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

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

Abrdn Australia Equity Fund Stock Up 0.6%

The firm’s 50-day moving average is $12.87 and its 200 day moving average is $12.82.

Abrdn Australia Equity Fund Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Monday, August 24th will be issued a dividend of $0.35 per share. The ex-dividend date is Monday, August 24th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 10.4%.

Institutional Trading of Abrdn Australia Equity Fund

Hedge funds have recently added to or reduced their stakes in the business. Bank of America Corp DE grew its position 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 valued at $54,000 after acquiring an additional 4,765 shares during the period. PNC Financial Services Group Inc. acquired a new stake in Abrdn Australia Equity Fund during the 4th quarter worth approximately $78,000. Citadel Advisors LLC acquired a new position in Abrdn Australia Equity Fund during the third quarter valued at approximately $86,000. Susquehanna International Group LLP lifted its position in Abrdn Australia Equity Fund by 21.4% during the second quarter. Susquehanna International Group LLP now owns 26,518 shares of the company’s stock valued at $328,000 after buying an additional 4,676 shares in the last quarter. Finally, NWF Advisory Services Inc. grew its stake in Abrdn Australia Equity Fund by 5.9% during the first quarter. NWF Advisory Services Inc. now owns 36,527 shares of the company’s stock worth $443,000 after buying an additional 2,034 shares during the period.

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.