PNC Financial Services Group Inc. Sells 6,360 Shares of abrdn Life Sciences Investors $HQL

PNC Financial Services Group Inc. lowered its stake in shares of abrdn Life Sciences Investors (NYSE:HQL) by 46.4% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 7,340 shares of the company’s stock after selling 6,360 shares during the quarter. PNC Financial Services Group Inc.’s holdings in abrdn Life Sciences Investors were worth $94,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of HQL. Shaker Financial Services LLC purchased a new stake in shares of abrdn Life Sciences Investors in the first quarter valued at $297,000. LPL Financial LLC grew its holdings in abrdn Life Sciences Investors by 14.4% during the 1st quarter. LPL Financial LLC now owns 328,402 shares of the company’s stock valued at $4,167,000 after purchasing an additional 41,307 shares during the last quarter. Raymond James Financial Inc. raised its position in abrdn Life Sciences Investors by 31.1% in the 1st quarter. Raymond James Financial Inc. now owns 312,531 shares of the company’s stock worth $3,966,000 after purchasing an additional 74,061 shares during the period. Wolverine Asset Management LLC lifted its stake in abrdn Life Sciences Investors by 13.8% in the second quarter. Wolverine Asset Management LLC now owns 142,920 shares of the company’s stock worth $1,831,000 after purchasing an additional 17,382 shares during the last quarter. Finally, Needham Investment Management LLC lifted its stake in abrdn Life Sciences Investors by 7.4% in the first quarter. Needham Investment Management LLC now owns 378,654 shares of the company’s stock worth $4,805,000 after purchasing an additional 25,935 shares during the last quarter. Hedge funds and other institutional investors own 32.21% of the company’s stock.

abrdn Life Sciences Investors Stock Up 1.1%

HQL opened at $17.67 on Monday. The stock’s 50 day moving average price is $16.41 and its 200-day moving average price is $14.34. abrdn Life Sciences Investors has a one year low of $10.55 and a one year high of $17.80.

abrdn Life Sciences Investors Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, January 12th. Shareholders of record on Friday, November 21st will be given a $0.50 dividend. This is a boost from abrdn Life Sciences Investors’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Friday, November 21st. This represents a $2.00 annualized dividend and a yield of 11.3%.

Insiders Place Their Bets

In other news, major shareholder Saba Capital Management, L.P. sold 41,623 shares of abrdn Life Sciences Investors stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $14.14, for a total transaction of $588,549.22. Following the completion of the sale, the insider directly owned 2,837,633 shares in the company, valued at approximately $40,124,130.62. This trade represents a 1.45% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders sold a total of 145,073 shares of company stock valued at $2,044,986 in the last 90 days. Company insiders own 10.06% of the company’s stock.

About abrdn Life Sciences Investors

Abrdn Life Sciences Investors is a closed-ended equity mutual fund launched and managed by abrdn Inc The fund invests in public equity markets across the globe. It seeks to invest in stocks of companies operating in the life sciences sector, including the biotechnology, pharmaceutical, diagnostics, managed healthcare, medical equipment, hospitals, healthcare information technology and services, devices and supplies industries, and in agriculture and environmental management industries.