Tri-Continental (NYSE:TY) Sees Unusually-High Trading Volume - Should You Buy?

Tri-Continental Co. (NYSE:TY - Get Free Report) saw unusually-strong trading volume on Wednesday . Approximately 54,927 shares were traded during mid-day trading, an increase of 35% from the previous session's volume of 40,825 shares.The stock last traded at $31.38 and had previously closed at $31.36.

Tri-Continental Stock Performance

The stock has a 50 day moving average price of $31.94 and a two-hundred day moving average price of $32.57.

Tri-Continental Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 26th. Shareholders of record on Tuesday, March 18th were given a dividend of $0.2766 per share. This represents a $1.11 annualized dividend and a yield of 3.62%. The ex-dividend date of this dividend was Tuesday, March 18th.

Insider Transactions at Tri-Continental

In related news, Director Pamela G. Carlton sold 1,815 shares of Tri-Continental stock in a transaction on Friday, March 7th. The shares were sold at an average price of $31.23, for a total value of $56,682.45. Following the transaction, the director now owns 101 shares in the company, valued at $3,154.23. This trade represents a 94.73 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 8.66% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Tri-Continental

A number of institutional investors have recently made changes to their positions in TY. Mascagni Wealth Management Inc. acquired a new stake in Tri-Continental in the 4th quarter valued at approximately $212,000. Wealth Enhancement Advisory Services LLC grew its position in Tri-Continental by 2.8% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 128,651 shares of the investment management company's stock worth $4,077,000 after buying an additional 3,523 shares in the last quarter. Cornerstone Advisory LLC bought a new position in Tri-Continental during the fourth quarter valued at about $4,214,000. RB Capital Management LLC raised its holdings in Tri-Continental by 7.2% in the 4th quarter. RB Capital Management LLC now owns 63,187 shares of the investment management company's stock valued at $2,002,000 after acquiring an additional 4,262 shares in the last quarter. Finally, Waverly Advisors LLC bought a new stake in shares of Tri-Continental in the 4th quarter worth approximately $357,000. 10.22% of the stock is currently owned by 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.