Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) Major Shareholder Acquires $4,785,490.84 in Stock

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) major shareholder Saba Capital Management, L.P. purchased 347,278 shares of the firm’s stock in a transaction on Tuesday, December 24th. The stock was acquired at an average price of $13.78 per share, with a total value of $4,785,490.84. Following the completion of the purchase, the insider now owns 1,011,234 shares of the company’s stock, valued at $13,934,804.52. The trade was a 52.30 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Large shareholders that own more than 10% of a company’s stock are required to disclose their sales and purchases with the SEC.

Saba Capital Management, L.P. also recently made the following trade(s):

• On Thursday, December 26th, Saba Capital Management, L.P. sold 1,000,000 shares of Tortoise Power and Energy Infrastructure Fund stock. The shares were sold at an average price of $20.09, for a total value of $20,090,000.00.

Tortoise Power and Energy Infrastructure Fund Trading Down 0.0 %

Tortoise Power and Energy Infrastructure Fund stock opened at $20.07 on Thursday. The stock has a 50-day moving average of $19.92 and a two-hundred day moving average of $18.24. Tortoise Power and Energy Infrastructure Fund, Inc. has a one year low of $13.79 and a one year high of $20.99.

Tortoise Power and Energy Infrastructure Fund Announces Dividend

The company also recently disclosed a — dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Tuesday, December 31st will be issued a $0.0252 dividend. The ex-dividend date of this dividend is Tuesday, December 31st.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of TPZ. Wolverine Asset Management LLC acquired a new position in shares of Tortoise Power and Energy Infrastructure Fund in the second quarter valued at about $109,000. Carmichael Hill & Associates Inc. increased its holdings in shares of Tortoise Power and Energy Infrastructure Fund by 3.4% in the second quarter. Carmichael Hill & Associates Inc. now owns 21,429 shares of the investment management company’s stock valued at $338,000 after purchasing an additional 705 shares during the period. Choreo LLC increased its holdings in shares of Tortoise Power and Energy Infrastructure Fund by 7.7% in the second quarter. Choreo LLC now owns 44,574 shares of the investment management company’s stock valued at $702,000 after purchasing an additional 3,169 shares during the period. Envestnet Asset Management Inc. increased its holdings in shares of Tortoise Power and Energy Infrastructure Fund by 13.6% in the second quarter. Envestnet Asset Management Inc. now owns 197,369 shares of the investment management company’s stock valued at $3,116,000 after purchasing an additional 23,673 shares during the period. Finally, Sanctuary Advisors LLC acquired a new position in shares of Tortoise Power and Energy Infrastructure Fund in the second quarter valued at about $258,000.

Tortoise Power and Energy Infrastructure Fund Company Profile

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.