Tri Continental (NYSE:TY) Sets New 1-Year High - Still a Buy?

Key Points

• Tri Continental shares reached a new 52-week high, trading as high as $36.25 and recently around $36.30. The stock’s 50-day and 200-day moving averages were $35.06 and $33.92, respectively.
• The company increased its quarterly dividend to $0.2852, or $1.14 annually, resulting in a 3.1% yield.
• Institutional investors generally increased their positions, while portfolio manager Yan Jin sold 2,500 shares. Insiders own 8.66% of the stock, compared with 10.22% held by institutional investors.

Tri Continental Corporation (NYSE:TY - Get Free Report)'s share price hit a new 52-week high during trading on Thursday . The stock traded as high as $36.25 and last traded at $36.2980, with a volume of 3898 shares changing hands. The stock had previously closed at $35.77.

Tri Continental Price Performance

The business has a 50 day simple moving average of $35.06 and a two-hundred day simple moving average of $33.92.

Tri Continental Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 25th. Investors of record on Tuesday, June 16th were paid a $0.2852 dividend. This represents a $1.14 dividend on an annualized basis and a yield of 3.1%. This is a boost from Tri Continental's previous quarterly dividend of $0.28. The ex-dividend date of this dividend was Tuesday, June 16th.

Insider Transactions at Tri Continental

In other Tri Continental news, Portfolio Manager Yan Jin sold 2,500 shares of the firm's stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $34.87, for a total transaction of $87,175.00. Following the transaction, the portfolio manager 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 transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 8.66% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Tri Continental

A number of hedge funds and other institutional investors have recently modified their holdings of TY. Saba Capital Management L.P. raised its stake in Tri Continental by 4.8% in the first 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. Lazard Asset Management LLC boosted 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 valued at $17,599,000 after acquiring an additional 67,821 shares in the last quarter. Blue Bell Private Wealth Management LLC increased its holdings in shares of 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 valued at $13,748,000 after acquiring an additional 2,899 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in shares of Tri Continental by 9.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 366,014 shares of the investment management company's stock valued at $11,562,000 after acquiring an additional 31,757 shares during the period. Finally, Raymond James Financial Inc. raised its position in shares of 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 acquiring an additional 2,577 shares in the last quarter. 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.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source