Tri Continental (NYSE:TY) Shares Cross Above 50 Day Moving Average - Here's Why

Key Points

• Tri Continental (NYSE:TY) crossed above its 50-day moving average, trading as high as $33.66 and last at $33.57 versus a 50-day SMA of $32.53 (200-day SMA $33.25).
• The company recently paid a quarterly dividend of $0.2848 per share (annualized $1.14), implying a yield of about 3.4%.
• Institutional buying increased: several firms (notably Royal Bank of Canada, Jones Financial, Guggenheim and First Trust) added to positions, and institutions own roughly 10.22% of the stock.

Tri Continental Corporation (NYSE:TY - Get Free Report) passed above its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $32.53 and traded as high as $33.66. Tri Continental shares last traded at $33.57, with a volume of 12,217 shares changing hands.

Tri Continental Price Performance

The firm's 50 day simple moving average is $32.53 and its 200-day simple moving average is $33.25.

Tri Continental Cuts Dividend

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

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in TY. Royal Bank of Canada increased its holdings in Tri Continental by 30.9% during the first quarter. Royal Bank of Canada now owns 56,484 shares of the investment management company's stock worth $1,732,000 after buying an additional 13,321 shares during the last quarter. Jones Financial Companies Lllp increased its holdings in Tri Continental by 49.7% during the first quarter. Jones Financial Companies Lllp now owns 2,643 shares of the investment management company's stock worth $83,000 after buying an additional 877 shares during the last quarter. Guggenheim Capital LLC increased its stake in shares of Tri Continental by 21.5% during the 2nd quarter. Guggenheim Capital LLC now owns 28,819 shares of the investment management company's stock worth $912,000 after purchasing an additional 5,090 shares during the last quarter. First Trust Advisors LP increased its stake in shares of Tri Continental by 3.2% during the 2nd quarter. First Trust Advisors LP now owns 62,617 shares of the investment management company's stock worth $1,982,000 after purchasing an additional 1,914 shares during the last quarter. Finally, Baird Financial Group Inc. acquired a new position in shares of Tri Continental during the 2nd quarter worth about $220,000. Institutional investors and hedge funds own 10.22% of the company's stock.

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.

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