Tri-Continental (NYSE:TY) Sees Large Volume Increase

Shares of Tri-Continental Co. (NYSE:TY) saw unusually-strong trading volume on Tuesday . Approximately 39,038 shares changed hands during trading, a decline of 24% from the previous session’s volume of 51,582 shares.The stock last traded at $27.31 and had previously closed at $27.27.

Tri-Continental Stock Down 0.1 %

The firm has a fifty day moving average of $27.72 and a two-hundred day moving average of $26.93.

Tri-Continental Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 19th. Stockholders of record on Monday, September 11th will be paid a $0.2607 dividend. The ex-dividend date of this dividend is Friday, September 8th. This represents a $1.04 annualized dividend and a dividend yield of 3.83%.

Insider Activity

In other Tri-Continental news, Portfolio Manager Raghavendran Sivaraman acquired 3,000 shares of Tri-Continental stock in a transaction that occurred on Thursday, July 6th. The stock was acquired at an average cost of $27.07 per share, for a total transaction of $81,210.00. Following the purchase, the portfolio manager now owns 3,000 shares of the company’s stock, valued at $81,210. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 8.66% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in TY. Private Advisor Group LLC boosted its holdings in Tri-Continental by 26.8% in the 1st quarter. Private Advisor Group LLC now owns 10,518 shares of the investment management company’s stock valued at $324,000 after purchasing an additional 2,226 shares during the period. Brown Brothers Harriman & Co. boosted its stake in Tri-Continental by 4,484.0% during the first quarter. Brown Brothers Harriman & Co. now owns 4,584 shares of the investment management company’s stock valued at $141,000 after buying an additional 4,484 shares during the period. Equitable Holdings Inc. bought a new position in Tri-Continental in the 1st quarter worth about $206,000. Quantedge Capital Pte Ltd raised its holdings in shares of Tri-Continental by 42.7% in the 1st quarter. Quantedge Capital Pte Ltd now owns 35,081 shares of the investment management company’s stock valued at $1,082,000 after acquiring an additional 10,500 shares in the last quarter. Finally, Lazard Asset Management LLC raised its holdings in shares of Tri-Continental by 1.5% in the 1st quarter. Lazard Asset Management LLC now owns 451,748 shares of the investment management company’s stock valued at $13,931,000 after acquiring an additional 6,840 shares in the last quarter. Hedge funds and other institutional investors own 9.75% 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.