Abrdn Australia Equity Fund Inc (NYSEAMERICAN:IAF) Sees Significant Increase in Short Interest

Abrdn Australia Equity Fund Inc (NYSEAMERICAN:IAF) was the target of a significant increase in short interest in the month of June. As of June 15th, there was short interest totaling 10,750 shares, an increase of 99.1% from the May 31st total of 5,400 shares. Based on an average daily volume of 24,478 shares, the short-interest ratio is presently 0.4 days.

Institutional Investors Weigh In On Abrdn Australia Equity Fund

Several hedge funds and other institutional investors have recently made changes to their positions in IAF. PNC Financial Services Group Inc. purchased a new stake in Abrdn Australia Equity Fund in the 4th quarter worth about $78,000. Bank of America Corp DE raised its holdings in shares of Abrdn Australia Equity Fund by 64.8% in the second quarter. Bank of America Corp DE now owns 12,121 shares of the company’s stock worth $54,000 after buying an additional 4,765 shares during the period. Citadel Advisors LLC bought a new stake in shares of Abrdn Australia Equity Fund during the 3rd quarter worth approximately $86,000. NWF Advisory Services Inc. purchased a new position in Abrdn Australia Equity Fund during the 4th quarter valued at $446,000. Finally, Osaic Holdings Inc. boosted its holdings in Abrdn Australia Equity Fund by 5.0% during the 2nd quarter. Osaic Holdings Inc. now owns 122,535 shares of the company’s stock valued at $548,000 after acquiring an additional 5,818 shares during the period.

Abrdn Australia Equity Fund Price Performance

Shares of Abrdn Australia Equity Fund stock traded down $0.09 on Wednesday, reaching $12.29. The company had a trading volume of 8,197 shares, compared to its average volume of 30,099. The firm’s 50-day moving average price is $12.63 and its two-hundred day moving average price is $12.98. Abrdn Australia Equity Fund has a 1 year low of $11.76 and a 1 year high of $14.54.

Abrdn Australia Equity Fund Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Thursday, May 21st were paid a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 11.7%. The ex-dividend date of this dividend was Thursday, May 21st.

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.