Commonwealth Equity Services LLC Acquires Shares of 144,875 Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ)

Commonwealth Equity Services LLC bought a new position in Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 144,875 shares of the investment management company’s stock, valued at approximately $2,907,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in TPZ. Kovitz Investment Group Partners LLC purchased a new stake in Tortoise Power and Energy Infrastructure Fund in the third quarter worth $13,071,000. Bard Associates Inc. grew its position in shares of Tortoise Power and Energy Infrastructure Fund by 134.3% in the 4th quarter. Bard Associates Inc. now owns 473,321 shares of the investment management company’s stock worth $9,509,000 after buying an additional 271,266 shares during the period. D.A. Davidson & CO. increased its stake in shares of Tortoise Power and Energy Infrastructure Fund by 196.7% in the 4th quarter. D.A. Davidson & CO. now owns 108,308 shares of the investment management company’s stock worth $2,173,000 after acquiring an additional 71,798 shares in the last quarter. HighTower Advisors LLC purchased a new position in Tortoise Power and Energy Infrastructure Fund during the 4th quarter valued at about $1,383,000. Finally, Advisors Asset Management Inc. bought a new stake in Tortoise Power and Energy Infrastructure Fund during the third quarter worth about $1,186,000.

Insiders Place Their Bets

In related news, major shareholder Saba Capital Management, L.P. sold 1,000,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 26th. The shares were sold at an average price of $20.09, for a total transaction of $20,090,000.00. Following the completion of the sale, the insider now owns 11,234 shares of the company’s stock, valued at $225,691.06. This trade represents a 98.89 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Tortoise Power and Energy Infrastructure Fund Stock Down 0.3 %

Shares of NYSE TPZ opened at $21.04 on Wednesday. The company has a 50 day simple moving average of $20.93 and a two-hundred day simple moving average of $19.98. 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 disclosed a monthly dividend, which was paid on Friday, February 28th. Shareholders of record on Thursday, February 27th were paid a dividend of $0.0679 per share. This represents a $0.81 dividend on an annualized basis and a yield of 3.87%. The ex-dividend date was Thursday, February 27th.

Tortoise Power and Energy Infrastructure Fund Company 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.