Templeton Dragon Fund (NYSE:TDF) Stock Price Passes Below Fifty Day Moving Average - What's Next?

Key Points

• Templeton Dragon Fund shares fell below their 50-day moving average, trading as low as $10.48 before closing at $10.585. The stock’s 50-day and 200-day averages were $10.84 and $11.16, respectively.
• The fund increased its quarterly dividend to $0.15 per share from $0.10, representing an annualized payout of $0.60 and a reported yield of 5.7%.
• Hedge funds and institutional investors own 47.2% of the fund; several firms recently initiated or increased positions, including Royal Bank of Canada and Quantedge Capital.

Templeton Dragon Fund, Inc. (NYSE:TDF - Get Free Report) shares passed below its 50 day moving average during trading on Tuesday . The stock has a 50 day moving average of $10.84 and traded as low as $10.48. Templeton Dragon Fund shares last traded at $10.5850, with a volume of 52,578 shares.

Templeton Dragon Fund Price Performance

The company has a fifty day simple moving average of $10.84 and a two-hundred day simple moving average of $11.16.

Templeton Dragon Fund Increases Dividend

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

Hedge Funds Weigh In On Templeton Dragon Fund

Several hedge funds have recently added to or reduced their stakes in the business. Royal Bank of Canada lifted its holdings in shares of Templeton Dragon Fund by 29.0% in the first quarter. Royal Bank of Canada now owns 4,450 shares of the financial services provider's stock valued at $48,000 after purchasing an additional 1,000 shares in the last quarter. Flagship Harbor Advisors LLC purchased a new position in Templeton Dragon Fund during the fourth quarter worth $51,000. Ameriprise Financial Inc. acquired a new position in shares of Templeton Dragon Fund in the third quarter worth $144,000. XTX Topco Ltd acquired a new position in shares of Templeton Dragon Fund in the fourth quarter worth $147,000. Finally, Quantedge Capital Pte Ltd lifted its position in shares of Templeton Dragon Fund by 10.3% in the first quarter. Quantedge Capital Pte Ltd now owns 41,716 shares of the financial services provider's stock valued at $443,000 after acquiring an additional 3,900 shares in the last quarter. 47.20% of the stock is currently owned by hedge funds and other institutional investors.

Templeton Dragon Fund Company 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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