Tri Continental (NYSE:TY) Sees Large Volume Increase – Here’s What Happened

Tri Continental Corporation (NYSE:TY) shares saw unusually-high trading volume on Wednesday . Approximately 71,737 shares traded hands during trading, an increase of 72% from the previous session’s volume of 41,793 shares.The stock last traded at $32.11 and had previously closed at $31.60.

Tri Continental Price Performance

The business has a 50-day simple moving average of $32.84 and a 200-day simple moving average of $33.43.

Tri Continental Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 25th. Investors of record on Tuesday, March 17th will be issued a $0.2848 dividend. The ex-dividend date of this dividend is Tuesday, March 17th. This represents a $1.14 annualized dividend and a yield of 3.6%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in TY. Royal Bank of Canada raised its holdings in shares of Tri Continental by 30.9% in the 1st quarter. Royal Bank of Canada now owns 56,484 shares of the investment management company’s stock valued at $1,732,000 after purchasing an additional 13,321 shares in the last quarter. Jones Financial Companies Lllp grew its stake in shares of 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 purchasing an additional 877 shares in the last quarter. Advisors Asset Management Inc. increased its holdings in Tri Continental by 5.1% in the second quarter. Advisors Asset Management Inc. now owns 25,269 shares of the investment management company’s stock valued at $800,000 after buying an additional 1,225 shares during the last quarter. Level Four Advisory Services LLC increased its holdings in Tri Continental by 5.5% in the second quarter. Level Four Advisory Services LLC now owns 8,718 shares of the investment management company’s stock valued at $276,000 after buying an additional 453 shares during the last quarter. Finally, Guggenheim Capital LLC raised its stake in Tri Continental by 21.5% in the second quarter. Guggenheim Capital LLC now owns 28,819 shares of the investment management company’s stock valued at $912,000 after buying an additional 5,090 shares in the last quarter. Institutional investors and hedge funds own 10.22% of the company’s stock.

About Tri Continental

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.