Tri Continental (NYSE:TY) Hits New 12-Month High – Should You Buy?

Tri Continental Corporation (NYSE:TY)’s share price hit a new 52-week high on Friday . The stock traded as high as $34.93 and last traded at $34.88, with a volume of 13578 shares trading hands. The stock had previously closed at $34.59.

Tri Continental Trading Up 0.6%

The business has a fifty day simple moving average of $34.11 and a 200 day simple moving average of $32.98.

Tri Continental Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 22nd. Shareholders of record on Friday, December 12th will be paid a dividend of $2.3154 per share. This represents a $9.26 dividend on an annualized basis and a yield of 26.6%. The ex-dividend date of this dividend is Friday, December 12th. This is a positive change from Tri Continental’s previous quarterly dividend of $0.27.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. HM Payson & Co. acquired a new stake in Tri Continental in the third quarter worth about $35,000. Ameritas Advisory Services LLC acquired a new position in shares of Tri Continental during the 2nd quarter valued at $39,000. BNP Paribas Financial Markets boosted its stake in 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 buying an additional 1,059 shares in the last quarter. Jones Financial Companies Lllp grew its holdings in Tri Continental by 49.7% during 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 lifted its holdings in Tri Continental by 83.9% in the 3rd quarter. CWM LLC now owns 3,285 shares of the investment management company’s stock valued at $112,000 after acquiring an additional 1,499 shares during the last quarter. Institutional investors and hedge funds 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.