abrdn Asia-Pacific Income Fund (NYSEAMERICAN:FAX) Reaches New 1-Year Low – Here’s Why

abrdn Asia-Pacific Income Fund, Inc. (NYSEAMERICAN:FAX) shares reached a new 52-week low on Wednesday . The stock traded as low as $13.68 and last traded at $13.6690, with a volume of 42331 shares trading hands. The stock had previously closed at $13.93.

abrdn Asia-Pacific Income Fund Stock Performance

The stock’s 50-day moving average is $14.45 and its 200-day moving average is $14.63.

abrdn Asia-Pacific Income Fund Cuts Dividend

The business also recently disclosed a monthly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 22nd will be issued a dividend of $0.15 per share. The ex-dividend date is Tuesday, September 22nd. This represents a c) annualized dividend and a dividend yield of 13.1%.

Institutional Investors Weigh In On abrdn Asia-Pacific Income Fund

Institutional investors have recently added to or reduced their stakes in the company. Royal Bank of Canada raised its holdings in abrdn Asia-Pacific Income Fund by 8.0% in the 1st quarter. Royal Bank of Canada now owns 701,399 shares of the investment management company’s stock valued at $10,114,000 after acquiring an additional 51,803 shares in the last quarter. Rareview Capital LLC increased its position in shares of abrdn Asia-Pacific Income Fund by 9.7% during the second quarter. Rareview Capital LLC now owns 263,270 shares of the investment management company’s stock valued at $4,191,000 after purchasing an additional 23,236 shares during the period. Cetera Investment Advisers raised its stake in shares of abrdn Asia-Pacific Income Fund by 3.7% in the first quarter. Cetera Investment Advisers now owns 241,711 shares of the investment management company’s stock valued at $3,485,000 after purchasing an additional 8,650 shares in the last quarter. NWF Advisory Services Inc. lifted its position in abrdn Asia-Pacific Income Fund by 3.7% in the fourth quarter. NWF Advisory Services Inc. now owns 100,648 shares of the investment management company’s stock worth $1,544,000 after purchasing an additional 3,618 shares during the period. Finally, Corient Private Wealth LP boosted its stake in abrdn Asia-Pacific Income Fund by 1.0% during the second quarter. Corient Private Wealth LP now owns 99,190 shares of the investment management company’s stock worth $1,449,000 after buying an additional 950 shares in the last quarter. 33.55% of the stock is owned by institutional investors and hedge funds.

About abrdn Asia-Pacific Income Fund

abrdn Asia-Pacific Income Fund (NYSE American: FAX) is a closed-end investment fund managed by abrdn. The fund seeks to provide current income and, secondarily, capital appreciation by investing primarily in fixed-income securities issued by governments, government-related entities and companies in the Asia-Pacific region.

The fund’s portfolio may include sovereign and corporate bonds, emerging-market debt and other income-producing securities denominated in local or foreign currencies.