India Fund (NYSE:IFN) Share Price Passes Above Fifty Day Moving Average – Here’s Why

India Fund, Inc. (NYSE:IFN) passed above its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $11.47 and traded as high as $11.56. India Fund shares last traded at $11.4550, with a volume of 138,436 shares changing hands.

India Fund Stock Up 0.9%

The firm has a 50 day simple moving average of $11.45 and a two-hundred day simple moving average of $12.41.

India Fund Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Thursday, May 21st were paid a $0.39 dividend. The ex-dividend date of this dividend was Thursday, May 21st. This represents a $1.56 dividend on an annualized basis and a dividend yield of 13.4%.

Institutional Trading of India Fund

A number of hedge funds have recently modified their holdings of IFN. City of London Investment Management Co. Ltd. acquired a new position in India Fund during the third quarter valued at approximately $12,167,000. Advocate Investing Services LLC acquired a new stake in India Fund in the fourth quarter worth $1,001,000. Lazard Asset Management LLC boosted its position in shares of India Fund by 64.9% during the second quarter. Lazard Asset Management LLC now owns 176,157 shares of the investment management company’s stock worth $2,911,000 after purchasing an additional 69,338 shares in the last quarter. EP Wealth Advisors LLC bought a new position in shares of India Fund during the fourth quarter worth $809,000. Finally, Wolverine Asset Management LLC grew its holdings in shares of India Fund by 1,663.0% in the 4th quarter. Wolverine Asset Management LLC now owns 58,830 shares of the investment management company’s stock valued at $807,000 after buying an additional 55,493 shares during the period. 10.76% of the stock is currently owned by institutional investors and hedge funds.

About India Fund

The India Fund, Inc (NYSE: IFN) is a closed-end management investment company incorporated in Maryland. It seeks to provide shareholders with long-term growth of capital, as well as current income. The fund trades on the New York Stock Exchange and offers investors access to equity markets in India through a diversified portfolio of Indian companies.

IFN invests primarily in equity securities of companies organized or domiciled in India, including common stocks, depositary receipts and other equity-related instruments.