Tri Continental (NYSE:TY) Stock Price Down 7.4% – Should You Sell?

Tri Continental Corporation (NYSE:TY) shares fell 7.4% during trading on Monday . The company traded as low as $32.41 and last traded at $32.38. 4,148 shares traded hands during mid-day trading, a decline of 91% from the average session volume of 45,195 shares. The stock had previously closed at $34.98.

Tri Continental Price Performance

The firm has a 50 day moving average price of $34.15 and a 200 day moving average price of $33.15.

Tri Continental Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, December 22nd. Shareholders 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 annualized dividend and a yield of 28.7%. The ex-dividend date of this dividend is Friday, December 12th.

Institutional Trading of Tri Continental

Institutional investors and hedge funds have recently modified their holdings of the company. HM Payson & Co. purchased a new position in shares of Tri Continental during the 3rd quarter valued at $35,000. Ameritas Advisory Services LLC purchased a new position in shares of Tri Continental in the second quarter valued at about $39,000. BNP Paribas Financial Markets lifted its position in shares of Tri Continental by 529.5% in the second quarter. BNP Paribas Financial Markets now owns 1,259 shares of the investment management company’s stock valued at $40,000 after acquiring an additional 1,059 shares in the last quarter. Jones Financial Companies Lllp boosted its stake in shares of Tri Continental by 49.7% in the first quarter. Jones Financial Companies Lllp now owns 2,643 shares of the investment management company’s stock worth $83,000 after acquiring an additional 877 shares during the period. Finally, CWM LLC grew its position in shares of Tri Continental by 83.9% during the third quarter. CWM LLC now owns 3,285 shares of the investment management company’s stock worth $112,000 after purchasing an additional 1,499 shares in the last quarter. 10.22% of the stock is currently owned by institutional investors.

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.