Saba Capital Management L.P. Boosts Stake in Tri Continental Corporation $TY

Saba Capital Management L.P. raised its stake in shares of Tri Continental Corporation (NYSE:TY) by 4.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 735,098 shares of the investment management company’s stock after buying an additional 33,497 shares during the quarter. Tri Continental comprises about 0.6% of Saba Capital Management L.P.’s investment portfolio, making the stock its 25th biggest position. Saba Capital Management L.P.’s holdings in Tri Continental were worth $23,222,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of the stock. Commonwealth Retirement Investments LLC acquired a new position in shares of Tri Continental in the fourth quarter worth $29,000. Hanson & Doremus Investment Management purchased a new stake in shares of Tri Continental in the first quarter valued at $29,000. BNP Paribas Financial Markets boosted its stake in shares of Tri Continental by 529.5% during 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 during the last quarter. Assetmark Inc. acquired a new stake in shares of Tri Continental during the fourth quarter valued at $54,000. Finally, Advocate Investing Services LLC purchased a new stake in Tri Continental during the 4th quarter worth about $54,000. Hedge funds and other institutional investors own 10.22% of the company’s stock.

Tri Continental Price Performance

Shares of TY stock opened at $34.92 on Tuesday. The firm has a 50-day moving average price of $34.96 and a 200 day moving average price of $33.72. Tri Continental Corporation has a twelve month low of $30.53 and a twelve month high of $36.05.

Tri Continental Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, June 25th. Shareholders of record on Tuesday, June 16th were paid a dividend of $0.2852 per share. The ex-dividend date of this dividend was Tuesday, June 16th. This represents a $1.14 annualized dividend and a dividend yield of 3.3%. This is an increase from Tri Continental’s previous quarterly dividend of $0.28.

Insider Activity at Tri Continental

In other news, Portfolio Manager Yan Jin sold 2,500 shares of Tri Continental stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $34.87, for a total transaction of $87,175.00. Following the completion of the sale, the portfolio manager directly owned 12,919 shares in the company, valued at $450,485.53. The trade was a 16.21% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 8.66% of the stock is currently owned by company insiders.

Tri Continental Profile

Tri-Continental Corporation is a diversified closed-end management investment company that seeks to generate long-term total return through a combination of capital appreciation and income. The firm offers investors access to a broad portfolio of securities through a single, actively managed vehicle listed on the New York Stock Exchange under the ticker TY.

The company’s core strategy centers on investing primarily in equity securities of companies located in North America, Europe and the Pacific Basin.