Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) Major Shareholder Sells $20,090,000.00 in Stock

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) major shareholder Saba Capital Management, L.P. sold 1,000,000 shares of the business’s stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $20.09, for a total value of $20,090,000.00. Following the completion of the sale, the insider now owns 11,234 shares in the company, valued at $225,691.06. The trade was a 98.89 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Large shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Saba Capital Management, L.P. also recently made the following trade(s):

• On Tuesday, December 24th, Saba Capital Management, L.P. bought 347,278 shares of Tortoise Power and Energy Infrastructure Fund stock. The shares were acquired at an average price of $13.78 per share, with a total value of $4,785,490.84.

Tortoise Power and Energy Infrastructure Fund Trading Up 0.1 %

NYSE:TPZ traded up $0.02 on Tuesday, hitting $20.07. 116,903 shares of the company’s stock were exchanged, compared to its average volume of 26,705. The firm has a 50-day moving average price of $19.87 and a 200-day moving average price of $18.20. Tortoise Power and Energy Infrastructure Fund, Inc. has a 52 week low of $13.79 and a 52 week high of $20.99.

Tortoise Power and Energy Infrastructure Fund Dividend Announcement

The business also recently declared a monthly dividend, which was paid on Friday, November 29th. Investors of record on Friday, November 22nd were given a dividend of $0.105 per share. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $1.26 annualized dividend and a yield of 6.28%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Sanctuary Advisors LLC grew its position in shares of Tortoise Power and Energy Infrastructure Fund by 126.5% in the 3rd quarter. Sanctuary Advisors LLC now owns 38,653 shares of the investment management company’s stock valued at $700,000 after acquiring an additional 21,589 shares during the period. Kovitz Investment Group Partners LLC acquired a new position in shares of Tortoise Power and Energy Infrastructure Fund during the 3rd quarter worth approximately $13,071,000. Quarry LP bought a new stake in Tortoise Power and Energy Infrastructure Fund in the 3rd quarter valued at $335,000. Advisors Asset Management Inc. acquired a new stake in Tortoise Power and Energy Infrastructure Fund during the 3rd quarter valued at $1,186,000. Finally, Envestnet Asset Management Inc. increased its holdings in shares of Tortoise Power and Energy Infrastructure Fund by 13.6% in the second quarter. Envestnet Asset Management Inc. now owns 197,369 shares of the investment management company’s stock valued at $3,116,000 after purchasing an additional 23,673 shares during the last quarter.

About Tortoise Power and Energy Infrastructure Fund

Tortoise Power and Energy Infrastructure Fund, Inc is a closed-ended balanced mutual fund launched and managed by Tortoise Capital Advisors, LLC. The fund invests in the fixed income and public equity markets of the United States. It invests in securities of companies operating in the power and energy infrastructure sectors.