Insider Activity Report: Tri-Continental (TY)

Raghavendran Sivaraman, a portfolio manager at Tri-Continental (TY), recently added 3,000 shares. The buy represents an initial stake for the manager, and came out to a total cost of $81,211.

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  • This is the first insider activity at the company since March 2022, when another portfolio manger bought 2,000 shares, also a first-time stake. There have been no other buys, nor any insider sales, over the past two years.

    Overall, insiders own about 1 percent of the company.

    The asset management company has traded flat over the past year, and has managed to have lower volatility than its peers during last year’s bear market and this year’s recovery.

    Despite that calm stock price, earnings slid 85 percent over the past year and revenues dropped by 1.3 percent.

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  • Action to take: Shares last went for about 9 times earnings, a big discount to the overall market and an inexpensive valuation overall.

    At present prices, shares yield about 4.1 percent. Investors may want to look to buy on a dip, given how low volatility is for shares, to get the best possible price.

    For traders, options data isn’t available. But asset managers should continue to fare well as the market continues higher in the second half of the year, so buying call options on an ETF like the Financial Select SPDR (XLF) may be the best opportunity in the coming weeks for an end-year rally.


    Disclosure: The author of this article has no position in the company mentioned here, but may trade after the next 72 hours. The author receives no compensation from any of the companies mentioned in this article.

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