abrdn Asia-Pacific Income Fund (NYSEAMERICAN:FAX) Stock Passes Below Fifty Day Moving Average – Here’s Why

abrdn Asia-Pacific Income Fund, Inc. (NYSEAMERICAN:FAX)’s share price passed below its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $14.80 and traded as low as $14.55. abrdn Asia-Pacific Income Fund shares last traded at $14.63, with a volume of 143,488 shares.

abrdn Asia-Pacific Income Fund Stock Performance

The company has a 50 day moving average of $14.79 and a 200 day moving average of $15.24.

abrdn Asia-Pacific Income Fund Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Friday, May 29th. Shareholders of record on Friday, May 22nd will be paid a $0.165 dividend. The ex-dividend date of this dividend is Friday, May 22nd. This represents a c) annualized dividend and a dividend yield of 13.3%.

Institutional Trading of abrdn Asia-Pacific Income Fund

Several hedge funds and other institutional investors have recently modified their holdings of the company. Bank of America Corp DE raised its stake in shares of abrdn Asia-Pacific Income Fund by 4.4% in the 1st quarter. Bank of America Corp DE now owns 62,345 shares of the investment management company’s stock valued at $899,000 after purchasing an additional 2,600 shares during the period. Royal Bank of Canada raised its stake in shares of 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 purchasing an additional 51,803 shares during the period. Quantinno Capital Management LP acquired a new stake in shares of abrdn Asia-Pacific Income Fund in the 1st quarter valued at about $466,000. Cetera Investment Advisers raised its stake in shares of abrdn Asia-Pacific Income Fund by 3.7% in the 1st 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 during the period. Finally, Nwam LLC raised its stake in shares of abrdn Asia-Pacific Income Fund by 10.5% in the 1st quarter. Nwam LLC now owns 29,522 shares of the investment management company’s stock valued at $426,000 after purchasing an additional 2,795 shares during the period. Institutional investors and hedge funds own 33.55% of the company’s stock.

About abrdn Asia-Pacific Income Fund

The abrdn Asia-Pacific Income Fund is a closed-end management investment company listed on the NYSE American under the ticker FAX. The fund seeks to provide total return by focusing primarily on current income and secondarily on capital appreciation through a diversified portfolio of Asia-Pacific securities.

Its investment portfolio is concentrated in dividend-paying equity securities of companies domiciled or operating in the Asia-Pacific region, excluding Japan. The fund may invest in common stocks, real estate investment trusts (REITs), depositary receipts, convertible securities and derivatives.