Tri Continental (NYSE:TY) Shares Cross Above 50-Day Moving Average – Here’s Why

Tri Continental Corporation (NYSE:TY)’s stock price crossed above its 50 day moving average during trading on Monday . The stock has a 50 day moving average of $34.49 and traded as high as $34.94. Tri Continental shares last traded at $34.80, with a volume of 42,428 shares trading hands.

Tri Continental Stock Up 0.3%

The firm’s fifty day simple moving average is $34.49 and its 200-day simple moving average is $33.41.

Tri Continental Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 25th. Investors of record on Tuesday, June 16th will be given a dividend of $0.2852 per share. This represents a $1.14 annualized dividend and a dividend yield of 3.3%. This is an increase from Tri Continental’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Tuesday, June 16th.

Insiders Place Their Bets

In related news, Portfolio Manager Yan Jin sold 2,500 shares of the business’s stock in a transaction that occurred on Wednesday, May 27th. The shares were sold at an average price of $34.87, for a total value of $87,175.00. Following the completion of the transaction, the portfolio manager directly owned 12,919 shares in the company, valued at $450,485.53. The trade was a 16.21% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 8.66% of the stock is currently owned by insiders.

Institutional Trading of Tri Continental

Institutional investors and hedge funds have recently modified their holdings of the business. Royal Bank of Canada raised its stake in shares of Tri Continental by 30.9% in the first quarter. Royal Bank of Canada now owns 56,484 shares of the investment management company’s stock worth $1,732,000 after purchasing an additional 13,321 shares during the last quarter. Jones Financial Companies Lllp lifted its holdings 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 valued at $83,000 after purchasing an additional 877 shares in the last quarter. Guggenheim Capital LLC boosted its position in shares of Tri Continental by 21.5% during 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 during the last quarter. First Trust Advisors LP boosted its position in shares of Tri Continental by 3.2% during the second quarter. First Trust Advisors LP now owns 62,617 shares of the investment management company’s stock valued at $1,982,000 after buying an additional 1,914 shares during the last quarter. Finally, Baird Financial Group Inc. bought a new stake in Tri Continental in the 2nd quarter worth about $220,000. Institutional investors own 10.22% of the company’s stock.

Tri Continental Company Profile

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.