Abrdn Emerging Markets Equity Income Fund Inc $AEF Shares Sold by Lazard Asset Management LLC

Key Points

• Lazard Asset Management reduced its AEF stake by 22.9% during the first quarter, selling 331,403 shares and retaining 1.11 million shares valued at approximately $8.1 million. Institutional investors and hedge funds collectively own 73.93% of the fund.
• AEF shares opened at $8.58, compared with a 52-week range of $5.95 to $10.14. The stock’s 50-day and 200-day moving averages were $9.29 and $8.61, respectively.
• The quarterly dividend increased to $0.23 per share from $0.21, representing an annualized payout of $0.92 and a dividend yield of approximately 10.7%.

Lazard Asset Management LLC lessened its stake in shares of Abrdn Emerging Markets Equity Income Fund Inc (NYSE:AEF - Free Report) by 22.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,113,010 shares of the company's stock after selling 331,403 shares during the quarter. Lazard Asset Management LLC owned about 2.74% of Abrdn Emerging Markets Equity Income Fund worth $8,114,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Bard Associates Inc. acquired a new position in Abrdn Emerging Markets Equity Income Fund in the 4th quarter valued at $57,000. Creative Planning acquired a new stake in shares of Abrdn Emerging Markets Equity Income Fund in the 2nd quarter worth $70,000. Royal Bank of Canada boosted its holdings in shares of Abrdn Emerging Markets Equity Income Fund by 24.5% in the fourth quarter. Royal Bank of Canada now owns 12,971 shares of the company's stock valued at $91,000 after acquiring an additional 2,556 shares in the last quarter. Invesco Ltd. purchased a new stake in shares of Abrdn Emerging Markets Equity Income Fund in the fourth quarter valued at about $274,000. Finally, Uhlmann Price Securities LLC increased its stake in shares of Abrdn Emerging Markets Equity Income Fund by 5.5% during the first quarter. Uhlmann Price Securities LLC now owns 40,859 shares of the company's stock worth $298,000 after acquiring an additional 2,129 shares during the period. 73.93% of the stock is owned by institutional investors and hedge funds.

Abrdn Emerging Markets Equity Income Fund Price Performance

NYSE AEF opened at $8.58 on Friday. Abrdn Emerging Markets Equity Income Fund Inc has a 52-week low of $5.95 and a 52-week high of $10.14. The firm has a 50-day moving average price of $9.29 and a 200 day moving average price of $8.61.

Abrdn Emerging Markets Equity Income Fund Increases Dividend

The firm also recently announced 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. This is a positive change from Abrdn Emerging Markets Equity Income Fund's previous quarterly dividend of $0.21. The ex-dividend date of this dividend was Tuesday, June 23rd. This represents a $0.92 dividend on an annualized basis and a dividend yield of 10.7%.

Abrdn Emerging Markets Equity Income Fund Company Profile

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.

Want to see what other hedge funds are holding AEF? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Abrdn Emerging Markets Equity Income Fund Inc (NYSE:AEF - Free Report).

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