Prudential Financial Inc Purchases 1,500,000 Shares of Tortoise Energy Infrastructure Co. (NYSE:TYG) Stock

Tortoise Energy Infrastructure Co. (NYSE:TYG - Get Free Report) major shareholder Prudential Financial Inc acquired 1,500,000 shares of the business's stock in a transaction that occurred on Wednesday, December 18th. The shares were acquired at an average cost of $10.00 per share, for a total transaction of $15,000,000.00. Following the completion of the acquisition, the insider now owns 1,500,000 shares of the company's stock, valued at $15,000,000. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Large shareholders that own more than 10% of a company's shares are required to disclose their sales and purchases with the SEC.

Tortoise Energy Infrastructure Trading Up 2.0 %

Shares of NYSE TYG traded up $0.81 during mid-day trading on Friday, reaching $42.11. 52,341 shares of the company were exchanged, compared to its average volume of 38,805. The firm has a 50-day moving average of $42.62 and a 200 day moving average of $38.27. Tortoise Energy Infrastructure Co. has a 1 year low of $28.01 and a 1 year high of $46.35.

Tortoise Energy Infrastructure Announces Dividend

The company also recently declared a -- dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 21st will be given a dividend of $0.365 per share. This represents a dividend yield of 7.4%. The ex-dividend date of this dividend is Friday, February 21st.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of TYG. Raymond James & Associates boosted its position in shares of Tortoise Energy Infrastructure by 679.7% in the 3rd quarter. Raymond James & Associates now owns 75,830 shares of the financial services provider's stock worth $2,976,000 after purchasing an additional 66,104 shares in the last quarter. Almitas Capital LLC raised its stake in Tortoise Energy Infrastructure by 157.6% in the second quarter. Almitas Capital LLC now owns 25,457 shares of the financial services provider's stock valued at $888,000 after buying an additional 15,576 shares during the last quarter. Wealth Enhancement Advisory Services LLC boosted its holdings in Tortoise Energy Infrastructure by 604.3% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 76,567 shares of the financial services provider's stock worth $3,005,000 after acquiring an additional 65,695 shares in the last quarter. Bayshore Asset Management LLC purchased a new stake in shares of Tortoise Energy Infrastructure during the third quarter worth about $688,000. Finally, Sanctuary Advisors LLC purchased a new stake in shares of Tortoise Energy Infrastructure during the second quarter worth about $469,000. Hedge funds and other institutional investors own 32.50% of the company's stock.

About Tortoise Energy Infrastructure

Tortoise Energy Infrastructure Corporation is a closed ended equity mutual fund launched and managed by Tortoise Capital Advisors LLC The fund invests in the public equity markets of the United States. It seeks to invest in the stocks of companies operating in the energy infrastructure sector, with an emphasis on those companies that are engaged in transporting, processing, storing, distributing or marketing natural gas, natural gas liquids (primarily propane), coal, crude oil or refined petroleum products, or exploring, developing, managing or producing such commodities.