Wolverine Asset Management LLC Acquires 255,349 Shares of Abrdn Emerging Markets Equity Income Fund Inc (NYSE:AEF)

Key Points

• Wolverine Asset Management LLC increased its stake in Abrdn Emerging Markets Equity Income Fund by 147.7%, owning 428,231 shares valued at approximately $2.12 million as of the latest SEC filing.
• Other institutional investors also showed interest, with 73.93% of the fund's stock now held by hedge funds and institutions, indicating a growing confidence in the company.
• Abrdn Emerging Markets Equity Income Fund recently declared a quarterly dividend of $0.15 per share, which translates to an annualized yield of 9.8%.

Wolverine Asset Management LLC lifted its stake in Abrdn Emerging Markets Equity Income Fund Inc (NYSE:AEF - Free Report) by 147.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 428,231 shares of the company's stock after purchasing an additional 255,349 shares during the quarter. Wolverine Asset Management LLC owned 1.05% of Abrdn Emerging Markets Equity Income Fund worth $2,124,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in AEF. Guggenheim Capital LLC purchased a new stake in shares of Abrdn Emerging Markets Equity Income Fund in the fourth quarter worth approximately $57,000. PNC Financial Services Group Inc. raised its position in Abrdn Emerging Markets Equity Income Fund by 28.1% during the first quarter. PNC Financial Services Group Inc. now owns 12,026 shares of the company's stock valued at $60,000 after acquiring an additional 2,641 shares in the last quarter. Paragon Capital Management Ltd bought a new position in Abrdn Emerging Markets Equity Income Fund during the first quarter valued at approximately $72,000. National Bank of Canada FI raised its position in Abrdn Emerging Markets Equity Income Fund by 1,402.3% during the fourth quarter. National Bank of Canada FI now owns 15,023 shares of the company's stock valued at $78,000 after acquiring an additional 14,023 shares in the last quarter. Finally, Almitas Capital LLC bought a new position in Abrdn Emerging Markets Equity Income Fund during the fourth quarter valued at approximately $137,000. 73.93% of the stock is owned by hedge funds and other institutional investors.

Abrdn Emerging Markets Equity Income Fund Price Performance

AEF traded up $0.06 during midday trading on Tuesday, hitting $6.14. 82,571 shares of the company's stock traded hands, compared to its average volume of 201,489. The stock's fifty day simple moving average is $5.89 and its 200-day simple moving average is $5.44. Abrdn Emerging Markets Equity Income Fund Inc has a one year low of $4.43 and a one year high of $6.22.

Abrdn Emerging Markets Equity Income Fund Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 23rd were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 9.8%. The ex-dividend date of this dividend was Monday, June 23rd.

About Abrdn Emerging Markets Equity Income Fund

Abrdn Emerging Markets Equity Income Fund Inc is a closed ended balanced mutual fund and managed by Aberdeen Asset Managers Limited. It invests in the public equity and fixed income markets of Chile. The fund seeks to invest in securities of companies operating across diversified sectors. It employs fundamental analysis with a bottom-up security selection approach to create its portfolio.