Prentiss Smith & Co. Inc. Takes $230,000 Position in Tri-Continental Co. (NYSE:TY)

Prentiss Smith & Co. Inc. acquired a new position in shares of Tri-Continental Co. (NYSE:TY) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 7,973 shares of the investment management company’s stock, valued at approximately $230,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in TY. International Assets Investment Management LLC grew its stake in Tri-Continental by 2,793.7% during the fourth quarter. International Assets Investment Management LLC now owns 200,793 shares of the investment management company’s stock worth $5,789,000 after buying an additional 193,854 shares during the period. Allspring Global Investments Holdings LLC raised its position in Tri-Continental by 27.2% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 567,088 shares of the investment management company’s stock valued at $16,349,000 after acquiring an additional 121,196 shares in the last quarter. Mariner LLC acquired a new position in Tri-Continental in the 3rd quarter valued at $1,938,000. Baltimore Washington Financial Advisors Inc. acquired a new position in shares of Tri-Continental during the 3rd quarter worth about $1,521,000. Finally, AQR Arbitrage LLC increased its stake in Tri-Continental by 113.6% during the third quarter. AQR Arbitrage LLC now owns 54,558 shares of the investment management company’s stock valued at $1,451,000 after acquiring an additional 29,018 shares during the period. Institutional investors and hedge funds own 10.22% of the company’s stock.

Tri-Continental Trading Down 1.0 %

Shares of TY stock traded down $0.30 during trading hours on Thursday, hitting $29.46. The company had a trading volume of 35,853 shares, compared to its average volume of 40,629. Tri-Continental Co. has a 12 month low of $25.16 and a 12 month high of $30.95. The firm’s fifty day moving average is $29.94 and its 200 day moving average is $28.58.

Tri-Continental Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 19th. Shareholders of record on Monday, March 11th were issued a dividend of $0.256 per share. This represents a $1.02 dividend on an annualized basis and a yield of 3.48%. The ex-dividend date was Friday, March 8th.

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.