Johnson Investment Counsel Inc. Raises Position in Tri-Continental Co. (NYSE:TY)

Johnson Investment Counsel Inc. boosted its stake in Tri-Continental Co. (NYSE:TY) by 3.6% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 17,430 shares of the investment management company’s stock after buying an additional 611 shares during the quarter. Johnson Investment Counsel Inc.’s holdings in Tri-Continental were worth $552,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Raymond James Financial Inc. purchased a new position in Tri-Continental in the 4th quarter worth approximately $10,315,000. Kovitz Investment Group Partners LLC purchased a new position in Tri-Continental in the 3rd quarter worth approximately $7,366,000. Wolverine Asset Management LLC lifted its stake in Tri-Continental by 5.2% in the 4th quarter. Wolverine Asset Management LLC now owns 126,932 shares of the investment management company’s stock worth $4,022,000 after purchasing an additional 6,222 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its stake in Tri-Continental by 1.1% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 126,471 shares of the investment management company’s stock worth $4,179,000 after purchasing an additional 1,343 shares in the last quarter. Finally, EP Wealth Advisors LLC purchased a new position in Tri-Continental in the 3rd quarter worth approximately $3,411,000. 10.22% of the stock is owned by hedge funds and other institutional investors.

Tri-Continental Price Performance

TY opened at $30.72 on Thursday. The company’s 50 day simple moving average is $32.14 and its two-hundred day simple moving average is $32.66. Tri-Continental Co. has a 1-year low of $29.17 and a 1-year high of $34.82.

Tri-Continental Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 26th. Shareholders of record on Tuesday, March 18th will be paid a $0.2766 dividend. This represents a $1.11 dividend on an annualized basis and a yield of 3.60%. The ex-dividend date is Tuesday, March 18th.

Insiders Place Their Bets

In other news, Director Pamela G. Carlton sold 1,815 shares of Tri-Continental stock in a transaction that occurred on Friday, March 7th. The shares were sold at an average price of $31.23, for a total transaction of $56,682.45. Following the sale, the director now owns 101 shares of the company’s stock, valued at approximately $3,154.23. The trade was a 94.73 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 8.66% of the company’s stock.

About Tri-Continental

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.