Tortoise Energy Infrastructure Corporation (NYSE:TYG) Declares $0.47 Monthly Dividend

Key Points

• Tortoise Energy Infrastructure declared a $0.475-per-share monthly dividend, payable October 30 to shareholders of record October 23. The dividend implies a 12.7% annualized yield.
• TYG opened at $44.77, compared with a 50-day moving average of $43.22 and a 200-day moving average of $45.92; its one-year trading range is $40.35 to $51.18.
• Director Conrad S. Ciccotello purchased 4,107 shares worth approximately $173,480, increasing his position by 33.89%. Institutional investors own 32.5% of the company.

Tortoise Energy Infrastructure Corporation (NYSE:TYG - Get Free Report) announced a monthly dividend on Thursday, August 20th. Stockholders of record on Friday, October 23rd will be given a dividend of 0.475 per share by the financial services provider on Friday, October 30th. This represents a c) annualized dividend and a dividend yield of 12.7%. The ex-dividend date of this dividend is Friday, October 23rd.

Tortoise Energy Infrastructure Stock Performance

Tortoise Energy Infrastructure stock opened at $44.77 on Friday. The stock's 50 day moving average price is $43.22 and its 200 day moving average price is $45.92. Tortoise Energy Infrastructure has a 1-year low of $40.35 and a 1-year high of $51.18.

Insider Buying and Selling at Tortoise Energy Infrastructure

In related news, Director Conrad S. Ciccotello purchased 4,107 shares of the stock in a transaction dated Thursday, June 25th. The shares were acquired at an average cost of $42.24 per share, with a total value of $173,479.68. Following the purchase, the director directly owned 16,225 shares in the company, valued at $685,344. This trade represents a 33.89% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.09% of the stock is currently owned by company insiders.

Institutional Trading of Tortoise Energy Infrastructure

A number of institutional investors have recently added to or reduced their stakes in the stock. Fifth Third Bancorp acquired a new position in Tortoise Energy Infrastructure during the first quarter worth about $36,000. Parkside Financial Bank & Trust increased its holdings in Tortoise Energy Infrastructure by 42.9% in the fourth quarter. Parkside Financial Bank & Trust now owns 1,000 shares of the financial services provider's stock valued at $41,000 after buying an additional 300 shares in the last quarter. Comerica Bank lifted its position in shares of Tortoise Energy Infrastructure by 27.8% during the 4th quarter. Comerica Bank now owns 1,111 shares of the financial services provider's stock valued at $45,000 after acquiring an additional 242 shares during the period. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Tortoise Energy Infrastructure during the 2nd quarter worth approximately $54,000. Finally, Rockefeller Capital Management L.P. grew its holdings in shares of Tortoise Energy Infrastructure by 255.6% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,892 shares of the financial services provider's stock worth $77,000 after acquiring an additional 1,360 shares during the period. Hedge funds and other institutional investors own 32.50% of the company's stock.

Tortoise Energy Infrastructure Company Profile

Tortoise Energy Infrastructure Corp. NYSE: TYG is a closed-end management investment company that focuses on investing in energy infrastructure companies. Organized as a business development company under the Investment Company Act of 1940, it primarily acquires and manages a diversified portfolio of debt and equity securities issued by publicly traded and private energy infrastructure businesses. The company seeks to generate current income and long-term capital appreciation through selective investments across the energy value chain.

The firm's investment strategy emphasizes midstream infrastructure, including pipeline transportation, storage, processing facilities, and terminals.

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