Tortoise Energy Infrastructure (NYSE:TYG) Major Shareholder Prudential Financial Inc Purchases 1,500,000 Shares

Key Points

• Prudential Financial Inc. significantly increased its stake in Tortoise Energy Infrastructure by purchasing 1,500,000 shares at $10.00 each, totaling $15 million.
• The company has recently declared a monthly dividend of $0.365 per share, which equates to an annualized yield of 10.2%, payable on September 30th to shareholders of record on September 23rd.
• Institutional investors hold 32.5% of Tortoise Energy Infrastructure's stock, with several firms, including Saba Capital Management and Advisors Asset Management, increasing their positions in recent months.

Tortoise Energy Infrastructure Corporation (NYSE:TYG - Get Free Report) major shareholder Prudential Financial Inc bought 1,500,000 shares of Tortoise Energy Infrastructure stock in a transaction dated Thursday, August 21st. The stock was acquired at an average price of $10.00 per share, for a total transaction of $15,000,000.00. Following the completion of 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 ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Large shareholders that own 10% or more of a company's shares are required to disclose their sales and purchases with the SEC.

Tortoise Energy Infrastructure Stock Performance

Shares of Tortoise Energy Infrastructure stock traded down $0.16 during trading hours on Friday, reaching $42.63. The company's stock had a trading volume of 62,288 shares, compared to its average volume of 62,630. The firm has a 50 day moving average price of $43.01 and a 200-day moving average price of $41.90. Tortoise Energy Infrastructure Corporation has a one year low of $33.73 and a one year high of $48.76.

Tortoise Energy Infrastructure Dividend Announcement

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

Institutional Trading of Tortoise Energy Infrastructure

A number of large investors have recently made changes to their positions in TYG. JPMorgan Chase & Co. bought a new position in Tortoise Energy Infrastructure during the 4th quarter valued at about $25,000. Comerica Bank grew its stake in Tortoise Energy Infrastructure by 95.0% in the 4th quarter. Comerica Bank now owns 942 shares of the financial services provider's stock worth $40,000 after acquiring an additional 459 shares in the last quarter. Farther Finance Advisors LLC grew its stake in Tortoise Energy Infrastructure by 756.6% in the 1st quarter. Farther Finance Advisors LLC now owns 1,225 shares of the financial services provider's stock worth $53,000 after acquiring an additional 1,082 shares in the last quarter. Spire Wealth Management grew its stake in Tortoise Energy Infrastructure by 68.9% in the 1st quarter. Spire Wealth Management now owns 1,611 shares of the financial services provider's stock worth $69,000 after acquiring an additional 657 shares in the last quarter. Finally, Quarry LP purchased a new stake in shares of Tortoise Energy Infrastructure in the 4th quarter worth approximately $82,000. 32.50% of the stock is currently owned by institutional investors.

Tortoise Energy Infrastructure Company 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.