Abrdn Emerging Markets Equity Income Fund (NYSE:AEF) Trading Up 0.8% - Should You Buy?

Key Points

• AEF shares rose 0.8% on Thursday, trading as high as $9.40 before ending at $9.28. Trading volume was above average, with about 228,370 shares changing hands.
• The fund recently increased its quarterly dividend to $0.23 per share from $0.21, which works out to an annualized dividend of $0.92 and a 9.9% yield.
• Institutional ownership is high, with hedge funds and other institutional investors holding about 73.93% of the stock. Several firms also recently boosted or initiated positions in the closed-end fund.

Shares of Abrdn Emerging Markets Equity Income Fund Inc (NYSE:AEF - Get Free Report) were up 0.8% on Thursday . The stock traded as high as $9.40 and last traded at $9.28. Approximately 228,370 shares changed hands during trading, an increase of 18% from the average session volume of 192,771 shares. The stock had previously closed at $9.21.

Abrdn Emerging Markets Equity Income Fund Stock Performance

The company has a 50-day moving average of $9.50 and a 200-day moving average of $8.43.

Abrdn Emerging Markets Equity Income Fund Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 23rd were paid a dividend of $0.23 per share. The ex-dividend date was Tuesday, June 23rd. This is a positive change from Abrdn Emerging Markets Equity Income Fund's previous quarterly dividend of $0.21. This represents a $0.92 dividend on an annualized basis and a dividend yield of 9.9%.

Hedge Funds Weigh In On Abrdn Emerging Markets Equity Income Fund

Hedge funds have recently modified their holdings of the stock. Evolve Private Wealth LLC acquired a new stake in Abrdn Emerging Markets Equity Income Fund in the 4th quarter worth approximately $783,000. LPL Financial LLC increased its stake in Abrdn Emerging Markets Equity Income Fund by 312.7% during the 4th quarter. LPL Financial LLC now owns 143,509 shares of the company's stock valued at $1,005,000 after purchasing an additional 108,738 shares in the last quarter. Alpine Global Management LLC purchased a new position in shares of Abrdn Emerging Markets Equity Income Fund in the third quarter worth $648,000. Guggenheim Capital LLC raised its holdings in shares of Abrdn Emerging Markets Equity Income Fund by 105.1% in the fourth quarter. Guggenheim Capital LLC now owns 171,690 shares of the company's stock worth $1,202,000 after buying an additional 87,965 shares during the last quarter. Finally, Closed End Fund Advisors Inc. acquired a new stake in shares of Abrdn Emerging Markets Equity Income Fund during the fourth quarter worth $541,000. Institutional investors and hedge funds own 73.93% of the company's stock.

About Abrdn Emerging Markets Equity Income Fund

Abrdn Emerging Markets Equity Income Fund NYSE: AEF is a closed‐end investment company that seeks to provide investors with a combination of current income and long-term capital appreciation by investing primarily in dividend-paying equities of companies located in emerging market countries. The fund offers investors access to a diversified portfolio of stocks across Asia, Latin America, Eastern Europe, the Middle East and Africa, targeting firms with strong cash flow characteristics and sustainable payout policies.

The investment process combines bottom-up fundamental research with a disciplined focus on income generation.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.