Shaker Financial Services LLC Sells 73,780 Shares of Tri Continental Corporation (NYSE:TY)

Key Points

• Shaker Financial Services LLC reduced its holdings in Tri Continental Corporation by 45.0%, owning 90,287 shares after selling 73,780 shares in the first quarter.
• Tri Continental recently declared a quarterly dividend of $0.29 per share, an increase from the previous dividend of $0.28, representing a yield of 3.6%.
• Institutional investors and hedge funds collectively own 10.22% of Tri Continental's stock, indicating ongoing interest from larger investors.

Shaker Financial Services LLC cut its holdings in Tri Continental Corporation (NYSE:TY - Free Report) by 45.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 90,287 shares of the investment management company's stock after selling 73,780 shares during the period. Tri Continental comprises approximately 1.1% of Shaker Financial Services LLC's portfolio, making the stock its 29th biggest holding. Shaker Financial Services LLC owned about 0.17% of Tri Continental worth $2,769,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Allspring Global Investments Holdings LLC lifted its stake in Tri Continental by 1.3% in the first quarter. Allspring Global Investments Holdings LLC now owns 276,551 shares of the investment management company's stock valued at $8,482,000 after purchasing an additional 3,539 shares during the last quarter. Cornerstone Advisory LLC lifted its stake in Tri Continental by 2.3% in the first quarter. Cornerstone Advisory LLC now owns 132,096 shares of the investment management company's stock valued at $3,969,000 after purchasing an additional 3,001 shares during the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in Tri Continental by 2.8% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 128,651 shares of the investment management company's stock valued at $4,077,000 after purchasing an additional 3,523 shares during the last quarter. Stifel Financial Corp lifted its stake in Tri Continental by 0.9% in the fourth quarter. Stifel Financial Corp now owns 95,546 shares of the investment management company's stock valued at $3,028,000 after purchasing an additional 844 shares during the last quarter. Finally, Mariner LLC lifted its stake in Tri Continental by 7.2% in the fourth quarter. Mariner LLC now owns 81,564 shares of the investment management company's stock valued at $2,585,000 after purchasing an additional 5,478 shares during the last quarter. 10.22% of the stock is owned by institutional investors.

Tri Continental Trading Up 0.7%

Shares of NYSE:TY traded up $0.22 during trading on Friday, hitting $32.88. 34,552 shares of the company were exchanged, compared to its average volume of 52,681. The stock has a 50 day moving average of $31.85 and a 200 day moving average of $31.22. Tri Continental Corporation has a 52-week low of $26.54 and a 52-week high of $34.82.

Tri Continental Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 25th. Stockholders of record on Monday, June 16th were issued a $0.29 dividend. The ex-dividend date of this dividend was Monday, June 16th. This is an increase from Tri Continental's previous quarterly dividend of $0.28. This represents a $1.16 annualized dividend and a dividend yield of 3.5%.

About Tri Continental

Tri-Continental Corporation is a closed ended equity mutual fund launched and managed by Columbia Management Investment Advisers, LLC. It primarily invests in the public equity markets of the United States. The fund invests in stocks of companies that operate across diversified sectors. It seeks to invest in stocks of large-cap companies.