Tri-Continental (NYSE:TY) Sets New 12-Month High – What’s Next?

Tri-Continental Co. (NYSE:TY)’s share price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $34.34 and last traded at $34.18, with a volume of 29394 shares trading hands. The stock had previously closed at $33.89.

Tri-Continental Stock Up 0.4 %

The stock’s 50 day simple moving average is $33.19 and its 200 day simple moving average is $31.88.

Tri-Continental Cuts Dividend

The company also recently announced a — dividend, which will be paid on Monday, December 23rd. Investors of record on Friday, December 13th will be paid a $0.285 dividend. The ex-dividend date of this dividend is Friday, December 13th. This represents a yield of 3.3%.

Hedge Funds Weigh In On Tri-Continental

A number of large investors have recently modified their holdings of TY. Atwood & Palmer Inc. purchased a new position in Tri-Continental in the 2nd quarter worth $84,000. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Tri-Continental by 19.3% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,577 shares of the investment management company’s stock worth $111,000 after buying an additional 579 shares during the period. US Bancorp DE increased its holdings in shares of Tri-Continental by 16.4% in the third quarter. US Bancorp DE now owns 5,648 shares of the investment management company’s stock worth $187,000 after buying an additional 796 shares during the period. Walleye Capital LLC purchased a new stake in Tri-Continental during the 3rd quarter valued at about $269,000. Finally, Mercer Global Advisors Inc. ADV bought a new position in Tri-Continental during the 2nd quarter worth approximately $327,000. 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.