Templeton Dragon Fund, Inc. $TDF Shares Sold by Lazard Asset Management LLC

Key Points

• Lazard Asset Management cut its Templeton Dragon Fund stake by 35.1% in the first quarter, selling 994,255 shares and retaining 1.84 million shares worth about $19.5 million. Institutional investors and hedge funds collectively own 47.2% of TDF.
• TDF shares opened at $10.59, below both the 50-day average of $10.84 and the 200-day average of $11.16, with a 12-month trading range of $10.02 to $12.20.
• Templeton Dragon Fund increased its quarterly dividend to $0.15 per share, up from $0.10, implying an annualized dividend of $0.60 and a yield of approximately 5.7%.

Lazard Asset Management LLC decreased its holdings in Templeton Dragon Fund, Inc. (NYSE:TDF - Free Report) by 35.1% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 1,841,353 shares of the financial services provider's stock after selling 994,255 shares during the period. Lazard Asset Management LLC owned approximately 7.31% of Templeton Dragon Fund worth $19,537,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Allspring Global Investments Holdings LLC grew its stake in Templeton Dragon Fund by 14.0% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,942,433 shares of the financial services provider's stock worth $20,609,000 after buying an additional 238,581 shares during the period. Public Employees Retirement System of Ohio raised its stake in shares of Templeton Dragon Fund by 4.9% in the 4th quarter. Public Employees Retirement System of Ohio now owns 1,533,862 shares of the financial services provider's stock valued at $17,271,000 after acquiring an additional 72,188 shares during the period. Wolverine Asset Management LLC purchased a new position in shares of Templeton Dragon Fund in the 4th quarter valued at $694,000. 1607 Capital Partners LLC lifted its holdings in shares of Templeton Dragon Fund by 50.9% during the 4th quarter. 1607 Capital Partners LLC now owns 163,411 shares of the financial services provider's stock valued at $1,840,000 after acquiring an additional 55,093 shares in the last quarter. Finally, Bank of America Corp DE lifted its holdings in shares of Templeton Dragon Fund by 14.3% during the 2nd quarter. Bank of America Corp DE now owns 248,420 shares of the financial services provider's stock valued at $2,482,000 after acquiring an additional 31,170 shares in the last quarter. 47.20% of the stock is owned by institutional investors and hedge funds.

Templeton Dragon Fund Stock Down 1.3%

Shares of Templeton Dragon Fund stock opened at $10.59 on Wednesday. The company has a fifty day moving average price of $10.84 and a 200 day moving average price of $11.16. Templeton Dragon Fund, Inc. has a twelve month low of $10.02 and a twelve month high of $12.20.

Templeton Dragon Fund Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 23rd were paid a dividend of $0.15 per share. This is a boost from Templeton Dragon Fund's previous quarterly dividend of $0.10. This represents a $0.60 dividend on an annualized basis and a dividend yield of 5.7%. The ex-dividend date was Tuesday, June 23rd.

Templeton Dragon Fund Profile

Templeton Dragon Fund NYSE: TDF is a closed-end investment company managed by Franklin Templeton Investment Funds. Established in March 1987, the fund was one of the earliest U.S.-listed vehicles dedicated to providing exposure to the Greater China equity markets. Over its long operating history, Templeton Dragon Fund has sought to capture growth opportunities in a region undergoing rapid economic transformation.

The fund's primary investment objective is long-term capital appreciation through a diversified portfolio of common stocks, depositary receipts and other equity-related securities of companies domiciled in, or deriving significant revenue from, Mainland China, Hong Kong and Taiwan.

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