Tri-Continental (NYSE:TY) Sees Unusually-High Trading Volume – What’s Next?

Tri-Continental Co. (NYSE:TY) shares saw unusually-strong trading volume on Wednesday . Approximately 54,927 shares changed hands during mid-day trading, an increase of 35% from the previous session’s volume of 40,825 shares.The stock last traded at $31.38 and had previously closed at $31.36.

Tri-Continental Stock Up 0.0 %

The stock’s 50 day moving average price is $32.00 and its 200 day moving average price is $32.59.

Tri-Continental Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, March 26th. Stockholders of record on Tuesday, March 18th will be issued a $0.2766 dividend. This represents a $1.11 annualized dividend and a dividend yield of 3.53%. The ex-dividend date is Tuesday, March 18th.

Insiders Place Their Bets

In related news, Director Pamela G. Carlton sold 1,815 shares of the business’s stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $31.23, for a total transaction of $56,682.45. Following the transaction, the director now directly owns 101 shares in the company, valued at $3,154.23. The trade was a 94.73 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 8.66% of the stock is owned by company insiders.

Institutional Trading of Tri-Continental

Large investors have recently added to or reduced their stakes in the company. Mascagni Wealth Management Inc. bought a new stake in Tri-Continental during the 4th quarter worth about $212,000. Wealth Enhancement Advisory Services LLC grew its stake in shares of Tri-Continental by 2.8% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 128,651 shares of the investment management company’s stock valued at $4,077,000 after purchasing an additional 3,523 shares during the last quarter. Cornerstone Advisory LLC acquired a new stake in shares of Tri-Continental in the fourth quarter valued at approximately $4,214,000. RB Capital Management LLC raised its position in Tri-Continental by 7.2% in the 4th quarter. RB Capital Management LLC now owns 63,187 shares of the investment management company’s stock worth $2,002,000 after purchasing an additional 4,262 shares during the last quarter. Finally, Waverly Advisors LLC acquired a new position in Tri-Continental during the 4th quarter worth $357,000. 10.22% of the stock is owned by institutional investors.

Tri-Continental Company Profile

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.