Tri-Continental (NYSE:TY) Reaches New 52-Week Low – Here’s Why

Shares of Tri-Continental Co. (NYSE:TY) hit a new 52-week low during trading on Friday . The company traded as low as $28.70 and last traded at $28.73, with a volume of 10737 shares traded. The stock had previously closed at $29.60.

Tri-Continental Stock Performance

The stock’s 50-day moving average price is $31.77 and its 200 day moving average price is $32.52.

Tri-Continental Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 26th. Investors of record on Tuesday, March 18th were issued a dividend of $0.2766 per share. This represents a $1.11 annualized dividend and a yield of 3.89%. The ex-dividend date of this dividend was Tuesday, March 18th.

Insiders Place Their Bets

In other Tri-Continental news, Director Pamela G. Carlton sold 1,815 shares of the business’s stock in a transaction dated Friday, March 7th. The shares were 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 8.66% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. CoreFirst Bank & Trust purchased a new position in Tri-Continental in the fourth quarter worth $35,000. Anchor Investment Management LLC purchased a new stake in Tri-Continental in the fourth quarter valued at about $63,000. Comerica Bank boosted its holdings in Tri-Continental by 103.9% in the fourth quarter. Comerica Bank now owns 2,551 shares of the investment management company’s stock worth $81,000 after acquiring an additional 1,300 shares in the last quarter. Transce3nd LLC purchased a new stake in shares of Tri-Continental during the fourth quarter worth about $96,000. Finally, Mezzasalma Advisors LLC acquired a new position in shares of Tri-Continental during the fourth quarter valued at about $206,000. Hedge funds and other institutional investors own 10.22% 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.