Kovitz Investment Group Partners LLC Sells 12,250 Shares of Tri-Continental Co. (NYSE:TY)

Kovitz Investment Group Partners LLC lessened its stake in Tri-Continental Co. (NYSE:TY - Free Report) by 5.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 213,843 shares of the investment management company's stock after selling 12,250 shares during the quarter. Kovitz Investment Group Partners LLC owned about 0.40% of Tri-Continental worth $6,777,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of TY. JPMorgan Chase & Co. increased its stake in Tri-Continental by 218.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 13,160 shares of the investment management company's stock valued at $435,000 after buying an additional 9,027 shares during the last quarter. Allworth Financial LP raised its holdings in Tri-Continental by 3.1% in the 4th quarter. Allworth Financial LP now owns 15,585 shares of the investment management company's stock worth $509,000 after purchasing an additional 472 shares during the period. Commonwealth Equity Services LLC grew its stake in Tri-Continental by 4.2% during the fourth quarter. Commonwealth Equity Services LLC now owns 58,389 shares of the investment management company's stock valued at $1,850,000 after acquiring an additional 2,369 shares in the last quarter. Sanctuary Advisors LLC lifted its position in Tri-Continental by 8.1% in the fourth quarter. Sanctuary Advisors LLC now owns 68,080 shares of the investment management company's stock worth $2,222,000 after buying an additional 5,076 shares during the last quarter. Finally, Crews Bank & Trust bought a new position in Tri-Continental during the 4th quarter worth about $270,000. 10.22% of the stock is currently owned by institutional investors and hedge funds.

Tri-Continental Price Performance

NYSE:TY traded up $0.33 during midday trading on Friday, hitting $30.35. The company's stock had a trading volume of 23,293 shares, compared to its average volume of 43,921. The firm's 50 day moving average is $30.04 and its 200-day moving average is $31.90. Tri-Continental Co. has a fifty-two week low of $26.54 and a fifty-two week high of $34.82.

Tri-Continental Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 26th. Stockholders of record on Tuesday, March 18th were issued a $0.2766 dividend. This represents a $1.11 annualized dividend and a dividend yield of 3.65%. The ex-dividend date of this dividend was Tuesday, March 18th.

Insider Transactions at Tri-Continental

In other Tri-Continental news, Director Pamela G. Carlton sold 1,815 shares of Tri-Continental stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $31.23, for a total transaction of $56,682.45. Following the sale, the director now directly owns 101 shares in the company, valued at $3,154.23. The trade was a 94.73 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 8.66% of the company's stock.

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.