Tri Continental (NYSE:TY) Stock Passes Above Two Hundred Day Moving Average - Time to Sell?

Key Points

• Tri Continental shares rose above their 200-day moving average, trading as high as $35.98 versus the $34.22 average, and last changing hands at $35.5910.
• The company increased its quarterly dividend to $0.2962 per share, implying an annualized dividend of about $1.18 and a 3.3% yield.
• Institutional investors recently added to or initiated positions in Tri Continental, with hedge funds and institutions collectively owning 10.22% of the stock.

Tri Continental Corporation (NYSE:TY - Get Free Report)'s share price passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $34.22 and traded as high as $35.98. Tri Continental shares last traded at $35.5910, with a volume of 8,935 shares changing hands.

Tri Continental Trading Up 0.0%

The stock has a fifty day moving average of $35.34 and a 200-day moving average of $34.22.

Tri Continental Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 22nd. Shareholders of record on Monday, September 14th will be given a dividend of $0.2962 per share. This is an increase from Tri Continental's previous quarterly dividend of $0.29. The ex-dividend date of this dividend is Monday, September 14th. This represents a $1.18 dividend on an annualized basis and a yield of 3.3%.

Institutional Trading of Tri Continental

A number of hedge funds and other institutional investors have recently made changes to their positions in TY. EP Wealth Advisors LLC bought a new position in Tri Continental in the second quarter valued at $2,584,000. Altium Capital Management LLC increased its stake in Tri Continental by 95.1% in the 1st quarter. Altium Capital Management LLC now owns 78,920 shares of the investment management company's stock valued at $2,493,000 after buying an additional 38,469 shares during the last quarter. Saba Capital Management L.P. lifted its position in Tri Continental by 4.8% during the 1st quarter. Saba Capital Management L.P. now owns 735,098 shares of the investment management company's stock worth $23,222,000 after buying an additional 33,497 shares in the last quarter. Beckerman Institutional LLC acquired a new position in shares of Tri Continental during the 2nd quarter worth about $1,378,000. Finally, Allspring Global Investments Holdings LLC boosted its stake in shares of Tri Continental by 9.5% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 366,014 shares of the investment management company's stock worth $11,562,000 after buying an additional 31,757 shares during the last quarter. 10.22% of the stock is currently owned by institutional investors and hedge funds.

About Tri Continental

Tri-Continental Corporation is a diversified closed-end management investment company that seeks to generate long-term total return through a combination of capital appreciation and income. The firm offers investors access to a broad portfolio of securities through a single, actively managed vehicle listed on the New York Stock Exchange under the ticker TY.

The company's core strategy centers on investing primarily in equity securities of companies located in North America, Europe and the Pacific Basin.

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