Tri Continental (NYSE:TY) Stock Price Passes Above 200-Day Moving Average – Should You Sell?

Tri Continental Corporation (NYSE:TY) shares crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $34.22 and traded as high as $35.98. Tri Continental shares last traded at $35.5910, with a volume of 8,935 shares changing hands.

Tri Continental Trading Down 0.8%

The company has a fifty day moving average price of $35.35 and a 200 day moving average price of $34.24.

Tri Continental Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 22nd. Stockholders of record on Monday, September 14th will be issued a $0.2962 dividend. This represents a $1.18 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend is Monday, September 14th. This is a positive change from Tri Continental’s previous quarterly dividend of $0.29.

Hedge Funds Weigh In On Tri Continental

A number of hedge funds and other institutional investors have recently modified their holdings of TY. Saba Capital Management L.P. raised its holdings in shares of Tri Continental by 4.8% during the 1st quarter. Saba Capital Management L.P. now owns 735,098 shares of the investment management company’s stock valued at $23,222,000 after buying an additional 33,497 shares in the last quarter. Lazard Asset Management LLC boosted its stake in Tri Continental by 15.1% in the third 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 in the last quarter. Blue Bell Private Wealth Management LLC grew its position in Tri Continental by 0.7% during the fourth quarter. Blue Bell Private Wealth Management LLC now owns 420,932 shares of the investment management company’s stock valued at $13,748,000 after acquiring an additional 2,899 shares during the last quarter. Allspring Global Investments Holdings LLC grew its position in Tri Continental by 9.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 366,014 shares of the investment management company’s stock valued at $11,562,000 after acquiring an additional 31,757 shares during the last quarter. Finally, Raymond James Financial Inc. raised its stake in shares of Tri Continental by 1.0% during the third quarter. Raymond James Financial Inc. now owns 266,059 shares of the investment management company’s stock worth $9,046,000 after acquiring an additional 2,577 shares in the last quarter. 10.22% of the stock is currently owned by hedge funds and other institutional investors.

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.