Tri-Continental (NYSE:TY) Sets New 52-Week High – Time to Buy?

Shares of Tri-Continental Co. (NYSE:TY) reached a new 52-week high during mid-day trading on Tuesday . The company traded as high as $34.63 and last traded at $34.59, with a volume of 14898 shares changing hands. The stock had previously closed at $34.46.

Tri-Continental Price Performance

The company’s 50-day moving average price is $33.40 and its two-hundred day moving average price is $32.04.

Tri-Continental Cuts Dividend

The firm also recently declared a — dividend, which will be paid on Monday, December 23rd. Stockholders of record on Friday, December 13th will be issued a $0.285 dividend. This represents a dividend yield of 3.3%. The ex-dividend date of this dividend is Friday, December 13th.

Hedge Funds Weigh In On Tri-Continental

Institutional investors have recently modified their holdings of the company. International Assets Investment Management LLC grew its stake in shares of Tri-Continental by 3,203.9% in the third quarter. International Assets Investment Management LLC now owns 232,295 shares of the investment management company’s stock worth $7,031,000 after purchasing an additional 225,264 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in Tri-Continental by 19.3% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 3,577 shares of the investment management company’s stock valued at $111,000 after buying an additional 579 shares during the period. Shaker Financial Services LLC raised its position in shares of Tri-Continental by 69.7% during the 3rd quarter. Shaker Financial Services LLC now owns 161,057 shares of the investment management company’s stock worth $5,321,000 after buying an additional 66,148 shares in the last quarter. Creative Planning lifted its stake in shares of Tri-Continental by 74.8% in the 3rd quarter. Creative Planning now owns 25,860 shares of the investment management company’s stock worth $854,000 after acquiring an additional 11,067 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its holdings in shares of Tri-Continental by 3.6% in the third quarter. Allspring Global Investments Holdings LLC now owns 441,730 shares of the investment management company’s stock valued at $14,595,000 after acquiring an additional 15,350 shares in the last quarter. Institutional investors own 10.22% of the company’s stock.

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.