Tri Continental (NYSE:TY) Stock Passes Below 200-Day Moving Average – Here’s Why

Tri Continental Corporation (NYSE:TY) crossed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $33.47 and traded as low as $33.16. Tri Continental shares last traded at $33.22, with a volume of 29,842 shares.

Tri Continental Trading Down 0.4%

The stock’s 50-day simple moving average is $33.33 and its 200 day simple moving average is $33.47.

Tri Continental Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 22nd. Investors of record on Friday, December 12th were paid a dividend of $2.3154 per share. This is an increase from Tri Continental’s previous quarterly dividend of $0.27. This represents a $9.26 annualized dividend and a yield of 27.9%. The ex-dividend date of this dividend was Friday, December 12th.

Hedge Funds Weigh In On Tri Continental

Institutional investors and hedge funds have recently modified their holdings of the business. HM Payson & Co. bought a new stake in shares of Tri Continental in the 3rd quarter valued at $35,000. Ameritas Advisory Services LLC acquired a new stake in Tri Continental in the second quarter worth $39,000. BNP Paribas Financial Markets grew its holdings in Tri Continental by 529.5% in the second quarter. BNP Paribas Financial Markets now owns 1,259 shares of the investment management company’s stock worth $40,000 after purchasing an additional 1,059 shares during the period. Assetmark Inc. bought a new stake in Tri Continental in the fourth quarter valued at $54,000. Finally, Jones Financial Companies Lllp raised its holdings in shares of Tri Continental by 49.7% during the first quarter. Jones Financial Companies Lllp now owns 2,643 shares of the investment management company’s stock valued at $83,000 after purchasing an additional 877 shares during the period. 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.