Advisors Asset Management Inc. Raises Stock Holdings in Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ)

Advisors Asset Management Inc. raised its position in shares of Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) by 86.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 121,955 shares of the investment management company’s stock after acquiring an additional 56,453 shares during the period. Advisors Asset Management Inc.’s holdings in Tortoise Power and Energy Infrastructure Fund were worth $2,447,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of TPZ. Kovitz Investment Group Partners LLC purchased a new stake in shares of Tortoise Power and Energy Infrastructure Fund during the 3rd quarter worth approximately $13,071,000. Bard Associates Inc. raised its holdings in shares of Tortoise Power and Energy Infrastructure Fund by 134.3% during the 4th quarter. Bard Associates Inc. now owns 473,321 shares of the investment management company’s stock worth $9,509,000 after acquiring an additional 271,266 shares in the last quarter. Commonwealth Equity Services LLC purchased a new stake in shares of Tortoise Power and Energy Infrastructure Fund during the 4th quarter worth approximately $2,907,000. D.A. Davidson & CO. raised its holdings in Tortoise Power and Energy Infrastructure Fund by 196.7% during the 4th quarter. D.A. Davidson & CO. now owns 108,308 shares of the investment management company’s stock valued at $2,173,000 after buying an additional 71,798 shares during the period. Finally, HighTower Advisors LLC purchased a new stake in Tortoise Power and Energy Infrastructure Fund during the 4th quarter valued at $1,383,000.

Tortoise Power and Energy Infrastructure Fund Stock Performance

NYSE:TPZ opened at $20.78 on Friday. The stock’s fifty day moving average is $20.93 and its 200 day moving average is $19.91. Tortoise Power and Energy Infrastructure Fund, Inc. has a fifty-two week low of $14.70 and a fifty-two week high of $22.30.

Tortoise Power and Energy Infrastructure Fund Cuts Dividend

The business also recently declared a monthly dividend, which was paid on Friday, February 28th. Investors of record on Thursday, February 27th were issued a dividend of $0.0679 per share. The ex-dividend date was Thursday, February 27th. This represents a $0.81 annualized dividend and a yield of 3.92%.

Insider Activity at Tortoise Power and Energy Infrastructure Fund

In other Tortoise Power and Energy Infrastructure Fund news, major shareholder Saba Capital Management, L.P. sold 1,000,000 shares of the company’s stock in a transaction on Thursday, December 26th. The stock was sold at an average price of $20.09, for a total value of $20,090,000.00. Following the transaction, the insider now owns 11,234 shares of the company’s stock, valued at $225,691.06. This represents a 98.89 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Tortoise Power and Energy Infrastructure Fund Profile

Tortoise Power and Energy Infrastructure Fund, Inc is a closed-ended balanced mutual fund launched and managed by Tortoise Capital Advisors, LLC. The fund invests in the fixed income and public equity markets of the United States. It invests in securities of companies operating in the power and energy infrastructure sectors.