Tri-Continental (NYSE:TY) Sees Large Volume Increase – Still a Buy?

Tri-Continental Co. (NYSE:TY) shares saw unusually-strong trading volume on Wednesday . Approximately 54,927 shares traded hands during 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 Price Performance

The firm’s 50-day moving average is $31.97 and its 200 day moving average is $32.57.

Tri-Continental Cuts Dividend

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

Insider Buying and Selling

In related news, Director Pamela G. Carlton sold 1,815 shares of the business’s stock in a transaction on Friday, March 7th. The shares were sold at an average price of $31.23, for a total transaction of $56,682.45. Following the transaction, 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 8.66% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Tri-Continental

A number of institutional investors have recently bought and sold shares of TY. Savant Capital LLC raised its holdings in Tri-Continental by 1.7% in the 4th quarter. Savant Capital LLC now owns 18,950 shares of the investment management company’s stock valued at $601,000 after acquiring an additional 318 shares during the period. D.A. Davidson & CO. increased its position in Tri-Continental by 0.4% during the 3rd quarter. D.A. Davidson & CO. now owns 81,380 shares of the investment management company’s stock worth $2,689,000 after buying an additional 360 shares during the period. Ameriprise Financial Inc. increased its position in Tri-Continental by 3.5% during the 4th quarter. Ameriprise Financial Inc. now owns 11,849 shares of the investment management company’s stock worth $375,000 after buying an additional 402 shares during the period. Allworth Financial LP lifted its holdings in shares of Tri-Continental by 3.1% during the fourth quarter. Allworth Financial LP now owns 15,585 shares of the investment management company’s stock worth $509,000 after buying an additional 472 shares in the last quarter. Finally, Janney Montgomery Scott LLC boosted its position in shares of Tri-Continental by 4.9% in the fourth quarter. Janney Montgomery Scott LLC now owns 10,876 shares of the investment management company’s stock valued at $345,000 after acquiring an additional 507 shares during the period. Institutional investors and hedge funds own 10.22% of the company’s stock.

About Tri-Continental

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.