Tri Continental (NYSE:TY) Sees Unusually-High Trading Volume - Here's What Happened

Key Points

• Tri Continental’s trading volume increased 18% to approximately 42,441 shares during mid-day trading, while the stock was nearly unchanged at $35.04.
• The company raised its quarterly dividend to $0.2962 per share, equivalent to $1.18 annually and a 3.4% yield; the dividend is payable September 22 to shareholders of record September 14.
• Institutional investors own 10.22% of Tri Continental, with several firms recently increasing their positions or acquiring new stakes.

Shares of Tri Continental Corporation (NYSE:TY - Get Free Report) saw unusually-high trading volume on Tuesday . Approximately 42,441 shares traded hands during mid-day trading, an increase of 18% from the previous session's volume of 35,819 shares.The stock last traded at $35.04 and had previously closed at $35.05.

Tri Continental Price Performance

The company's 50-day simple moving average is $35.29 and its two-hundred day simple moving average is $34.33.

Tri Continental Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 22nd. Investors of record on Monday, September 14th will be paid a dividend of $0.2962 per share. This is a boost from Tri Continental's previous quarterly dividend of $0.29. The ex-dividend date is Monday, September 14th. This represents a $1.18 dividend on an annualized basis and a dividend yield of 3.4%.

Institutional Investors Weigh In On Tri Continental

A number of institutional investors have recently bought and sold shares of TY. HighTower Advisors LLC increased its holdings in Tri Continental by 2.1% in the 2nd quarter. HighTower Advisors LLC now owns 29,663 shares of the investment management company's stock worth $1,021,000 after buying an additional 598 shares during the period. Commonwealth Retirement Investments LLC acquired a new stake in shares of Tri Continental during the 4th quarter valued at about $29,000. Hanson & Doremus Investment Management acquired a new position in shares of Tri Continental during the 1st quarter worth approximately $29,000. Brown Lisle Cummings Inc. lifted its holdings in Tri Continental by 22.6% during the second quarter. Brown Lisle Cummings Inc. now owns 5,150 shares of the investment management company's stock valued at $177,000 after purchasing an additional 950 shares in the last quarter. Finally, Royal Bank of Canada boosted its holdings in Tri Continental by 1.9% in the 1st quarter. Royal Bank of Canada now owns 58,243 shares of the investment management company's stock worth $1,840,000 after buying an additional 1,072 shares during the last quarter. Hedge funds and other institutional investors own 10.22% of the company's stock.

Tri Continental Company Profile

Tri-Continental Corporation NYSE: TY is a publicly traded closed-end investment company that seeks long-term capital appreciation and current income through a diversified portfolio of securities. Unlike an operating company, Tri-Continental does not manufacture products or provide services directly; it invests shareholder capital in securities selected by its investment adviser.

The fund may invest in common and preferred stocks, convertible securities, bonds and other investments. Its portfolio is primarily focused on equity securities, with investment decisions based on factors such as a company's financial condition, business prospects and valuation.

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