy Infrastructure by 1.6% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 105,434 shares of the financial services provider's stock worth $4,539,000 after purchasing an additional 1,634 shares in the last quarter. Hedge funds and other institutional investors own 32.50% of the company's stock.

Tortoise Energy Infrastructure Trading Down 0.5%

NYSE:TYG traded down $0.20 during midday trading on Thursday, reaching $42.76. 62,331 shares of the stock traded hands, compared to its average volume of 62,951. Tortoise Energy Infrastructure Corporation has a 12-month low of $33.73 and a 12-month high of $48.76. The business has a 50-day moving average of $43.01 and a two-hundred day moving average of $41.92.

Tortoise Energy Infrastructure Announces Dividend

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

Insider Transactions at Tortoise Energy Infrastructure

In other Tortoise Energy Infrastructure news, major shareholder Prudential Financial Inc purchased 1,500,000 shares of the company's stock in a transaction dated Thursday, August 21st. The shares were acquired 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 approximately $15,000,000. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.10% of the stock is owned by corporate insiders.

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.