Rivernorth Capital Management LLC Makes New $4.56 Million Investment in Tortoise Energy Infrastructure Corporation $TYG

Rivernorth Capital Management LLC purchased a new position in shares of Tortoise Energy Infrastructure Corporation (NYSE:TYG) during the 2nd quarter, Holdings Channel.com reports. The firm purchased 106,305 shares of the financial services provider’s stock, valued at approximately $4,557,000.

Several other large investors also recently bought and sold shares of TYG. Bard Associates Inc. purchased a new stake in shares of Tortoise Energy Infrastructure in the 2nd quarter valued at about $8,422,000. Almitas Capital LLC acquired a new position in Tortoise Energy Infrastructure during the second quarter worth approximately $6,939,000. Closed End Fund Advisors Inc. acquired a new position in Tortoise Energy Infrastructure during the fourth quarter worth approximately $3,000,000. Commerce Bank purchased a new stake in Tortoise Energy Infrastructure in the second quarter valued at approximately $2,951,000. Finally, Eagle Bluffs Wealth Management LLC lifted its stake in Tortoise Energy Infrastructure by 74.0% in the fourth quarter. Eagle Bluffs Wealth Management LLC now owns 149,482 shares of the financial services provider’s stock valued at $6,114,000 after buying an additional 63,588 shares during the last quarter. Institutional investors and hedge funds own 32.50% of the company’s stock.

Tortoise Energy Infrastructure Stock Performance

Shares of TYG opened at $43.45 on Monday. The company’s 50 day simple moving average is $43.35 and its 200-day simple moving average is $45.87. Tortoise Energy Infrastructure Corporation has a 12-month low of $40.35 and a 12-month high of $51.18.

Tortoise Energy Infrastructure Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Monday, November 30th. Stockholders of record on Monday, November 23rd will be issued a $0.475 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 13.1%. The ex-dividend date of this dividend is Monday, November 23rd.

Insiders Place Their Bets

In other news, Director Conrad S. Ciccotello purchased 4,107 shares of the business’s stock in a transaction that occurred on Thursday, June 25th. The stock was purchased at an average cost of $42.24 per share, with a total value of $173,479.68. Following the completion of the acquisition, the director directly owned 16,225 shares of the company’s stock, valued at approximately $685,344. This trade represents a 33.89% increase in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.09% of the stock is currently owned by company insiders.

About Tortoise Energy Infrastructure

Tortoise Energy Infrastructure Corp. (NYSE: TYG) is a closed-end management investment company that focuses on investing in energy infrastructure companies. Organized as a business development company under the Investment Company Act of 1940, it primarily acquires and manages a diversified portfolio of debt and equity securities issued by publicly traded and private energy infrastructure businesses. The company seeks to generate current income and long-term capital appreciation through selective investments across the energy value chain.

The firm’s investment strategy emphasizes midstream infrastructure, including pipeline transportation, storage, processing facilities, and terminals.