City of London Investment Management Co. Ltd. Sells 183,832 Shares of Abrdn Emerging Markets Equity Income Fund Inc $AEF

City of London Investment Management Co. Ltd. trimmed its holdings in Abrdn Emerging Markets Equity Income Fund Inc (NYSE:AEF) by 1.5% in the 3rd quarter, HoldingsChannel reports. The fund owned 11,991,972 shares of the company’s stock after selling 183,832 shares during the quarter. Abrdn Emerging Markets Equity Income Fund makes up approximately 5.7% of City of London Investment Management Co. Ltd.’s holdings, making the stock its 4th biggest holding. City of London Investment Management Co. Ltd. owned 0.30% of Abrdn Emerging Markets Equity Income Fund worth $77,708,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Creative Planning purchased a new stake in Abrdn Emerging Markets Equity Income Fund in the second quarter valued at $70,000. Quantedge Capital Pte Ltd grew its holdings in shares of Abrdn Emerging Markets Equity Income Fund by 6.7% during the 2nd quarter. Quantedge Capital Pte Ltd now owns 60,700 shares of the company’s stock worth $361,000 after purchasing an additional 3,800 shares during the period. Bank of America Corp DE grew its holdings in shares of Abrdn Emerging Markets Equity Income Fund by 2.2% during the 2nd quarter. Bank of America Corp DE now owns 85,987 shares of the company’s stock worth $511,000 after purchasing an additional 1,824 shares during the period. Shaker Financial Services LLC increased its position in shares of Abrdn Emerging Markets Equity Income Fund by 17.2% during the 3rd quarter. Shaker Financial Services LLC now owns 94,331 shares of the company’s stock worth $611,000 after purchasing an additional 13,829 shares during the last quarter. Finally, TrueMark Investments LLC acquired a new stake in shares of Abrdn Emerging Markets Equity Income Fund during the 3rd quarter worth about $613,000. Institutional investors and hedge funds own 73.93% of the company’s stock.

Abrdn Emerging Markets Equity Income Fund Stock Performance

Shares of AEF opened at $7.41 on Friday. The company’s 50-day moving average price is $7.93 and its 200 day moving average price is $7.10. Abrdn Emerging Markets Equity Income Fund Inc has a 12-month low of $4.43 and a 12-month high of $8.93.

Abrdn Emerging Markets Equity Income Fund Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 24th will be paid a $0.21 dividend. This is a positive change from Abrdn Emerging Markets Equity Income Fund’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend is Tuesday, March 24th. This represents a $0.84 dividend on an annualized basis and a dividend yield of 11.3%.

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 by investing primarily in dividend-paying equities of companies located in emerging market countries. The fund offers investors access to a diversified portfolio of stocks across Asia, Latin America, Eastern Europe, the Middle East and Africa, targeting firms with strong cash flow characteristics and sustainable payout policies.

The investment process combines bottom-up fundamental research with a disciplined focus on income generation.