Wolverine Asset Management LLC Increases Holdings in Tri Continental Corporation (NYSE:TY)

Key Points

• Wolverine Asset Management LLC increased its stake in Tri Continental Corporation (NYSE:TY) by 6.2% in Q1, acquiring an additional 7,852 shares, bringing its total ownership to 134,784 shares valued at $4,134,000.
• Tri Continental recently raised its quarterly dividend from $0.28 to $0.29, resulting in an annualized dividend of $1.16 and a yield of 3.6%.
• Hedge funds and other institutional investors collectively own 10.22% of Tri Continental’s stock, indicating growing interest from large investment firms.

Wolverine Asset Management LLC increased its holdings in shares of Tri Continental Corporation (NYSE:TY - Free Report) by 6.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 134,784 shares of the investment management company's stock after purchasing an additional 7,852 shares during the quarter. Wolverine Asset Management LLC owned approximately 0.26% of Tri Continental worth $4,134,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Costello Asset Management INC purchased a new position in Tri Continental during the 1st quarter worth $48,000. Anchor Investment Management LLC purchased a new stake in Tri Continental during the 4th quarter worth approximately $63,000. Comerica Bank increased its stake in Tri Continental by 103.9% during the 4th quarter. Comerica Bank now owns 2,551 shares of the investment management company's stock worth $81,000 after buying an additional 1,300 shares in the last quarter. Transce3nd LLC acquired a new position in Tri Continental during the fourth quarter worth $96,000. Finally, Bfsg LLC purchased a new position in Tri Continental in the first quarter worth approximately $104,000. 10.22% of the stock is owned by institutional investors.

Tri Continental Stock Up 0.9%

NYSE:TY traded up $0.28 during trading hours on Tuesday, reaching $32.98. 20,006 shares of the stock were exchanged, compared to its average volume of 49,048. Tri Continental Corporation has a twelve month low of $26.54 and a twelve month high of $34.82. The business has a 50-day moving average of $31.88 and a two-hundred day moving average of $31.20.

Tri Continental Increases Dividend

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

Tri Continental Profile

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.