abrdn Asia-Pacific Income Fund (NYSEAMERICAN:FAX) Sets New 1-Year Low – Here’s Why

abrdn Asia-Pacific Income Fund, Inc. (NYSEAMERICAN:FAX)’s stock price hit a new 52-week low on Tuesday . The company traded as low as $14.18 and last traded at $14.1790, with a volume of 98745 shares. The stock had previously closed at $14.25.

abrdn Asia-Pacific Income Fund Stock Performance

The business’s 50-day moving average is $14.74 and its two-hundred day moving average is $15.20.

abrdn Asia-Pacific Income Fund Announces Dividend

The business also recently declared a monthly dividend, which was paid on Friday, May 29th. Stockholders of record on Friday, May 22nd were given a dividend of $0.165 per share. This represents a c) dividend on an annualized basis and a dividend yield of 13.9%. The ex-dividend date was Friday, May 22nd.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Shaker Financial Services LLC bought a new stake in abrdn Asia-Pacific Income Fund in the 4th quarter valued at about $1,555,000. Rareview Capital LLC bought a new position in abrdn Asia-Pacific Income Fund in the 4th quarter worth about $2,867,000. US Bancorp DE grew its position in abrdn Asia-Pacific Income Fund by 111.0% in the 3rd quarter. US Bancorp DE now owns 63,814 shares of the investment management company’s stock worth $1,040,000 after purchasing an additional 33,573 shares during the last quarter. Evergreen Capital Management LLC increased its stake in shares of abrdn Asia-Pacific Income Fund by 3.8% in the fourth quarter. Evergreen Capital Management LLC now owns 896,662 shares of the investment management company’s stock valued at $13,900,000 after purchasing an additional 33,158 shares during the period. Finally, Shrier Wealth Management LLC acquired a new stake in shares of abrdn Asia-Pacific Income Fund in the fourth quarter valued at approximately $657,000. Institutional investors and hedge funds own 33.55% of the company’s stock.

About abrdn Asia-Pacific Income Fund

The abrdn Asia-Pacific Income Fund is a closed-end management investment company listed on the NYSE American under the ticker FAX. The fund seeks to provide total return by focusing primarily on current income and secondarily on capital appreciation through a diversified portfolio of Asia-Pacific securities.

Its investment portfolio is concentrated in dividend-paying equity securities of companies domiciled or operating in the Asia-Pacific region, excluding Japan. The fund may invest in common stocks, real estate investment trusts (REITs), depositary receipts, convertible securities and derivatives.