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

Abrdn Australia Equity Fund Inc (NYSEAMERICAN:IAF) saw a significant decline in short interest during the month of June. As of June 30th, there was short interest totalling 39,800 shares, a decline of 8.7% from the June 15th total of 43,600 shares. Based on an average trading volume of 45,800 shares, the days-to-cover ratio is presently 0.9 days.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC raised its position in shares of Abrdn Australia Equity Fund by 31.5% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,709,101 shares of the company’s stock worth $7,400,000 after buying an additional 409,247 shares during the period. Karpus Management Inc. grew its position in Abrdn Australia Equity Fund by 267.2% during the first quarter. Karpus Management Inc. now owns 52,625 shares of the company’s stock valued at $224,000 after acquiring an additional 38,295 shares during the period. Finally, Cetera Advisors LLC acquired a new stake in Abrdn Australia Equity Fund during the first quarter worth about $97,000.

Abrdn Australia Equity Fund Stock Performance

NYSEAMERICAN:IAF remained flat at $4.48 on Wednesday. 38,865 shares of the company’s stock were exchanged, compared to its average volume of 68,035. Abrdn Australia Equity Fund has a 52 week low of $3.60 and a 52 week high of $4.55.

Abrdn Australia Equity Fund Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Thursday, May 23rd were given a dividend of $0.12 per share. The ex-dividend date was Wednesday, May 22nd. This represents a $0.48 annualized dividend and a yield of 10.71%.

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.