Tri Continental (NYSE:TY) Sees Unusually-High Trading Volume - Still a Buy?

Key Points

• Shares saw a modest uptick in volume to 41,838 (up 1% from the prior session) and last traded at $33.58; the 50-day and 200-day moving averages are $32.53 and $33.25, respectively.
• Tri Continental paid a quarterly dividend of $0.2848 per share (annualized $1.14), implying a 3.4% yield; the ex-dividend date was March 17 and payment was made March 25.
• Several institutions raised stakes—notably Saba Capital (701,601 shares) and Lazard (517,626 shares)—with institutional investors now owning 10.22% of the company.

Shares of Tri Continental Corporation (NYSE:TY - Get Free Report) saw an uptick in trading volume on Thursday . 41,838 shares changed hands during trading, an increase of 1% from the previous session's volume of 41,461 shares.The stock last traded at $33.58 and had previously closed at $33.57.

Tri Continental Stock Performance

The business's 50-day moving average is $32.53 and its two-hundred day moving average is $33.25.

Tri Continental Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 25th. Investors of record on Tuesday, March 17th were given a dividend of $0.2848 per share. This represents a $1.14 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend was Tuesday, March 17th.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Saba Capital Management L.P. grew its position in Tri Continental by 8.3% in the 4th quarter. Saba Capital Management L.P. now owns 701,601 shares of the investment management company's stock worth $22,914,000 after purchasing an additional 53,917 shares during the last quarter. Lazard Asset Management LLC grew its position in Tri Continental by 15.1% in the 3rd quarter. Lazard Asset Management LLC now owns 517,626 shares of the investment management company's stock worth $17,599,000 after purchasing an additional 67,821 shares during the last quarter. Blue Bell Private Wealth Management LLC grew its position 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 last quarter. Allspring Global Investments Holdings LLC grew its position in Tri Continental by 7.9% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 336,196 shares of the investment management company's stock worth $11,431,000 after purchasing an additional 24,645 shares during the last quarter. Finally, Raymond James Financial Inc. grew its position in Tri Continental by 1.0% in the 3rd quarter. Raymond James Financial Inc. now owns 266,059 shares of the investment management company's stock worth $9,046,000 after purchasing an additional 2,577 shares during the last quarter. Institutional investors own 10.22% of the company's stock.

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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