Tri-Continental (NYSE:TY) Hits New 12-Month Low – Here’s What Happened

Shares of Tri-Continental Co. (NYSE:TY) hit a new 52-week low during trading on Friday . The company traded as low as $28.70 and last traded at $28.73, with a volume of 10737 shares trading hands. The stock had previously closed at $29.60.

Tri-Continental Stock Performance

The stock’s 50 day moving average is $31.67 and its 200 day moving average is $32.49.

Tri-Continental Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 26th. Stockholders of record on Tuesday, March 18th were issued a $0.2766 dividend. This represents a $1.11 dividend on an annualized basis and a dividend yield of 3.93%. The ex-dividend date was Tuesday, March 18th.

Insider Activity at Tri-Continental

In other Tri-Continental news, Director Pamela G. Carlton sold 1,815 shares of Tri-Continental 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 completion of the transaction, the director now owns 101 shares of the company’s stock, valued at $3,154.23. The trade was a 94.73 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 8.66% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Tri-Continental

A number of large investors have recently modified their holdings of TY. CoreFirst Bank & Trust purchased a new stake in Tri-Continental in the 4th quarter worth approximately $35,000. Anchor Investment Management LLC bought a new stake in Tri-Continental during the fourth quarter valued at $63,000. Comerica Bank boosted its stake in Tri-Continental by 103.9% during the fourth quarter. Comerica Bank now owns 2,551 shares of the investment management company’s stock valued at $81,000 after buying an additional 1,300 shares during the period. Transce3nd LLC purchased a new position in Tri-Continental during the fourth quarter worth about $96,000. Finally, Mezzasalma Advisors LLC bought a new position in Tri-Continental in the 4th quarter worth about $206,000. 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.