Raymond James & Associates Sells 89,975 Shares of Tri-Continental Co. (NYSE:TY)

Raymond James & Associates cut its stake in shares of Tri-Continental Co. (NYSE:TY - Free Report) by 30.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 206,440 shares of the investment management company's stock after selling 89,975 shares during the quarter. Raymond James & Associates owned approximately 0.38% of Tri-Continental worth $6,821,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of TY. Cornerstone Advisors LLC grew its holdings in Tri-Continental by 18.1% during the second quarter. Cornerstone Advisors LLC now owns 167,382 shares of the investment management company's stock worth $5,184,000 after buying an additional 25,646 shares in the last quarter. Hennion & Walsh Asset Management Inc. lifted its holdings in Tri-Continental by 6.0% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 137,773 shares of the investment management company's stock valued at $4,267,000 after purchasing an additional 7,759 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in shares of Tri-Continental by 1.6% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 115,813 shares of the investment management company's stock worth $3,587,000 after purchasing an additional 1,775 shares in the last quarter. Shaker Financial Services LLC raised its holdings in 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 valued at $2,939,000 after acquiring an additional 25,434 shares during the period. Finally, 1620 Investment Advisors Inc. boosted its position in shares of Tri-Continental by 1.3% in the second quarter. 1620 Investment Advisors Inc. now owns 89,870 shares of the investment management company's stock valued at $2,783,000 after acquiring an additional 1,178 shares during the period. 10.22% of the stock is currently owned by institutional investors and hedge funds.

Tri-Continental Stock Performance

Shares of NYSE TY traded down $0.28 during mid-day trading on Thursday, reaching $32.80. 11,287 shares of the company were exchanged, compared to its average volume of 37,976. Tri-Continental Co. has a 52 week low of $25.33 and a 52 week high of $33.66. The company's 50 day moving average price is $32.65 and its 200 day moving average price is $31.41.

Tri-Continental Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 23rd. Stockholders of record on Friday, September 13th were paid a $0.291 dividend. 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. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.55%.

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.