Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) Plans Monthly Dividend of $0.11

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ – Get Rating) declared a monthly dividend on Wednesday, June 15th, Wall Street Journal reports. Investors of record on Thursday, June 23rd will be given a dividend of 0.105 per share by the investment management company on Thursday, June 30th. This represents a $1.26 annualized dividend and a dividend yield of 9.83%. The ex-dividend date of this dividend is Wednesday, June 22nd.

Tortoise Power and Energy Infrastructure Fund has decreased its dividend payment by an average of 24.3% per year over the last three years and has increased its dividend annually for the last 2 consecutive years.

TPZ stock opened at $12.82 on Tuesday. The company’s 50-day simple moving average is $14.10 and its 200 day simple moving average is $13.95. Tortoise Power and Energy Infrastructure Fund has a 52 week low of $12.42 and a 52 week high of $14.99.

Several hedge funds have recently added to or reduced their stakes in TPZ. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Tortoise Power and Energy Infrastructure Fund in the first quarter valued at about $641,000. Wells Fargo & Company MN grew its stake in shares of Tortoise Power and Energy Infrastructure Fund by 58.1% in the fourth quarter. Wells Fargo & Company MN now owns 61,884 shares of the investment management company’s stock valued at $842,000 after acquiring an additional 22,741 shares in the last quarter. Rivernorth Capital Management LLC acquired a new position in shares of Tortoise Power and Energy Infrastructure Fund in the first quarter valued at about $262,000. Eudaimonia Partners LLC acquired a new stake in Tortoise Power and Energy Infrastructure Fund during the first quarter worth about $158,000. Finally, UBS Group AG grew its stake in Tortoise Power and Energy Infrastructure Fund by 20.5% during the third quarter. UBS Group AG now owns 59,726 shares of the investment management company’s stock worth $790,000 after buying an additional 10,151 shares in the last quarter.

Tortoise Power and Energy Infrastructure Fund Company Profile (Get Rating)

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.

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