Cornerstone Advisors LLC Cuts Stock Position in Tri-Continental Co. (NYSE:TY)

Cornerstone Advisors LLC decreased its position in shares of Tri-Continental Co. (NYSE:TY) by 26.6% in the 3rd quarter, Holdings Channel reports. The fund owned 122,919 shares of the investment management company’s stock after selling 44,463 shares during the quarter. Cornerstone Advisors LLC’s holdings in Tri-Continental were worth $4,061,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in TY. Atwood & Palmer Inc. bought a new stake in Tri-Continental during the second quarter valued at approximately $84,000. Northwestern Mutual Wealth Management Co. lifted its holdings in Tri-Continental by 19.3% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,577 shares of the investment management company’s stock worth $111,000 after buying an additional 579 shares during the period. US Bancorp DE increased its stake 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 acquiring an additional 796 shares in the last quarter. Mercer Global Advisors Inc. ADV bought a new stake in Tri-Continental during the 2nd quarter valued at about $327,000. Finally, BancFirst Trust & Investment Management purchased a new stake in shares of Tri-Continental during the 2nd quarter valued at about $341,000. 10.22% of the stock is currently owned by institutional investors.

Tri-Continental Stock Performance

Shares of TY stock opened at $33.61 on Thursday. Tri-Continental Co. has a 12-month low of $27.13 and a 12-month high of $34.30. The firm’s 50 day moving average is $33.12 and its 200 day moving average is $31.82.

Tri-Continental Cuts Dividend

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

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.