Advisors Asset Management Inc. Acquires 39,572 Shares of Tortoise Energy Infrastructure Corporation $TYG

Key Points

• Advisors Asset Management Inc. increased its stake in Tortoise Energy Infrastructure Corporation by 10.2%, now owning approximately 425,793 shares worth around $18.3 million.
• A monthly dividend of $0.365 per share was declared by Tortoise Energy Infrastructure, representing an annualized yield of 10.3% for shareholders of record.
• Major shareholder Prudential Financial Inc. acquired 1.5 million shares at $10.00 per share, significantly increasing their position in the company.

Advisors Asset Management Inc. increased its position in shares of Tortoise Energy Infrastructure Corporation (NYSE:TYG - Free Report) by 10.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 425,793 shares of the financial services provider's stock after purchasing an additional 39,572 shares during the period. Advisors Asset Management Inc. owned 3.96% of Tortoise Energy Infrastructure worth $18,330,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the company. North Ground Capital bought a new stake in shares of Tortoise Energy Infrastructure during the 1st quarter valued at $223,000. Monetary Management Group Inc. increased its holdings in Tortoise Energy Infrastructure by 44.0% in the 1st quarter. Monetary Management Group Inc. now owns 36,730 shares of the financial services provider's stock valued at $1,581,000 after acquiring an additional 11,221 shares during the last quarter. Raymond James Financial Inc. increased its holdings in Tortoise Energy Infrastructure by 50.6% in the 1st quarter. Raymond James Financial Inc. now owns 256,729 shares of the financial services provider's stock valued at $11,052,000 after acquiring an additional 86,304 shares during the last quarter. Invesco Ltd. increased its holdings in Tortoise Energy Infrastructure by 52.8% in the 1st quarter. Invesco Ltd. now owns 39,151 shares of the financial services provider's stock valued at $1,685,000 after acquiring an additional 13,530 shares during the last quarter. Finally, Benjamin Edwards Inc. bought a new stake in Tortoise Energy Infrastructure in the 1st quarter valued at $299,000. 32.50% of the stock is currently owned by institutional investors.

Insider Transactions at Tortoise Energy Infrastructure

In related news, major shareholder Prudential Financial Inc purchased 1,500,000 shares of Tortoise Energy Infrastructure stock in a transaction on Thursday, August 21st. The shares were bought at an average cost of $10.00 per share, for a total transaction of $15,000,000.00. Following the acquisition, the insider owned 1,500,000 shares in the company, valued at approximately $15,000,000. The trade was a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.10% of the company's stock.

Tortoise Energy Infrastructure Stock Performance

NYSE TYG traded down $0.12 on Friday, reaching $42.64. The company had a trading volume of 54,637 shares, compared to its average volume of 58,979. The firm's 50 day moving average price is $43.04 and its 200 day moving average price is $41.79. Tortoise Energy Infrastructure Corporation has a 12 month low of $33.73 and a 12 month high of $48.76.

Tortoise Energy Infrastructure Announces Dividend

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

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.