Insider Buying: Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) Major Shareholder Buys $4,785,490.84 in Stock

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) major shareholder Saba Capital Management, L.P. bought 347,278 shares of the stock in a transaction on Tuesday, December 24th. The stock was acquired at an average price of $13.78 per share, with a total value of $4,785,490.84. Following the completion of the acquisition, the insider now owns 1,011,234 shares of the company’s stock, valued at $13,934,804.52. This represents a 52.30 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Large shareholders that own at least 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Saba Capital Management, L.P. also recently made the following trade(s):

• On Thursday, December 26th, Saba Capital Management, L.P. sold 1,000,000 shares of Tortoise Power and Energy Infrastructure Fund stock. The shares were sold at an average price of $20.09, for a total transaction of $20,090,000.00.

Tortoise Power and Energy Infrastructure Fund Price Performance

Shares of NYSE TPZ opened at $20.40 on Friday. The company’s fifty day simple moving average is $19.95 and its 200 day simple moving average is $18.26. Tortoise Power and Energy Infrastructure Fund, Inc. has a 12-month low of $13.79 and a 12-month high of $20.99.

Tortoise Power and Energy Infrastructure Fund Announces Dividend

The business also recently disclosed a — dividend, which was paid on Thursday, January 2nd. Stockholders of record on Tuesday, December 31st were given a dividend of $0.0252 per share. The ex-dividend date was Tuesday, December 31st.

Institutional Trading of Tortoise Power and Energy Infrastructure Fund

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sanctuary Advisors LLC boosted its holdings in Tortoise Power and Energy Infrastructure Fund by 126.5% in the third quarter. Sanctuary Advisors LLC now owns 38,653 shares of the investment management company’s stock worth $700,000 after acquiring an additional 21,589 shares in the last quarter. Kovitz Investment Group Partners LLC acquired a new position in shares of Tortoise Power and Energy Infrastructure Fund during the third quarter worth approximately $13,071,000. Quarry LP bought a new position in shares of Tortoise Power and Energy Infrastructure Fund in the 3rd quarter worth $335,000. Advisors Asset Management Inc. acquired a new stake in Tortoise Power and Energy Infrastructure Fund in the 3rd quarter valued at $1,186,000. Finally, Envestnet Asset Management Inc. grew its position in Tortoise Power and Energy Infrastructure Fund by 13.6% in the 2nd quarter. Envestnet Asset Management Inc. now owns 197,369 shares of the investment management company’s stock valued at $3,116,000 after purchasing an additional 23,673 shares during the period.

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.