Tri Continental (NYSE:TY) Hits New 52-Week High - What's Next?

Key Points

• Tri Continental stock hit a new 52-week high, trading as high as $36.05 before closing near $35.67, up about 0.5% on the day. The move came on volume of 31,374 shares.
• The company recently raised its quarterly dividend to $0.2852 per share from $0.28, equal to an annualized payout of $1.14 and a 3.2% yield.
• Institutional investors continue to adjust positions in TY, with several firms increasing holdings, while insider Portfolio Manager Yan Jin sold 2,500 shares in late May. Institutional ownership stands at 10.22% of the stock.

Tri Continental Corporation (NYSE:TY - Get Free Report)'s stock price reached a new 52-week high on Friday . The stock traded as high as $36.05 and last traded at $35.6650, with a volume of 31374 shares changing hands. The stock had previously closed at $35.50.

Tri Continental Trading Up 0.5%

The business's fifty day moving average price is $34.79 and its 200-day moving average price is $33.53.

Tri Continental Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 25th. Stockholders of record on Tuesday, June 16th were issued a $0.2852 dividend. This represents a $1.14 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date was Tuesday, June 16th. This is an increase from Tri Continental's previous quarterly dividend of $0.28.

Insider Activity at Tri Continental

In related news, Portfolio Manager Yan Jin sold 2,500 shares of the firm's stock in a transaction dated Wednesday, May 27th. The stock was sold at an average price of $34.87, for a total transaction of $87,175.00. Following the transaction, the portfolio manager directly owned 12,919 shares of the company's stock, valued at approximately $450,485.53. This trade represents a 16.21% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 8.66% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of TY. Saba Capital Management L.P. lifted its stake in shares of Tri Continental by 4.8% in the 1st quarter. Saba Capital Management L.P. now owns 735,098 shares of the investment management company's stock valued at $23,222,000 after acquiring an additional 33,497 shares during the last quarter. Lazard Asset Management LLC grew its position in Tri Continental by 15.1% during the 3rd quarter. Lazard Asset Management LLC now owns 517,626 shares of the investment management company's stock worth $17,599,000 after acquiring an additional 67,821 shares during the last quarter. Blue Bell Private Wealth Management LLC increased its stake in Tri Continental by 0.7% in the 4th quarter. Blue Bell Private Wealth Management LLC now owns 420,932 shares of the investment management company's stock worth $13,748,000 after purchasing an additional 2,899 shares during the period. Allspring Global Investments Holdings LLC increased its stake in shares of Tri Continental by 9.5% in the first 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 period. Finally, Raymond James Financial Inc. increased its position in shares of Tri Continental by 1.0% in the third quarter. Raymond James Financial Inc. now owns 266,059 shares of the investment management company's stock valued at $9,046,000 after acquiring an additional 2,577 shares during the period. 10.22% of the stock is currently owned by institutional investors.

Tri Continental Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.