Tri Continental (NYSE:TY) Stock Price Down 7.4% – Time to Sell?

Tri Continental Corporation (NYSE:TY)’s stock price traded down 7.4% during trading on Monday . The company traded as low as $32.41 and last traded at $32.38. 4,148 shares were traded during mid-day trading, a decline of 91% from the average session volume of 45,195 shares. The stock had previously closed at $34.98.

Tri Continental Stock Performance

The business has a 50 day moving average of $34.15 and a 200 day moving average of $33.15.

Tri Continental Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 22nd. Stockholders of record on Friday, December 12th will be given a dividend of $2.3154 per share. The ex-dividend date is Friday, December 12th. This represents a $9.26 dividend on an annualized basis and a dividend yield of 28.7%. This is an increase from Tri Continental’s previous quarterly dividend of $0.27.

Institutional Investors Weigh In On Tri Continental

A number of hedge funds have recently bought and sold shares of TY. HM Payson & Co. bought a new position in Tri Continental during the third quarter valued at $35,000. Ameritas Advisory Services LLC bought a new stake in shares of Tri Continental in the 2nd quarter worth about $39,000. BNP Paribas Financial Markets raised its position in shares of Tri Continental by 529.5% during the 2nd 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 lifted its holdings in shares of Tri Continental by 49.7% in the 1st quarter. Jones Financial Companies Lllp now owns 2,643 shares of the investment management company’s stock valued at $83,000 after acquiring an additional 877 shares during the last quarter. Finally, CWM LLC grew its position in Tri Continental by 83.9% in the third quarter. CWM LLC now owns 3,285 shares of the investment management company’s stock worth $112,000 after acquiring an additional 1,499 shares in the last quarter. Hedge funds and other institutional investors own 10.22% of the company’s stock.

Tri Continental Company Profile

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.