Tri Continental (NYSE:TY) Sees Unusually-High Trading Volume – Should You Buy?

Shares of Tri Continental Corporation (NYSE:TY) saw unusually-strong trading volume on Wednesday . Approximately 71,737 shares were traded during trading, an increase of 72% from the previous session’s volume of 41,793 shares.The stock last traded at $32.11 and had previously closed at $31.60.

Tri Continental Stock Down 1.7%

The business’s 50 day simple moving average is $32.78 and its two-hundred day simple moving average is $33.41.

Tri Continental Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 25th. Stockholders of record on Tuesday, March 17th were paid a $0.2848 dividend. The ex-dividend date of this dividend was Tuesday, March 17th. This represents a $1.14 annualized dividend and a dividend yield of 3.6%.

Institutional Trading of Tri Continental

Institutional investors and hedge funds have recently made changes to their positions in the company. Focus Partners Wealth purchased a new position in Tri Continental during the fourth quarter worth about $6,293,000. UMB Bank n.a. purchased a new stake in Tri Continental in the 4th quarter valued at about $5,898,000. EP Wealth Advisors LLC bought a new position in shares of Tri Continental during the 4th quarter worth approximately $2,878,000. Lazard Asset Management LLC boosted its stake in shares of Tri Continental by 15.1% in the 3rd quarter. Lazard Asset Management LLC now owns 517,626 shares of the investment management company’s stock worth $17,599,000 after buying an additional 67,821 shares during the last quarter. Finally, Evolve Private Wealth LLC purchased a new position in shares of Tri Continental in the 4th quarter worth approximately $2,012,000. Hedge funds and other institutional investors own 10.22% of the company’s stock.

About Tri Continental

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.