Tri-Continental Co. (NYSE:TY) Shares Sold by Cornerstone Advisors LLC

Cornerstone Advisors LLC reduced its stake in shares of Tri-Continental Co. (NYSE:TY - Free Report) by 55.1% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 55,242 shares of the investment management company's stock after selling 67,677 shares during the quarter. Cornerstone Advisors LLC owned approximately 0.10% of Tri-Continental worth $1,751,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in TY. US Bancorp DE lifted its stake in shares of Tri-Continental by 16.4% during the 3rd quarter. US Bancorp DE now owns 5,648 shares of the investment management company's stock worth $187,000 after purchasing an additional 796 shares during the last quarter. Wolverine Asset Management LLC lifted its stake in shares of Tri-Continental by 127.2% during the 3rd quarter. Wolverine Asset Management LLC now owns 120,710 shares of the investment management company's stock worth $3,988,000 after purchasing an additional 67,577 shares during the last quarter. Platform Technology Partners purchased a new stake in shares of Tri-Continental during the 3rd quarter worth $1,907,000. Thrivent Financial for Lutherans lifted its stake in shares of Tri-Continental by 8.1% during the 3rd quarter. Thrivent Financial for Lutherans now owns 56,128 shares of the investment management company's stock worth $1,855,000 after purchasing an additional 4,208 shares during the last quarter. Finally, Landscape Capital Management L.L.C. increased its position in Tri-Continental by 74.5% during the 3rd quarter. Landscape Capital Management L.L.C. now owns 85,081 shares of the investment management company's stock valued at $2,811,000 after buying an additional 36,329 shares in the last quarter. 10.22% of the stock is currently owned by hedge funds and other institutional investors.

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Tri-Continental Trading Up 1.4 %

NYSE:TY traded up $0.43 during mid-day trading on Friday, hitting $30.83. 29,454 shares of the company's stock traded hands, compared to its average volume of 41,370. The company has a fifty day moving average of $32.11 and a 200 day moving average of $32.64. Tri-Continental Co. has a twelve month low of $29.17 and a twelve month high of $34.82.

Tri-Continental Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 26th. Investors of record on Tuesday, March 18th will be given a dividend of $0.2766 per share. This represents a $1.11 annualized dividend and a yield of 3.59%. The ex-dividend date is Tuesday, March 18th.

Insider Activity at Tri-Continental

In other Tri-Continental news, Director Pamela G. Carlton sold 1,815 shares of the business's stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $31.23, for a total transaction of $56,682.45. Following the sale, the director now owns 101 shares in the company, valued at approximately $3,154.23. The trade was a 94.73 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 8.66% of the stock is currently owned by corporate insiders.

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.