Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) Major Shareholder Saba Capital Management, L.P. Acquires 347,278 Shares

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 that occurred on Tuesday, December 24th. The shares were bought at an average price of $13.78 per share, for a total transaction of $4,785,490.84. Following the completion of the transaction, the insider now directly 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 document filed with the SEC, which is available at this hyperlink. Large shareholders that own more than 10% of a company’s stock are required to disclose their transactions 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 stock was sold at an average price of $20.09, for a total value of $20,090,000.00.

Tortoise Power and Energy Infrastructure Fund Trading Up 0.1 %

Shares of NYSE:TPZ traded up $0.02 during mid-day trading on Tuesday, reaching $20.07. 116,903 shares of the company traded hands, compared to its average volume of 26,705. Tortoise Power and Energy Infrastructure Fund, Inc. has a 52 week low of $13.79 and a 52 week high of $20.99. The company’s 50 day moving average price is $19.87 and its 200-day moving average price is $18.20.

Tortoise Power and Energy Infrastructure Fund Announces Dividend

The company also recently declared a monthly dividend, which was paid on Friday, November 29th. Shareholders of record on Friday, November 22nd were given a $0.105 dividend. The ex-dividend date of this dividend was Friday, November 22nd. This represents a $1.26 dividend on an annualized basis and a dividend yield of 6.28%.

Institutional Trading of Tortoise Power and Energy Infrastructure Fund

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

About Tortoise Power and Energy Infrastructure Fund

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.