Tri-Continental (NYSE:TY) Sees Large Volume Increase – Time to Buy?

Tri-Continental Co. (NYSE:TY) shares saw unusually-strong trading volume on Monday . Approximately 70,832 shares changed hands during mid-day trading, an increase of 82% from the previous session’s volume of 38,884 shares.The stock last traded at $31.60 and had previously closed at $31.42.

Tri-Continental Price Performance

The stock’s 50-day moving average is $33.40 and its 200 day moving average is $32.30.

Tri-Continental Cuts Dividend

The firm also recently declared a — dividend, which was paid on Monday, December 23rd. Shareholders of record on Friday, December 13th were issued a $0.285 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a dividend yield of 3.3%.

Hedge Funds Weigh In On Tri-Continental

Institutional investors have recently modified their holdings of the business. Allspring Global Investments Holdings LLC raised its holdings in Tri-Continental by 3.6% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 441,730 shares of the investment management company’s stock worth $14,595,000 after buying an additional 15,350 shares during the period. International Assets Investment Management LLC boosted its stake in Tri-Continental by 3,203.9% in the 3rd quarter. International Assets Investment Management LLC now owns 232,295 shares of the investment management company’s stock worth $7,031,000 after purchasing an additional 225,264 shares during the period. Kovitz Investment Group Partners LLC bought a new position in Tri-Continental during the 3rd quarter worth about $7,366,000. Cornerstone Advisors LLC raised its stake in shares of Tri-Continental by 18.1% in the 2nd quarter. Cornerstone Advisors LLC now owns 167,382 shares of the investment management company’s stock valued at $5,184,000 after purchasing an additional 25,646 shares during the period. Finally, Shaker Financial Services LLC lifted its holdings in shares of Tri-Continental by 69.7% in the third quarter. Shaker Financial Services LLC now owns 161,057 shares of the investment management company’s stock valued at $5,321,000 after purchasing an additional 66,148 shares in the last quarter. Institutional investors own 10.22% of the company’s stock.

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.