Shaker Financial Services LLC Boosts Stock Position in Tri-Continental Co. (NYSE:TY)

Shaker Financial Services LLC boosted its position in shares of Tri-Continental Co. (NYSE:TY) by 36.6% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 94,909 shares of the investment management company’s stock after acquiring an additional 25,434 shares during the quarter. Tri-Continental accounts for approximately 1.2% of Shaker Financial Services LLC’s investment portfolio, making the stock its 28th biggest position. Shaker Financial Services LLC owned 0.18% of Tri-Continental worth $2,939,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Atwood & Palmer Inc. purchased a new stake in Tri-Continental during the second quarter worth approximately $84,000. Motco acquired a new stake in Tri-Continental in the first quarter valued at about $108,000. YHB Investment Advisors Inc. purchased a new stake in Tri-Continental in the 1st quarter valued at approximately $158,000. Choate Investment Advisors acquired a new position in Tri-Continental during the 1st quarter worth approximately $213,000. Finally, 9258 Wealth Management LLC purchased a new position in shares of Tri-Continental during the 1st quarter worth approximately $213,000. Institutional investors and hedge funds own 10.22% of the company’s stock.

Tri-Continental Stock Performance

Shares of TY traded up $0.08 during trading hours on Thursday, reaching $32.00. The company had a trading volume of 7,712 shares, compared to its average volume of 39,367. Tri-Continental Co. has a 12-month low of $25.16 and a 12-month high of $32.39. The firm has a 50 day simple moving average of $31.41 and a 200-day simple moving average of $30.64.

Tri-Continental Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 23rd. Stockholders of record on Friday, September 13th will be paid a dividend of $0.291 per share. This represents a $1.16 annualized dividend and a dividend yield of 3.64%. The ex-dividend date of this dividend is Friday, September 13th. This is an increase from Tri-Continental’s previous quarterly dividend of $0.29.

Tri-Continental 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.