Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) Shares Acquired by Bard Associates Inc.

Bard Associates Inc. boosted its stake in Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) by 134.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 473,321 shares of the investment management company’s stock after buying an additional 271,266 shares during the quarter. Tortoise Power and Energy Infrastructure Fund makes up about 3.2% of Bard Associates Inc.’s investment portfolio, making the stock its 2nd largest position. Bard Associates Inc.’s holdings in Tortoise Power and Energy Infrastructure Fund were worth $9,509,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently bought and sold shares of the stock. Advisors Asset Management Inc. acquired a new position in Tortoise Power and Energy Infrastructure Fund in the third quarter valued at about $1,186,000. Quarry LP acquired a new position in shares of Tortoise Power and Energy Infrastructure Fund in the 3rd quarter worth approximately $335,000. Kovitz Investment Group Partners LLC bought a new stake in Tortoise Power and Energy Infrastructure Fund during the 3rd quarter worth approximately $13,071,000. Sanctuary Advisors LLC grew its position in Tortoise Power and Energy Infrastructure Fund by 126.5% during the 3rd quarter. Sanctuary Advisors LLC now owns 38,653 shares of the investment management company’s stock worth $700,000 after acquiring an additional 21,589 shares during the last quarter. Finally, Harbor Investment Advisory LLC acquired a new stake in Tortoise Power and Energy Infrastructure Fund during the 4th quarter valued at $27,000.

Insiders Place Their Bets

In related news, major shareholder Saba Capital Management, L.P. acquired 347,278 shares of the company’s stock in a transaction that occurred on Tuesday, December 24th. The stock was purchased at an average price of $13.78 per share, for a total transaction of $4,785,490.84. Following the transaction, the insider now directly owns 1,011,234 shares of the company’s stock, valued at approximately $13,934,804.52. This trade represents a 52.30 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink.

Tortoise Power and Energy Infrastructure Fund Price Performance

Tortoise Power and Energy Infrastructure Fund stock opened at $20.50 on Tuesday. The business’s fifty day moving average is $20.94 and its two-hundred day moving average is $19.70. Tortoise Power and Energy Infrastructure Fund, Inc. has a 52 week low of $14.68 and a 52 week high of $22.30.

Tortoise Power and Energy Infrastructure Fund Cuts Dividend

The business also recently declared a monthly dividend, which was paid on Friday, February 28th. Investors of record on Thursday, February 27th were given a dividend of $0.0679 per share. The ex-dividend date was Thursday, February 27th. This represents a $0.81 annualized dividend and a yield of 3.97%.

About Tortoise Power and Energy Infrastructure Fund

Tortoise Power and Energy Infrastructure Fund, Inc is a closed-ended balanced mutual fund launched and managed by Tortoise Capital Advisors, LLC. The fund invests in the fixed income and public equity markets of the United States. It invests in securities of companies operating in the power and energy infrastructure sectors.