abrdn Asia-Pacific Income Fund (NYSEAMERICAN:FAX) Reaches New 12-Month Low – Here’s Why

Shares of abrdn Asia-Pacific Income Fund, Inc. (NYSEAMERICAN:FAX) hit a new 52-week low on Monday . The company traded as low as $14.11 and last traded at $14.0330, with a volume of 103750 shares trading hands. The stock had previously closed at $14.42.

abrdn Asia-Pacific Income Fund Trading Down 1.6%

The firm’s 50 day simple moving average is $14.52 and its 200-day simple moving average is $14.70.

abrdn Asia-Pacific Income Fund Cuts Dividend

The firm also recently declared a monthly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 22nd will be paid a $0.15 dividend. This represents a c) annualized dividend and a dividend yield of 13.0%. The ex-dividend date of this dividend is Tuesday, September 22nd.

Hedge Funds Weigh In On abrdn Asia-Pacific Income Fund

A number of institutional investors and hedge funds have recently bought and sold shares of FAX. Baird Financial Group Inc. boosted its holdings in shares of abrdn Asia-Pacific Income Fund by 1.4% during the 2nd quarter. Baird Financial Group Inc. now owns 60,681 shares of the investment management company’s stock worth $893,000 after purchasing an additional 851 shares during the last quarter. Corient Private Wealth LP increased its holdings in shares of abrdn Asia-Pacific Income Fund by 1.0% in the second quarter. Corient Private Wealth LP now owns 99,190 shares of the investment management company’s stock valued at $1,449,000 after purchasing an additional 950 shares during the last quarter. Advisory Solutions Group LLC acquired a new stake in shares of abrdn Asia-Pacific Income Fund in the second quarter valued at approximately $550,000. Rareview Capital LLC lifted its position in abrdn Asia-Pacific Income Fund by 9.7% during the second quarter. Rareview Capital LLC now owns 263,270 shares of the investment management company’s stock worth $4,191,000 after buying an additional 23,236 shares in the last quarter. Finally, TD Waterhouse Canada Inc. purchased a new position in abrdn Asia-Pacific Income Fund during the second quarter worth approximately $43,000. 33.55% of the stock is currently owned by institutional investors and hedge funds.

abrdn Asia-Pacific Income Fund Company Profile

abrdn Asia-Pacific Income Fund (NYSE American: FAX) is a closed-end investment fund managed by abrdn. The fund seeks to provide current income and, secondarily, capital appreciation by investing primarily in fixed-income securities issued by governments, government-related entities and companies in the Asia-Pacific region.

The fund’s portfolio may include sovereign and corporate bonds, emerging-market debt and other income-producing securities denominated in local or foreign currencies.