Tri-Continental Co. (NYSE:TY) Director Sells $56,682.45 in Stock

Tri-Continental Co. (NYSE:TY - Get Free Report) Director Pamela G. Carlton sold 1,815 shares of the stock in a transaction on Friday, March 7th. The stock was sold at an average price of $31.23, for a total transaction of $56,682.45. Following the completion of the sale, the director now directly owns 101 shares of the company's stock, valued at approximately $3,154.23. This trade represents a 94.73 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

Tri-Continental Stock Performance

NYSE:TY traded up $0.05 during trading hours on Tuesday, reaching $30.95. The stock had a trading volume of 2,507 shares, compared to its average volume of 41,142. The company has a 50 day moving average price of $32.18 and a two-hundred day moving average price of $32.69. Tri-Continental Co. has a 52 week low of $29.17 and a 52 week high of $34.82.

Tri-Continental Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 26th. Stockholders of record on Tuesday, March 18th will be issued a $0.2766 dividend. The ex-dividend date of this dividend is Tuesday, March 18th. This represents a $1.11 dividend on an annualized basis and a dividend yield of 3.58%.

Institutional Investors Weigh In On Tri-Continental

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Raymond James Financial Inc. purchased a new stake in shares of Tri-Continental in the fourth quarter worth approximately $10,315,000. Kovitz Investment Group Partners LLC purchased a new stake in Tri-Continental in the third quarter worth about $7,366,000. Cornerstone Advisory LLC purchased a new stake in shares of Tri-Continental in the 4th quarter worth approximately $4,214,000. EP Wealth Advisors LLC bought a new stake in Tri-Continental during the 3rd quarter valued at $3,411,000. Finally, Wolverine Asset Management LLC boosted its position in Tri-Continental by 127.2% during the third quarter. Wolverine Asset Management LLC now owns 120,710 shares of the investment management company's stock valued at $3,988,000 after purchasing an additional 67,577 shares in the last quarter. 10.22% of the stock is currently owned by hedge funds and other institutional investors.

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.

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