Tri Continental (NYSE:TY) Reaches New 1-Year High – Time to Buy?

Tri Continental Corporation (NYSE:TY) reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $36.05 and last traded at $35.6650, with a volume of 31374 shares. The stock had previously closed at $35.50.

Tri Continental Price Performance

The company’s fifty day simple moving average is $34.79 and its 200 day simple moving average is $33.53.

Tri Continental Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 25th. Stockholders of record on Tuesday, June 16th were issued a dividend of $0.2852 per share. This is a boost from Tri Continental’s previous quarterly dividend of $0.28. The ex-dividend date was Tuesday, June 16th. This represents a $1.14 dividend on an annualized basis and a dividend yield of 3.2%.

Insider Activity

In other Tri Continental news, Portfolio Manager Yan Jin sold 2,500 shares of the firm’s stock in a transaction that occurred on 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 transaction, the portfolio manager owned 12,919 shares of the company’s stock, valued at approximately $450,485.53. This trade represents a 16.21% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 8.66% of the stock is currently owned by insiders.

Institutional Trading of Tri Continental

A number of institutional investors and hedge funds have recently bought and sold shares of TY. Commonwealth Retirement Investments LLC purchased a new position in Tri Continental in the 4th quarter worth approximately $29,000. Hanson & Doremus Investment Management bought a new position in shares of Tri Continental during the first quarter valued at $29,000. BNP Paribas Financial Markets lifted its holdings 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 purchasing an additional 1,059 shares in the last quarter. Assetmark Inc. purchased a new stake in shares of Tri Continental during the 4th quarter valued at about $54,000. Finally, Advocate Investing Services LLC bought a new position in Tri Continental during the fourth quarter valued at approximately $54,000. 10.22% of the stock is currently owned by 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.