Tortoise Energy Infrastructure Corporation $TYG Stake Boosted by D.A. Davidson & CO.

Key Points

• D.A. Davidson & Co. increased its Tortoise Energy Infrastructure (NYSE: TYG) stake by 81.6% in the third quarter, bringing its holdings to 70,830 shares valued at approximately $2.7 million.
• Several other institutional investors also bought or expanded positions in TYG, and institutional investors and hedge funds collectively own 32.5% of the company’s stock.
• TYG shares opened at $39.63, near the lower end of their 12-month range, while the company announced a monthly dividend of $0.475 per share—equivalent to an annualized $5.70 payout and a 14.4% yield.

D.A. Davidson & CO. boosted its holdings in Tortoise Energy Infrastructure Corporation (NYSE:TYG - Free Report) by 81.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 70,830 shares of the financial services provider's stock after purchasing an additional 31,835 shares during the quarter. D.A. Davidson & CO.'s holdings in Tortoise Energy Infrastructure were worth $2,712,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in TYG. Royal Bank of Canada grew its holdings in shares of Tortoise Energy Infrastructure by 17.5% during the first quarter. Royal Bank of Canada now owns 391,435 shares of the financial services provider's stock valued at $19,513,000 after purchasing an additional 58,304 shares during the last quarter. LaSalle St. Investment Advisors LLC bought a new stake in shares of Tortoise Energy Infrastructure in the 2nd quarter worth approximately $1,052,000. Rivernorth Capital Management LLC bought a new stake in shares of Tortoise Energy Infrastructure in the 2nd quarter worth approximately $4,557,000. Bank of America Corp DE bought a new stake in shares of Tortoise Energy Infrastructure in the 2nd quarter worth approximately $2,616,000. Finally, Commerce Bank acquired a new position in Tortoise Energy Infrastructure during the 2nd quarter valued at approximately $2,951,000. Institutional investors and hedge funds own 32.50% of the company's stock.

Tortoise Energy Infrastructure Stock Performance

NYSE:TYG opened at $39.63 on Tuesday. The business has a 50 day simple moving average of $40.71 and a 200 day simple moving average of $44.54. Tortoise Energy Infrastructure Corporation has a 12-month low of $37.45 and a 12-month high of $51.18.

Tortoise Energy Infrastructure Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Monday, November 30th. Shareholders of record on Monday, November 23rd will be paid a $0.4750 dividend. This represents a $5.70 dividend on an annualized basis and a yield of 14.4%. The ex-dividend date is Monday, November 23rd.

Tortoise Energy Infrastructure Profile

Tortoise Energy Infrastructure Corp. NYSE: TYG is a closed-end investment company focused on the energy infrastructure sector. Rather than operating pipelines, power plants or other infrastructure assets directly, the fund invests in publicly traded companies and master limited partnerships involved in energy transportation, storage, processing, generation and related infrastructure activities.

The fund seeks to provide investors with exposure to North American energy infrastructure, with investments generally spanning midstream energy companies and other businesses supporting the movement and delivery of energy.

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