Tri-Continental (NYSE:TY) Reaches New 12-Month High – Time to Buy?

Tri-Continental Co. (NYSE:TY) reached a new 52-week high on Wednesday . The stock traded as high as $33.20 and last traded at $33.20, with a volume of 17142 shares changing hands. The stock had previously closed at $32.97.

Tri-Continental Price Performance

The stock has a 50 day moving average price of $31.98 and a 200-day moving average price of $31.09.

Tri-Continental Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 23rd. Stockholders of record on Friday, September 13th were given a $0.291 dividend. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.51%. This is a boost from Tri-Continental’s previous quarterly dividend of $0.29. The ex-dividend date of this dividend was Friday, September 13th.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of TY. Sanctuary Advisors LLC purchased a new position in shares of Tri-Continental during the 2nd quarter worth $1,852,000. Baltimore Washington Financial Advisors Inc. purchased a new position in Tri-Continental during the second quarter worth about $1,771,000. Cornerstone Advisors LLC boosted its holdings in Tri-Continental by 63.7% in the 1st quarter. Cornerstone Advisors LLC now owns 141,736 shares of the investment management company’s stock valued at $4,365,000 after purchasing an additional 55,141 shares during the last quarter. First Merchants Corp purchased a new stake in shares of Tri-Continental in the 2nd quarter valued at approximately $855,000. Finally, Shaker Financial Services LLC increased its holdings in shares of Tri-Continental by 36.6% during the 2nd quarter. Shaker Financial Services LLC now owns 94,909 shares of the investment management company’s stock worth $2,939,000 after buying an additional 25,434 shares during the last quarter. 10.22% of the stock is owned by hedge funds and other institutional investors.

Tri-Continental Company Profile

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.