BOSTON—William F. Truscott, Senior Vice President of Tri-Continental Corp (NYSE:TY), recently purchased 4,000 shares of the company's common stock. The transaction, dated November 18, involved buying shares at a price of $33.60 each, totaling $134,400. Following this acquisition, Truscott now owns 4,000 shares indirectly through an LLC.
This transaction was disclosed in a Form 4 filing with the Securities and Exchange Commission. Truscott's move reflects a significant investment in the company, which is incorporated in Maryland and headquartered in Boston.
InvestingPro Insights
William F. Truscott's recent purchase of Tri-Continental Corp (NYSE:TY) shares aligns with several positive indicators highlighted by InvestingPro. The company's stock is currently trading near its 52-week high, with a price at 97.99% of its peak, suggesting strong market confidence. This is further supported by the stock's impressive year-to-date total return of 21.23% and a one-year total return of 29.56%.
InvestingPro Tips reveal that Tri-Continental Corp has maintained dividend payments for an impressive 53 consecutive years, demonstrating a commitment to shareholder returns. This is particularly noteworthy given the current dividend yield of 4.61%, which may have factored into Truscott's decision to increase his stake.
The company's financial health appears robust, with InvestingPro Data showing a price-to-earnings ratio of 6.23, indicating potential undervaluation relative to earnings. Additionally, Tri-Continental Corp's profitability over the last twelve months and its ability to cover short-term obligations with liquid assets suggest a stable financial position.
For investors seeking a deeper understanding of Tri-Continental Corp's potential, InvestingPro offers 6 additional tips, providing a more comprehensive analysis of the company's prospects and financial health.
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