HighTower Advisors LLC Makes New $1.38 Million Investment in Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ)

HighTower Advisors LLC purchased a new stake in shares of Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 68,915 shares of the investment management company’s stock, valued at approximately $1,383,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Kovitz Investment Group Partners LLC bought a new stake in Tortoise Power and Energy Infrastructure Fund during the third quarter worth approximately $13,071,000. Bard Associates Inc. boosted its holdings in shares of Tortoise Power and Energy Infrastructure Fund by 134.3% during the 4th quarter. Bard Associates Inc. now owns 473,321 shares of the investment management company’s stock worth $9,509,000 after buying an additional 271,266 shares during the period. D.A. Davidson & CO. boosted its holdings in shares of Tortoise Power and Energy Infrastructure Fund by 196.7% during the 4th quarter. D.A. Davidson & CO. now owns 108,308 shares of the investment management company’s stock worth $2,173,000 after buying an additional 71,798 shares during the period. Advisors Asset Management Inc. bought a new position in Tortoise Power and Energy Infrastructure Fund in the 3rd quarter worth $1,186,000. Finally, Sanctuary Advisors LLC raised its holdings in Tortoise Power and Energy Infrastructure Fund by 19.4% in the 4th quarter. Sanctuary Advisors LLC now owns 46,133 shares of the investment management company’s stock worth $982,000 after acquiring an additional 7,480 shares during the period.

Insider Buying and Selling at Tortoise Power and Energy Infrastructure Fund

In other Tortoise Power and Energy Infrastructure Fund news, major shareholder Saba Capital Management, L.P. sold 1,000,000 shares of the stock in a transaction on Thursday, December 26th. The shares were sold at an average price of $20.09, for a total value of $20,090,000.00. Following the completion of the sale, the insider now directly owns 11,234 shares of the company’s stock, valued at $225,691.06. This represents a 98.89 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Tortoise Power and Energy Infrastructure Fund Stock Performance

TPZ stock opened at $21.04 on Wednesday. The company has a 50-day moving average of $20.93 and a two-hundred day moving average of $19.98. Tortoise Power and Energy Infrastructure Fund, Inc. has a 52-week low of $14.70 and a 52-week high of $22.30.

Tortoise Power and Energy Infrastructure Fund Cuts Dividend

The firm also recently announced a monthly dividend, which was paid on Friday, February 28th. Investors of record on Thursday, February 27th were paid a dividend of $0.0679 per share. The ex-dividend date was Thursday, February 27th. This represents a $0.81 annualized dividend and a yield of 3.87%.

Tortoise Power and Energy Infrastructure Fund Company Profile

Tortoise Power and Energy Infrastructure Fund, Inc is a closed-ended balanced mutual fund launched and managed by Tortoise Capital Advisors, LLC. The fund invests in the fixed income and public equity markets of the United States. It invests in securities of companies operating in the power and energy infrastructure sectors.