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

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) major shareholder Saba Capital Management, L.P. acquired 347,278 shares of the firm’s stock in a transaction on Tuesday, December 24th. The shares were bought at an average cost of $13.78 per share, with a total value of $4,785,490.84. Following the completion of the acquisition, the insider now directly owns 1,011,234 shares in the company, valued at approximately $13,934,804.52. This represents a 52.30 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Major shareholders that own at least 10% of a company’s stock 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 value of $20,090,000.00.

Tortoise Power and Energy Infrastructure Fund Price Performance

NYSE TPZ opened at $20.40 on Friday. The business has a fifty day simple moving average of $19.95 and a 200 day simple moving average of $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 company also recently announced a — dividend, which was paid on Thursday, January 2nd. Stockholders of record on Tuesday, December 31st were issued a $0.0252 dividend. The ex-dividend date was Tuesday, December 31st.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. Wolverine Asset Management LLC purchased a new stake in Tortoise Power and Energy Infrastructure Fund in the 2nd quarter valued at about $109,000. Sanctuary Advisors LLC purchased a new position in shares of Tortoise Power and Energy Infrastructure Fund in the 2nd quarter worth approximately $258,000. Quarry LP bought a new position in shares of Tortoise Power and Energy Infrastructure Fund in the third quarter valued at approximately $335,000. Carmichael Hill & Associates Inc. increased its position in shares of Tortoise Power and Energy Infrastructure Fund by 3.4% during the second quarter. Carmichael Hill & Associates Inc. now owns 21,429 shares of the investment management company’s stock valued at $338,000 after acquiring an additional 705 shares during the last quarter. Finally, Choreo LLC lifted its holdings in Tortoise Power and Energy Infrastructure Fund by 7.7% during the second quarter. Choreo LLC now owns 44,574 shares of the investment management company’s stock worth $702,000 after acquiring an additional 3,169 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.