Tri Continental Corporation (NYSE:TY) Shares Sold by Shaker Financial Services LLC

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 lowered its stake in Tri Continental Corporation (NYSE:TY - Free Report) by 45.0% during the first quarter, according to its most recent 13F filing with the SEC. The firm owned 90,287 shares of the investment management company's stock after selling 73,780 shares during the quarter. Tri Continental accounts for about 1.1% of Shaker Financial Services LLC's portfolio, making the stock its 29th biggest holding. Shaker Financial Services LLC owned 0.17% of Tri Continental worth $2,769,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of the stock. Ameriprise Financial Inc. boosted its stake in Tri Continental by 3.5% during the 4th quarter. Ameriprise Financial Inc. now owns 11,849 shares of the investment management company's stock worth $375,000 after purchasing an additional 402 shares during the period. Twin Focus Capital Partners LLC boosted its stake in shares of Tri Continental by 5.6% during the 4th quarter. Twin Focus Capital Partners LLC now owns 11,611 shares of the investment management company's stock worth $368,000 after acquiring an additional 611 shares in the last quarter. Cetera Investment Advisers grew its holdings in Tri Continental by 2.6% in the first quarter. Cetera Investment Advisers now owns 26,149 shares of the investment management company's stock valued at $802,000 after purchasing an additional 666 shares during the last quarter. Stifel Financial Corp increased its holdings in Tri Continental by 0.9% during the 4th quarter. Stifel Financial Corp now owns 95,546 shares of the investment management company's stock valued at $3,028,000 after acquiring an additional 844 shares in the last quarter. Finally, Allworth Financial LP lifted its stake in Tri Continental by 5.5% in the 1st quarter. Allworth Financial LP now owns 16,448 shares of the investment management company's stock valued at $481,000 after buying an additional 863 shares in the last quarter. Institutional investors and hedge funds own 10.22% of the company's stock.

Tri Continental Stock Performance

Shares of TY traded up $0.09 on Thursday, hitting $32.65. 45,164 shares of the stock traded hands, compared to its average volume of 52,604. Tri Continental Corporation has a 1 year low of $26.54 and a 1 year high of $34.82. The stock's 50 day moving average is $31.82 and its two-hundred day moving average is $31.22.

Tri Continental Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 25th. Shareholders of record on Monday, June 16th were given a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 3.6%. This is a boost from Tri Continental's previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Monday, June 16th.

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.