Tri Continental (NYSE:TY) Sees Strong Trading Volume – Still a Buy?

Tri Continental Corporation (NYSE:TY) shares saw an uptick in trading volume on Wednesday . 71,737 shares were traded during trading, an increase of 72% from the previous session’s volume of 41,793 shares.The stock last traded at $32.11 and had previously closed at $31.60.

Tri Continental Price Performance

The business has a fifty day moving average price of $32.84 and a 200 day moving average price of $33.43.

Tri Continental Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, March 25th. Shareholders of record on Tuesday, March 17th will be paid a $0.2848 dividend. This represents a $1.14 annualized dividend and a yield of 3.6%. The ex-dividend date is Tuesday, March 17th.

Institutional Trading of Tri Continental

Several institutional investors have recently modified their holdings of the stock. Quadrant Private Wealth Management LLC purchased a new stake in Tri Continental in the third quarter valued at $1,306,000. Allspring Global Investments Holdings LLC grew its holdings in shares of Tri Continental by 7.9% during the third quarter. Allspring Global Investments Holdings LLC now owns 336,196 shares of the investment management company’s stock worth $11,431,000 after purchasing an additional 24,645 shares during the last quarter. Ameritas Advisory Services LLC increased its position in shares of Tri Continental by 208.1% during the third quarter. Ameritas Advisory Services LLC now owns 3,787 shares of the investment management company’s stock worth $129,000 after purchasing an additional 2,558 shares in the last quarter. Cornerstone Advisory LLC lifted its holdings in shares of Tri Continental by 1.3% in the 3rd quarter. Cornerstone Advisory LLC now owns 140,993 shares of the investment management company’s stock valued at $4,794,000 after purchasing an additional 1,816 shares during the last quarter. Finally, Nwam LLC purchased a new stake in shares of Tri Continental in the 3rd quarter valued at about $204,000. Hedge funds and other institutional investors own 10.22% of the company’s stock.

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.