abrdn Life Sciences Investors (NYSE:HQL) Trading 1.6% Higher - Here's What Happened

Key Points

• abrdn Life Sciences Investors' stock price increased by 1.6%, trading at $15.49 with a volume surge of 63% from its average session.
• The company announced a quarterly dividend of $0.42 per share, resulting in an annualized dividend yield of 10.8%.
• Significant insider activity was noted, with major shareholder Saba Capital Management selling 41,623 shares, reducing their stake by 1.45%.

abrdn Life Sciences Investors (NYSE:HQL - )'s stock price traded up 1.6% during mid-day trading on Tuesday . The stock traded as high as $15.52 and last traded at $15.49. 247,941 shares traded hands during trading, an increase of 63% from the average session volume of 152,395 shares. The stock had previously closed at $15.25.

abrdn Life Sciences Investors Trading Up 1.6%

The company has a fifty day moving average of $13.86 and a 200-day moving average of $12.98.

abrdn Life Sciences Investors Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Friday, August 22nd will be paid a $0.42 dividend. The ex-dividend date is Friday, August 22nd. This represents a $1.68 annualized dividend and a dividend yield of 10.8%.

Insiders Place Their Bets

In other abrdn Life Sciences Investors news, major shareholder Saba Capital Management, L.P. sold 41,623 shares of the stock in a transaction dated Monday, September 22nd. The shares were sold at an average price of $14.14, for a total value of $588,549.22. Following the completion of the sale, the insider owned 2,837,633 shares in the company, valued at approximately $40,124,130.62. This trade represents a 1.45% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders have sold 179,906 shares of company stock worth $2,530,720 in the last 90 days. 10.06% of the stock is currently owned by insiders.

Hedge Funds Weigh In On abrdn Life Sciences Investors

Several institutional investors have recently bought and sold shares of HQL. Allspring Global Investments Holdings LLC raised its stake in shares of abrdn Life Sciences Investors by 16.5% in the first quarter. Allspring Global Investments Holdings LLC now owns 193,484 shares of the company's stock valued at $2,455,000 after buying an additional 27,433 shares during the period. Cambridge Investment Research Advisors Inc. bought a new stake in abrdn Life Sciences Investors in the 1st quarter valued at about $134,000. Shaker Financial Services LLC bought a new stake in abrdn Life Sciences Investors in the 1st quarter valued at about $297,000. LPL Financial LLC lifted its holdings in abrdn Life Sciences Investors by 14.4% during the first quarter. LPL Financial LLC now owns 328,402 shares of the company's stock valued at $4,167,000 after purchasing an additional 41,307 shares during the last quarter. Finally, Flagship Harbor Advisors LLC boosted its position in abrdn Life Sciences Investors by 36.1% during the first quarter. Flagship Harbor Advisors LLC now owns 340,877 shares of the company's stock worth $4,326,000 after purchasing an additional 90,436 shares during the period. Hedge funds and other institutional investors own 32.21% of the company's stock.

About abrdn Life Sciences Investors

Abrdn Life Sciences Investors is a closed-ended equity mutual fund launched and managed by abrdn Inc The fund invests in public equity markets across the globe. It seeks to invest in stocks of companies operating in the life sciences sector, including the biotechnology, pharmaceutical, diagnostics, managed healthcare, medical equipment, hospitals, healthcare information technology and services, devices and supplies industries, and in agriculture and environmental management industries.

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