Abrdn Australia Equity Fund (NYSEAMERICAN:IAF) Trading Down 0.7% – Time to Sell?

Abrdn Australia Equity Fund Inc (NYSEAMERICAN:IAF)’s stock price was down 0.7% during mid-day trading on Wednesday . The stock traded as low as $13.29 and last traded at $13.36. Approximately 53,919 shares traded hands during trading, an increase of 87% from the average daily volume of 28,900 shares. The stock had previously closed at $13.46.

Abrdn Australia Equity Fund Price Performance

The stock’s 50 day simple moving average is $13.63 and its 200 day simple moving average is $13.48.

Abrdn Australia Equity Fund Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, February 20th will be issued a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a dividend yield of 10.8%. The ex-dividend date is Friday, February 20th.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. PNC Financial Services Group Inc. acquired a new position in Abrdn Australia Equity Fund in the 4th quarter worth approximately $78,000. Bank of America Corp DE raised its holdings in Abrdn Australia Equity Fund by 64.8% in the 2nd quarter. Bank of America Corp DE now owns 12,121 shares of the company’s stock worth $54,000 after purchasing an additional 4,765 shares during the period. Citadel Advisors LLC purchased a new position in shares of Abrdn Australia Equity Fund during the 3rd quarter valued at approximately $86,000. Bridgewealth Advisory Group LLC lifted its holdings in Abrdn Australia Equity Fund by 2.6% during the third quarter. Bridgewealth Advisory Group LLC now owns 32,344 shares of the company’s stock valued at $148,000 after purchasing an additional 817 shares in the last quarter. Finally, NWF Advisory Services Inc. acquired a new stake in Abrdn Australia Equity Fund in the 4th quarter worth about $446,000.

About Abrdn Australia Equity Fund

Abrdn Australia Equity Fund (NYSE American: IAF) is a closed-end investment company that seeks long-term capital growth through a diversified portfolio of Australian equities. Listed on the NYSE American exchange, the fund provides U.S. and international investors with direct exposure to the Australian stock market, encompassing companies across a range of sectors including financials, materials, healthcare and consumer staples.

The fund’s investment strategy is driven by a bottom-up, fundamental research process led by abrdn’s Australia-based equity team.