Tri-Continental (NYSE:TY) Sees Unusually-High Trading Volume – Here’s What Happened

Shares of Tri-Continental Co. (NYSE:TY) saw unusually-strong trading volume on Wednesday . Approximately 54,927 shares traded hands during trading, an increase of 35% from the previous session’s volume of 40,825 shares.The stock last traded at $31.38 and had previously closed at $31.36.

Tri-Continental Trading Up 0.0 %

The stock has a fifty day simple moving average of $32.00 and a 200-day simple moving average of $32.59.

Tri-Continental Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 26th. Investors of record on Tuesday, March 18th will be issued a dividend of $0.2766 per share. This represents a $1.11 dividend on an annualized basis and a yield of 3.53%. The ex-dividend date is Tuesday, March 18th.

Insider Buying and Selling at Tri-Continental

In related news, Director Pamela G. Carlton sold 1,815 shares of the business’s stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $31.23, for a total value of $56,682.45. Following the completion of the transaction, the director now directly owns 101 shares in the company, valued at approximately $3,154.23. The trade was a 94.73 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 8.66% of the company’s stock.

Institutional Investors Weigh In On Tri-Continental

A number of hedge funds and other institutional investors have recently made changes to their positions in TY. Kovitz Investment Group Partners LLC bought a new stake in shares of Tri-Continental in the third quarter valued at about $7,366,000. Walleye Capital LLC acquired a new stake in Tri-Continental in the 3rd quarter valued at approximately $269,000. Thrivent Financial for Lutherans lifted its stake in Tri-Continental by 8.1% in the 3rd quarter. Thrivent Financial for Lutherans now owns 56,128 shares of the investment management company’s stock valued at $1,855,000 after acquiring an additional 4,208 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Tri-Continental by 218.4% in the third quarter. JPMorgan Chase & Co. now owns 13,160 shares of the investment management company’s stock worth $435,000 after purchasing an additional 9,027 shares in the last quarter. Finally, Allworth Financial LP increased its stake in Tri-Continental by 3.1% in the 4th quarter. Allworth Financial LP now owns 15,585 shares of the investment management company’s stock valued at $509,000 after buying an additional 472 shares during the last quarter. 10.22% of the stock is currently owned by institutional investors and hedge funds.

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.