Abrdn Australia Equity Fund (NYSEAMERICAN:IAF) Trading Up 0.7% – What’s Next?

Shares of Abrdn Australia Equity Fund Inc (NYSEAMERICAN:IAF) shot up 0.7% during trading on Wednesday . The company traded as high as $4.44 and last traded at $4.42. 68,145 shares changed hands during mid-day trading, a decline of 5% from the average session volume of 71,998 shares. The stock had previously closed at $4.39.

Abrdn Australia Equity Fund Stock Up 0.7 %

Abrdn Australia Equity Fund Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Thursday, November 21st were paid a dividend of $0.13 per share. This represents a $0.52 annualized dividend and a dividend yield of 11.76%. The ex-dividend date of this dividend was Thursday, November 21st. This is a boost from Abrdn Australia Equity Fund’s previous quarterly dividend of $0.12.

Institutional Trading of Abrdn Australia Equity Fund

Several institutional investors and hedge funds have recently added to or reduced their stakes in IAF. Allspring Global Investments Holdings LLC grew its holdings in shares of Abrdn Australia Equity Fund by 16.8% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 3,384,336 shares of the company’s stock valued at $14,181,000 after purchasing an additional 485,633 shares in the last quarter. Wolverine Asset Management LLC grew its stake in shares of Abrdn Australia Equity Fund by 167.3% in the 4th quarter. Wolverine Asset Management LLC now owns 87,675 shares of the company’s stock worth $367,000 after buying an additional 54,876 shares in the last quarter. International Assets Investment Management LLC bought a new stake in shares of Abrdn Australia Equity Fund in the 3rd quarter worth about $137,000. Atria Wealth Solutions Inc. bought a new position in shares of Abrdn Australia Equity Fund in the 4th quarter valued at about $100,000. Finally, Covenant Partners LLC purchased a new position in Abrdn Australia Equity Fund in the third quarter worth about $52,000.

Abrdn Australia Equity Fund Company Profile

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.