Western Asset Emerging Markets Debt Fund (NYSE:EMD) Shares Up 0.6% – Here’s Why

Western Asset Emerging Markets Debt Fund Inc. (NYSE:EMD)’s stock price shot up 0.6% during mid-day trading on Monday. The company traded as high as $9.44 and last traded at $9.3770. Approximately 273,750 shares were traded during trading, an increase of 23% from the average daily volume of 222,595 shares. The stock had previously closed at $9.32.

Western Asset Emerging Markets Debt Fund Stock Up 0.6%

The firm’s 50 day moving average price is $9.73 and its 200-day moving average price is $10.40.

Western Asset Emerging Markets Debt Fund Increases Dividend

The business also recently declared a monthly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 23rd were issued a dividend of $0.0950 per share. This represents a $1.14 dividend on an annualized basis and a dividend yield of 12.2%. The ex-dividend date of this dividend was Wednesday, September 23rd. This is a boost from Western Asset Emerging Markets Debt Fund’s previous monthly dividend of $0.0330.

Institutional Investors Weigh In On Western Asset Emerging Markets Debt Fund

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of America Corp DE purchased a new position in shares of Western Asset Emerging Markets Debt Fund during the 2nd quarter valued at $5,670,000. Commonwealth Equity Services LLC raised its position in Western Asset Emerging Markets Debt Fund by 68.7% in the 3rd quarter. Commonwealth Equity Services LLC now owns 301,512 shares of the company’s stock worth $2,822,000 after purchasing an additional 122,787 shares during the period. Comprehensive Money Management Services LLC bought a new stake in shares of Western Asset Emerging Markets Debt Fund during the 2nd quarter worth approximately $892,000. Gould Asset Management LLC CA purchased a new stake in shares of Western Asset Emerging Markets Debt Fund during the second quarter valued at $604,000. Finally, Royal Bank of Canada grew its stake in Western Asset Emerging Markets Debt Fund by 21.4% in the 1st quarter. Royal Bank of Canada now owns 267,125 shares of the company’s stock worth $2,624,000 after acquiring an additional 47,135 shares in the last quarter. 33.05% of the stock is currently owned by hedge funds and other institutional investors.

Western Asset Emerging Markets Debt Fund Company Profile

Western Asset Emerging Markets Debt Fund (NYSE: EMD) is a closed-end investment fund managed by Western Asset Management Company, an investment manager specializing in fixed-income strategies. The fund seeks to provide investors with current income and the opportunity for capital appreciation through investments in emerging-market debt securities.

The fund invests primarily in sovereign, government-related and corporate debt issued by emerging-market countries. Its portfolio may include securities denominated in both local currencies and major international currencies, giving investors exposure to a range of developing economies and fixed-income markets.

Western Asset Management Company is part of Franklin Templeton and manages investment strategies for institutions, financial professionals and individual investors worldwide.