City of London Investment Management Co. Ltd. Sells 549,054 Shares of Abrdn Emerging Markets Equity Income Fund Inc $AEF

Key Points

• City of London Investment Management cut its AEF position by 5.2%, selling 549,054 shares, but still held 9.94 million shares worth about $94 million—roughly 24.49% of the fund.
• AEF raised its quarterly dividend from $0.23 to $0.26 per share, equivalent to $1.04 annualized and a reported 12.8% yield.
• Director Anthony S. Clark bought 4,500 shares at an average price of $9.63, increasing his personal stake to 6,000 shares.

City of London Investment Management Co. Ltd. reduced its holdings in shares of Abrdn Emerging Markets Equity Income Fund Inc (NYSE:AEF - Free Report) by 5.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,944,810 shares of the company's stock after selling 549,054 shares during the period. Abrdn Emerging Markets Equity Income Fund comprises approximately 6.4% of City of London Investment Management Co. Ltd.'s portfolio, making the stock its 5th biggest holding. City of London Investment Management Co. Ltd. owned about 24.49% of Abrdn Emerging Markets Equity Income Fund worth $93,978,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Shaker Financial Services LLC raised its holdings in Abrdn Emerging Markets Equity Income Fund by 3.7% in the third quarter. Shaker Financial Services LLC now owns 169,459 shares of the company's stock valued at $1,601,000 after buying an additional 6,000 shares during the period. Noble Wealth Management PBC acquired a new stake in Abrdn Emerging Markets Equity Income Fund during the 2nd quarter valued at approximately $34,000. Readystate Asset Management LP purchased a new position in Abrdn Emerging Markets Equity Income Fund in the first quarter valued at about $203,000. Finally, Private Advisor Group LLC increased its position in shares of Abrdn Emerging Markets Equity Income Fund by 7.4% in the 1st quarter. Private Advisor Group LLC now owns 191,749 shares of the company's stock worth $1,398,000 after purchasing an additional 13,205 shares during the last quarter. Institutional investors and hedge funds own 73.93% of the company's stock.

Abrdn Emerging Markets Equity Income Fund Stock Up 1.1%

Shares of Abrdn Emerging Markets Equity Income Fund stock opened at $8.13 on Thursday. The stock's fifty day moving average is $9.22 and its 200-day moving average is $8.84. Abrdn Emerging Markets Equity Income Fund Inc has a 12-month low of $6.41 and a 12-month high of $10.14.

Abrdn Emerging Markets Equity Income Fund Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 22nd were issued a dividend of $0.26 per share. This is a boost from Abrdn Emerging Markets Equity Income Fund's previous quarterly dividend of $0.23. This represents a $1.04 annualized dividend and a dividend yield of 12.8%. The ex-dividend date of this dividend was Tuesday, September 22nd.

Insider Buying and Selling at Abrdn Emerging Markets Equity Income Fund

In related news, Director Anthony S. Clark acquired 4,500 shares of the firm's stock in a transaction dated Thursday, September 24th. The shares were purchased at an average price of $9.63 per share, for a total transaction of $43,335.00. Following the completion of the acquisition, the director owned 6,000 shares in the company, valued at approximately $57,780. This represents a 300.00% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Insiders own 16.70% of the company's stock.

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. The fund invests primarily in dividend-paying equities issued by companies in emerging-market countries.

The fund's portfolio may include companies across a range of industries and emerging-market regions, including Asia, Latin America, Europe, the Middle East and Africa. Its investment approach emphasizes equity securities that offer income potential while also seeking opportunities for growth through exposure to developing economies.

AEF is managed by abrdn, a global investment company that provides asset-management services to institutional and individual investors.

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