1607 Capital Partners LLC Trims Stock Position in abrdn Life Sciences Investors $HQL

Key Points

• 1607 Capital Partners LLC reduced its stake in abrdn Life Sciences Investors (NYSE:HQL) by 26.8%, now holding 180,971 shares valued at approximately $2.3 million.
• Despite this reduction, other institutional investors such as Royal Bank of Canada and Landscape Capital Management increased their stakes, indicating ongoing support for the company.
• abrdn Life Sciences Investors has recently declared a quarterly dividend of $0.42, resulting in an annualized dividend yield of 12.0%.

1607 Capital Partners LLC cut its position in abrdn Life Sciences Investors (NYSE:HQL - Free Report) by 26.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 180,971 shares of the company's stock after selling 66,176 shares during the quarter. 1607 Capital Partners LLC owned 0.63% of abrdn Life Sciences Investors worth $2,297,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of the company. Flagship Harbor Advisors LLC grew its stake in shares of abrdn Life Sciences Investors by 36.1% in the first quarter. Flagship Harbor Advisors LLC now owns 340,877 shares of the company's stock valued at $4,326,000 after buying an additional 90,436 shares in the last quarter. LPL Financial LLC boosted its holdings in abrdn Life Sciences Investors by 14.4% in 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 period. Raymond James Financial Inc. boosted its holdings in abrdn Life Sciences Investors by 31.1% in the first quarter. Raymond James Financial Inc. now owns 312,531 shares of the company's stock valued at $3,966,000 after purchasing an additional 74,061 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in 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 purchasing an additional 27,433 shares during the period. Finally, Ameriprise Financial Inc. boosted its holdings in abrdn Life Sciences Investors by 7.5% in the fourth quarter. Ameriprise Financial Inc. now owns 153,396 shares of the company's stock valued at $1,999,000 after purchasing an additional 10,742 shares during the period. 32.21% of the stock is owned by institutional investors and hedge funds.

abrdn Life Sciences Investors Trading Up 1.3%

NYSE:HQL traded up $0.19 during midday trading on Friday, reaching $14.30. The company had a trading volume of 117,892 shares, compared to its average volume of 101,085. The stock's fifty day simple moving average is $13.44 and its 200-day simple moving average is $12.86. abrdn Life Sciences Investors has a 12-month low of $10.55 and a 12-month high of $15.68.

abrdn Life Sciences Investors Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Friday, August 22nd will be issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 11.7%. The ex-dividend date of this dividend is Friday, August 22nd.

Insider Transactions at abrdn Life Sciences Investors

In other abrdn Life Sciences Investors news, major shareholder Saba Capital Management, L.P. sold 14,083 shares of abrdn Life Sciences Investors stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $14.04, for a total transaction of $197,725.32. Following the completion of the sale, the insider directly owned 2,968,623 shares of the company's stock, valued at $41,679,466.92. The trade was a 0.47% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Over the last ninety days, insiders sold 48,916 shares of company stock worth $683,459. 10.06% of the stock is owned by insiders.

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.