Abrdn Australia Equity Fund (NYSEAMERICAN:IAF) Trading 1.2% Higher – Still a Buy?

Abrdn Australia Equity Fund Inc (NYSEAMERICAN:IAF)’s stock price was up 1.2% during trading on Monday . The company traded as high as $13.85 and last traded at $13.80. Approximately 18,561 shares changed hands during mid-day trading, a decline of 12% from the average daily volume of 21,129 shares. The stock had previously closed at $13.63.

Abrdn Australia Equity Fund Price Performance

The business has a fifty day moving average of $12.92 and a 200-day moving average of $13.38.

Abrdn Australia Equity Fund Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, January 12th. Stockholders of record on Friday, November 21st were issued a $0.38 dividend. The ex-dividend date of this dividend was Friday, November 21st. This is an increase from Abrdn Australia Equity Fund’s previous quarterly dividend of $0.36. This represents a $1.52 dividend on an annualized basis and a dividend yield of 11.0%.

Institutional Trading of Abrdn Australia Equity Fund

Hedge funds have recently bought and sold shares of the company. Citadel Advisors LLC bought a new position in shares of Abrdn Australia Equity Fund in the third quarter worth approximately $86,000. Bank of America Corp DE raised its position in shares of Abrdn Australia Equity Fund by 164.3% in the 3rd quarter. Bank of America Corp DE now owns 32,032 shares of the company’s stock worth $147,000 after purchasing an additional 19,911 shares during the last quarter. Bridgewealth Advisory Group LLC lifted its holdings in shares of Abrdn Australia Equity Fund by 2.6% during the third quarter. Bridgewealth Advisory Group LLC now owns 32,344 shares of the company’s stock valued at $148,000 after purchasing an additional 817 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings in shares of Abrdn Australia Equity Fund by 12.5% in the third quarter. Allspring Global Investments Holdings LLC now owns 4,490,128 shares of the company’s stock worth $20,610,000 after acquiring an additional 499,359 shares during the period. Finally, NWF Advisory Services Inc. raised its holdings in Abrdn Australia Equity Fund by 2.7% in the 2nd quarter. NWF Advisory Services Inc. now owns 100,989 shares of the company’s stock worth $451,000 after purchasing an additional 2,661 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.