Abrdn Australia Equity Fund Inc (NYSEAMERICAN:IAF) Sees Significant Increase in Short Interest

Abrdn Australia Equity Fund Inc (NYSEAMERICAN:IAF) was the target of a significant increase in short interest during the month of June. As of June 15th, there was short interest totaling 10,750 shares, an increase of 99.1% from the May 31st total of 5,400 shares. Based on an average daily volume of 24,478 shares, the days-to-cover ratio is presently 0.4 days.

Abrdn Australia Equity Fund Trading Down 0.7%

Shares of NYSEAMERICAN IAF traded down $0.09 during mid-day trading on Wednesday, reaching $12.29. The company had a trading volume of 8,197 shares, compared to its average volume of 30,099. Abrdn Australia Equity Fund has a 52 week low of $11.76 and a 52 week high of $14.54. The business’s 50-day moving average is $12.63 and its 200-day moving average is $12.98.

Abrdn Australia Equity Fund Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Thursday, May 21st were paid a $0.36 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 11.7%. The ex-dividend date was Thursday, May 21st.

Institutional Trading of Abrdn Australia Equity Fund

Institutional investors and hedge funds have recently modified their holdings of the stock. Cetera Investment Advisers boosted its holdings in shares of Abrdn Australia Equity Fund by 17.2% in the first quarter. Cetera Investment Advisers now owns 308,366 shares of the company’s stock valued at $3,737,000 after purchasing an additional 45,332 shares during the period. NWF Advisory Services Inc. purchased a new position in Abrdn Australia Equity Fund during the 4th quarter worth $446,000. Bank of America Corp DE lifted its holdings 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 buying an additional 19,911 shares during the period. Citadel Advisors LLC purchased a new stake in shares of Abrdn Australia Equity Fund in the 3rd quarter worth $86,000. Finally, PNC Financial Services Group Inc. bought a new position in shares of Abrdn Australia Equity Fund during the 4th quarter worth $78,000.

About Abrdn Australia Equity Fund

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.