Tri Continental (NYSE:TY) Stock Price Passes Above 50 Day Moving Average - Time to Sell?

Key Points

• Shares of Tri Continental Corporation recently crossed above its fifty-day moving average of $33.44, trading at $34.23 with a volume of 42,581 shares.
• The company's quarterly dividend of $0.2654 per share results in an annual yield of 3.1%, with the ex-dividend date noted as September 16th.
• Several institutional investors, including Bard Financial Services and Allspring Global Investments, have significantly increased their stakes in Tri Continental during the second quarter.

Shares of Tri Continental Corporation (NYSE:TY - ) passed above its fifty day moving average during trading on Monday . The stock has a fifty day moving average of $33.44 and traded as high as $34.41. Tri Continental shares last traded at $34.23, with a volume of 42,581 shares trading hands.

Tri Continental Price Performance

The firm's 50-day moving average is $33.44 and its 200 day moving average is $31.67.

Tri Continental Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 24th. Stockholders of record on Tuesday, September 16th were issued a $0.2654 dividend. This represents a $1.06 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date of this dividend was Tuesday, September 16th.

Institutional Trading of Tri Continental

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Bard Financial Services Inc. lifted its position in Tri Continental by 6.1% during the 2nd quarter. Bard Financial Services Inc. now owns 470,799 shares of the investment management company's stock worth $14,906,000 after acquiring an additional 26,965 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in shares of Tri Continental by 12.7% during the second quarter. Allspring Global Investments Holdings LLC now owns 311,551 shares of the investment management company's stock worth $9,864,000 after purchasing an additional 35,000 shares during the period. Raymond James Financial Inc. grew its position in Tri Continental by 1.5% in the 2nd quarter. Raymond James Financial Inc. now owns 263,482 shares of the investment management company's stock valued at $8,342,000 after buying an additional 3,857 shares during the last quarter. Shaker Financial Services LLC increased its stake in Tri Continental by 79.8% in the 2nd quarter. Shaker Financial Services LLC now owns 162,350 shares of the investment management company's stock valued at $5,140,000 after buying an additional 72,063 shares during the period. Finally, Wolverine Asset Management LLC increased its stake in Tri Continental by 14.3% in the 2nd quarter. Wolverine Asset Management LLC now owns 154,054 shares of the investment management company's stock valued at $4,877,000 after buying an additional 19,270 shares during the period. 10.22% of the stock is owned by hedge funds and other institutional investors.

Tri Continental Company Profile

Tri-Continental Corporation is a closed ended equity mutual fund launched and managed by Columbia Management Investment Advisers, LLC. It primarily invests in the public equity markets of the United States. The fund invests in stocks of companies that operate across diversified sectors. It seeks to invest in stocks of large-cap companies.

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