Crews Bank & Trust Takes $270,000 Position in Tri-Continental Co. (NYSE:TY)

Crews Bank & Trust bought a new position in Tri-Continental Co. (NYSE:TY - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 8,509 shares of the investment management company's stock, valued at approximately $270,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC raised its stake in Tri-Continental by 3.6% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 441,730 shares of the investment management company's stock worth $14,595,000 after acquiring an additional 15,350 shares during the last quarter. International Assets Investment Management LLC raised its stake in Tri-Continental by 3,203.9% in the 3rd quarter. International Assets Investment Management LLC now owns 232,295 shares of the investment management company's stock worth $7,031,000 after acquiring an additional 225,264 shares during the last quarter. Kovitz Investment Group Partners LLC acquired a new stake in Tri-Continental during the 3rd quarter worth about $7,366,000. Shaker Financial Services LLC grew its position in Tri-Continental by 69.7% during the 3rd quarter. Shaker Financial Services LLC now owns 161,057 shares of the investment management company's stock worth $5,321,000 after purchasing an additional 66,148 shares during the period. Finally, Wealth Enhancement Advisory Services LLC grew its position in Tri-Continental by 1.1% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 126,471 shares of the investment management company's stock worth $4,179,000 after purchasing an additional 1,343 shares during the period. Hedge funds and other institutional investors own 10.22% of the company's stock.

Tri-Continental Price Performance

TY traded up $0.22 during midday trading on Tuesday, hitting $32.57. 28,883 shares of the company were exchanged, compared to its average volume of 51,966. The company's 50 day simple moving average is $32.60 and its 200 day simple moving average is $32.51. Tri-Continental Co. has a 1-year low of $28.84 and a 1-year high of $34.82.

Tri-Continental Cuts Dividend

The firm also recently announced a -- dividend, which was paid on Monday, December 23rd. Stockholders of record on Friday, December 13th were given a dividend of $0.285 per share. This represents a dividend yield of 3.3%. The ex-dividend date was Friday, December 13th.

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.