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

Tri-Continental Co. (NYSE:TY) shares saw unusually-high trading volume on Wednesday . Approximately 54,927 shares traded hands during mid-day trading, an increase of 35% from the previous session’s volume of 40,825 shares.The stock last traded at $31.38 and had previously closed at $31.36.

Tri-Continental Trading Down 0.0 %

The business has a fifty day moving average price of $31.97 and a 200 day moving average price of $32.57.

Tri-Continental Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 26th. Shareholders of record on Tuesday, March 18th were paid a dividend of $0.2766 per share. The ex-dividend date was Tuesday, March 18th. This represents a $1.11 dividend on an annualized basis and a dividend yield of 3.56%.

Insider Transactions at Tri-Continental

In other news, Director Pamela G. Carlton sold 1,815 shares of the business’s stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $31.23, for a total transaction of $56,682.45. Following the sale, the director now directly owns 101 shares in the company, valued at approximately $3,154.23. The trade was a 94.73 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 8.66% of the company’s stock.

Institutional Investors Weigh In On Tri-Continental

A number of institutional investors have recently added to or reduced their stakes in TY. Kovitz Investment Group Partners LLC acquired a new stake in Tri-Continental in the third quarter valued at $7,366,000. Walleye Capital LLC bought a new stake in shares of Tri-Continental in the 3rd quarter valued at about $269,000. Thrivent Financial for Lutherans grew its position in shares of Tri-Continental by 8.1% in the 3rd quarter. Thrivent Financial for Lutherans now owns 56,128 shares of the investment management company’s stock valued at $1,855,000 after buying an additional 4,208 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Tri-Continental by 218.4% during the third quarter. JPMorgan Chase & Co. now owns 13,160 shares of the investment management company’s stock worth $435,000 after acquiring an additional 9,027 shares during the last quarter. Finally, Allworth Financial LP lifted its stake in shares of Tri-Continental by 3.1% in the fourth quarter. Allworth Financial LP now owns 15,585 shares of the investment management company’s stock worth $509,000 after acquiring an additional 472 shares during the period. 10.22% of the stock is owned by institutional investors.

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.