Tortoise Power and Energy Infrastructure Fund, Inc. Plans Monthly Dividend of $0.07 (NYSE:TPZ)

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE:TPZ) declared a monthly dividend on Thursday, February 27th, Wall Street Journal reports. Investors of record on Thursday, February 27th will be paid a dividend of 0.0679 per share by the investment management company on Friday, February 28th. This represents a $0.81 dividend on an annualized basis and a yield of 3.92%. The ex-dividend date of this dividend is Thursday, February 27th.

Tortoise Power and Energy Infrastructure Fund Stock Up 2.1 %

NYSE TPZ opened at $20.79 on Friday. The firm’s fifty day simple moving average is $20.92 and its two-hundred day simple moving average is $19.64. Tortoise Power and Energy Infrastructure Fund has a 12-month low of $14.53 and a 12-month high of $22.30.

Insiders Place Their Bets

In other news, major shareholder Saba Capital Management, L.P. sold 1,000,000 shares of the business’s stock in a transaction 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 sale, the insider now directly owns 11,234 shares of the company’s stock, valued at $225,691.06. The trade was a 98.89 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

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.