Tri Continental (NYSE:TY) Shares Gap Down – Time to Sell?

by · The Markets Daily

Tri Continental Corporation (NYSE:TY – Get Free Report) gapped down before the market opened on Friday . The stock had previously closed at $34.98, but opened at $32.50. Tri Continental shares last traded at $32.7050, with a volume of 19,957 shares trading hands.

Tri Continental Price Performance

The stock has a 50-day moving average of $34.19 and a two-hundred day moving average of $33.11.

Tri Continental Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 22nd. Stockholders of record on Friday, December 12th will be issued a dividend of $2.3154 per share. This is an increase from Tri Continental’s previous quarterly dividend of $0.27. This represents a $9.26 dividend on an annualized basis and a dividend yield of 28.5%. The ex-dividend date is Friday, December 12th.

Hedge Funds Weigh In On Tri Continental

Several institutional investors and hedge funds have recently added to or reduced their stakes in TY. Foundations Investment Advisors LLC lifted its holdings in shares of Tri Continental by 3.4% in the second quarter. Foundations Investment Advisors LLC now owns 11,683 shares of the investment management company’s stock valued at $370,000 after purchasing an additional 385 shares in the last quarter. 1620 Investment Advisors Inc. raised its position in Tri Continental by 0.5% during the third quarter. 1620 Investment Advisors Inc. now owns 91,759 shares of the investment management company’s stock valued at $3,120,000 after buying an additional 417 shares during the period. Level Four Advisory Services LLC lifted its stake in Tri Continental by 5.5% in the 2nd quarter. Level Four Advisory Services LLC now owns 8,718 shares of the investment management company’s stock worth $276,000 after acquiring an additional 453 shares in the last quarter. Tower Wealth Partners Inc. boosted its position in Tri Continental by 3.4% during the 2nd quarter. Tower Wealth Partners Inc. now owns 14,323 shares of the investment management company’s stock worth $453,000 after acquiring an additional 471 shares during the period. Finally, MGO One Seven LLC grew its stake in Tri Continental by 2.8% during the 2nd quarter. MGO One Seven LLC now owns 21,101 shares of the investment management company’s stock valued at $668,000 after acquiring an additional 584 shares in the last quarter. 10.22% of the stock is currently owned by hedge funds and other institutional investors.

Tri Continental Company Profile

(Get Free Report)

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.

Featured Stories