Short Interest in Abrdn Australia Equity Fund Inc (NYSEAMERICAN:IAF) Rises By 23.2%

Abrdn Australia Equity Fund Inc (NYSEAMERICAN:IAF) saw a significant growth in short interest in the month of March. As of March 31st, there was short interest totalling 82,900 shares, a growth of 23.2% from the March 15th total of 67,300 shares. Based on an average daily trading volume, of 73,800 shares, the days-to-cover ratio is presently 1.1 days.

Abrdn Australia Equity Fund Price Performance

NYSEAMERICAN IAF traded up $0.02 during mid-day trading on Friday, reaching $4.00. 52,218 shares of the stock were exchanged, compared to its average volume of 59,238. The stock has a 50 day simple moving average of $4.06 and a 200-day simple moving average of $4.19. Abrdn Australia Equity Fund has a one year low of $3.35 and a one year high of $4.75.

Abrdn Australia Equity Fund Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, February 21st were given a $0.12 dividend. The ex-dividend date was Friday, February 21st. This represents a $0.48 annualized dividend and a yield of 12.00%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Arete Wealth Advisors LLC bought a new position in Abrdn Australia Equity Fund during the fourth quarter worth about $45,000. Wells Fargo & Company MN grew its position in Abrdn Australia Equity Fund by 28.6% in the fourth quarter. Wells Fargo & Company MN now owns 15,263 shares of the company’s stock worth $64,000 after acquiring an additional 3,397 shares in the last quarter. Chatham Capital Group Inc. bought a new position in shares of Abrdn Australia Equity Fund during the 4th quarter valued at $68,000. Citadel Advisors LLC lifted its position in Abrdn Australia Equity Fund by 11.1% in the fourth quarter. Citadel Advisors LLC now owns 23,755 shares of the company’s stock valued at $100,000 after purchasing an additional 2,365 shares during the last quarter. Finally, Atria Wealth Solutions Inc. purchased a new stake in Abrdn Australia Equity Fund in the 4th quarter worth approximately $100,000.

About Abrdn Australia Equity Fund

Abrdn Australia Equity Fund Inc is a closed ended equity mutual fund launched and managed by Aberdeen Standard Investments (Asia) Limited. The fund is managed by Aberdeen Standard Investments Australia Limited. It invests in the public equity markets of Australia. The fund makes its investments in firms operating across diversified sectors.