Financial Advocates Investment Management Purchases 23,953 Shares of Tortoise Energy Infrastructure Co. (NYSE:TYG)

Financial Advocates Investment Management raised its holdings in shares of Tortoise Energy Infrastructure Co. (NYSE:TYG) by 337.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 31,059 shares of the financial services provider’s stock after purchasing an additional 23,953 shares during the quarter. Financial Advocates Investment Management owned approximately 0.29% of Tortoise Energy Infrastructure worth $1,304,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in TYG. Kercheville Advisors LLC purchased a new position in Tortoise Energy Infrastructure in the 4th quarter valued at approximately $480,000. Verity Asset Management Inc. bought a new position in shares of Tortoise Energy Infrastructure in the fourth quarter worth $251,000. Calamos Advisors LLC purchased a new position in shares of Tortoise Energy Infrastructure in the fourth quarter valued at $329,000. Catalina Capital Group LLC bought a new stake in shares of Tortoise Energy Infrastructure during the 4th quarter valued at $266,000. Finally, Absolute Investment Advisers LLC purchased a new stake in Tortoise Energy Infrastructure during the 4th quarter worth about $214,000. Institutional investors own 32.50% of the company’s stock.

Insider Buying and Selling

In other Tortoise Energy Infrastructure news, major shareholder Prudential Financial Inc bought 1,500,000 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The shares were bought at an average cost of $10.00 per share, with a total value of $15,000,000.00. Following the completion of the purchase, the insider now directly owns 1,500,000 shares of the company’s stock, valued at $15,000,000. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, major shareholder Saba Capital Management, L.P. sold 5,667 shares of the company’s stock in a transaction that occurred on Monday, December 30th. The shares were sold at an average price of $41.61, for a total value of $235,803.87. Following the transaction, the insider now directly owns 1,061,234 shares of the company’s stock, valued at $44,157,946.74. The trade was a 0.53 % decrease in their position. The disclosure for this sale can be found here. 0.28% of the stock is currently owned by company insiders.

Tortoise Energy Infrastructure Stock Down 1.9 %

TYG stock opened at $45.39 on Friday. The stock has a 50-day simple moving average of $44.35 and a two-hundred day simple moving average of $40.70. Tortoise Energy Infrastructure Co. has a twelve month low of $28.43 and a twelve month high of $48.76.

Tortoise Energy Infrastructure Announces Dividend

The company also recently declared a — dividend, which will be paid on Friday, February 28th. Stockholders of record on Friday, February 21st will be given a dividend of $0.365 per share. The ex-dividend date of this dividend is Friday, February 21st. This represents a dividend yield of 7.4%.

About Tortoise Energy Infrastructure

Tortoise Energy Infrastructure Corporation is a closed ended equity mutual fund launched and managed by Tortoise Capital Advisors LLC The fund invests in the public equity markets of the United States. It seeks to invest in the stocks of companies operating in the energy infrastructure sector, with an emphasis on those companies that are engaged in transporting, processing, storing, distributing or marketing natural gas, natural gas liquids (primarily propane), coal, crude oil or refined petroleum products, or exploring, developing, managing or producing such commodities.