Cornerstone Advisors LLC Sells 67,677 Shares of Tri-Continental Co. (NYSE:TY)

Cornerstone Advisors LLC lowered its position in Tri-Continental Co. (NYSE:TY) by 55.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 55,242 shares of the investment management company’s stock after selling 67,677 shares during the quarter. Cornerstone Advisors LLC owned approximately 0.10% of Tri-Continental worth $1,751,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. US Bancorp DE boosted its position in shares of Tri-Continental by 16.4% in the 3rd quarter. US Bancorp DE now owns 5,648 shares of the investment management company’s stock worth $187,000 after purchasing an additional 796 shares in the last quarter. Mezzasalma Advisors LLC acquired a new stake in shares of Tri-Continental in the 4th quarter worth $206,000. PNC Financial Services Group Inc. boosted its position in shares of Tri-Continental by 115.7% in the 4th quarter. PNC Financial Services Group Inc. now owns 7,848 shares of the investment management company’s stock worth $249,000 after purchasing an additional 4,209 shares in the last quarter. Walleye Capital LLC acquired a new stake in shares of Tri-Continental in the 3rd quarter worth $269,000. Finally, Crews Bank & Trust acquired a new stake in shares of Tri-Continental in the 4th quarter worth $270,000. Institutional investors own 10.22% of the company’s stock.

Tri-Continental Price Performance

Tri-Continental stock opened at $30.89 on Tuesday. The business has a fifty day moving average price of $32.18 and a 200-day moving average price of $32.69. Tri-Continental Co. has a 1-year low of $29.17 and a 1-year high of $34.82.

Tri-Continental Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 26th. Investors of record on Tuesday, March 18th will be paid 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 yield of 3.58%.

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.