abrdn Asia-Pacific Income Fund (NYSEAMERICAN:FAX) Sets New 12-Month Low – Should You Sell?

abrdn Asia-Pacific Income Fund, Inc. (NYSEAMERICAN:FAX) shares hit a new 52-week low on Monday. The company traded as low as $12.61 and last traded at $12.7040, with a volume of 161716 shares trading hands. The stock had previously closed at $12.90.

abrdn Asia-Pacific Income Fund Stock Up 1.5%

The stock’s 50 day simple moving average is $14.18 and its 200 day simple moving average is $14.49.

abrdn Asia-Pacific Income Fund Cuts Dividend

The business also recently disclosed a monthly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 22nd were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Tuesday, September 22nd. This represents a $1.80 dividend on an annualized basis and a dividend yield of 14.0%. This is a decrease from abrdn Asia-Pacific Income Fund’s previous monthly dividend of $0.1650.

Institutional Investors Weigh In On abrdn Asia-Pacific Income Fund

A number of large investors have recently added to or reduced their stakes in FAX. Baird Financial Group Inc. lifted its stake in abrdn Asia-Pacific Income Fund by 1.4% during the second 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 grew its position in abrdn Asia-Pacific Income Fund by 1.0% during 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 acquiring an additional 950 shares during the last quarter. Advisory Solutions Group LLC bought a new position in abrdn Asia-Pacific Income Fund during the second quarter valued at approximately $550,000. Rareview Capital LLC raised its stake in shares of 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 acquiring an additional 23,236 shares in the last quarter. Finally, TD Waterhouse Canada Inc. bought a new stake in shares of abrdn Asia-Pacific Income Fund in the 2nd quarter worth approximately $43,000. Hedge funds and other institutional investors own 33.55% of the company’s stock.

abrdn Asia-Pacific Income Fund Company Profile

abrdn Asia-Pacific Income Fund, Inc is a closed-end investment company listed on the NYSE American under the symbol FAX. 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, notes and other debt instruments denominated in local or foreign currencies. Its investment exposure can span developed and emerging markets across Asia and the Pacific, including countries such as Australia, China, India, Indonesia, South Korea, Malaysia, New Zealand, the Philippines, Singapore and Thailand.