Shaker Financial Services LLC Grows Stake in The European Equity Fund, Inc. (NYSE:EEA)

Key Points

• Shaker Financial Services LLC increased its stake in The European Equity Fund, Inc. by 30.2%, owning approximately 392,572 shares after purchasing an additional 91,113 shares in the first quarter.
• Other investors, including Bank of America Corp DE and Matisse Capital, also significantly boosted their holdings in the fund, showcasing increased institutional interest.
• The European Equity Fund recently announced a dividend yield of 180.0%, with a semi-annual dividend payment of $0.0297 made to stockholders on June 6th.

Shaker Financial Services LLC increased its position in shares of The European Equity Fund, Inc. (NYSE:EEA - Free Report) by 30.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 392,572 shares of the financial services provider's stock after buying an additional 91,113 shares during the quarter. The European Equity Fund accounts for 1.4% of Shaker Financial Services LLC's portfolio, making the stock its 17th biggest holding. Shaker Financial Services LLC owned approximately 5.69% of The European Equity Fund worth $3,572,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in EEA. Matisse Capital raised its position in The European Equity Fund by 132.5% in the 1st quarter. Matisse Capital now owns 188,070 shares of the financial services provider's stock worth $1,711,000 after purchasing an additional 107,172 shares during the last quarter. Bank of America Corp DE raised its holdings in shares of The European Equity Fund by 5,436.4% in the 4th quarter. Bank of America Corp DE now owns 21,149 shares of the financial services provider's stock valued at $172,000 after purchasing an additional 20,767 shares during the period. Finally, Almitas Capital LLC acquired a new position in The European Equity Fund in the 4th quarter valued at about $131,000. 51.94% of the stock is owned by institutional investors and hedge funds.

The European Equity Fund Stock Performance

Shares of NYSE:EEA traded up $0.05 on Friday, reaching $10.38. 13,530 shares of the company's stock were exchanged, compared to its average volume of 22,207. The company has a fifty day moving average of $10.14 and a 200-day moving average of $9.49. The European Equity Fund, Inc. has a twelve month low of $8.05 and a twelve month high of $10.51.

The European Equity Fund Cuts Dividend

The business also recently declared a semi-annual dividend, which was paid on Friday, June 6th. Shareholders of record on Tuesday, May 27th were paid a $0.0297 dividend. This represents a yield of 180.0%. The ex-dividend date of this dividend was Tuesday, May 27th.

About The European Equity Fund

The European Equity Fund, Inc is a closed ended equity mutual fund launched by Deutsche Investment Management Americas Inc The fund is managed by Deutsche Asset Management International GmbH. It invests in the public equity markets of Europe. The fund seeks to invest in the stocks of companies operating across diversified sectors.