Abrdn Australia Equity Fund (NYSEAMERICAN:IAF) Shares Up 1.1% – Time to Buy?

Abrdn Australia Equity Fund Inc (NYSEAMERICAN:IAF) shares traded up 1.1% during trading on Wednesday . The stock traded as high as $13.35 and last traded at $13.35. 5,902 shares changed hands during trading, a decline of 78% from the average session volume of 26,741 shares. The stock had previously closed at $13.21.

Abrdn Australia Equity Fund Price Performance

The business’s 50-day moving average is $12.85 and its two-hundred day moving average is $12.83.

Abrdn Australia Equity Fund Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Monday, August 24th will be issued a $0.35 dividend. The ex-dividend date is Monday, August 24th. This represents a $1.40 annualized dividend and a dividend yield of 10.5%.

Institutional Trading of Abrdn Australia Equity Fund

Hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of America Corp DE raised its holdings in Abrdn Australia Equity Fund by 64.8% during the second quarter. Bank of America Corp DE now owns 12,121 shares of the company’s stock worth $54,000 after acquiring an additional 4,765 shares in the last quarter. Osaic Holdings Inc. boosted its position in Abrdn Australia Equity Fund by 5.0% during the second quarter. Osaic Holdings Inc. now owns 122,535 shares of the company’s stock valued at $548,000 after purchasing an additional 5,818 shares during the last quarter. Citadel Advisors LLC bought a new position in Abrdn Australia Equity Fund in the third quarter valued at approximately $86,000. PNC Financial Services Group Inc. bought a new position in Abrdn Australia Equity Fund in the fourth quarter valued at approximately $78,000. Finally, NWF Advisory Services Inc. acquired a new position in shares of Abrdn Australia Equity Fund during the 4th quarter worth approximately $446,000.

Abrdn Australia Equity Fund Company Profile

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.