abrdn Asia-Pacific Income Fund (NYSEAMERICAN:FAX) Stock Crosses Below Two Hundred Day Moving Average - Here's Why

Key Points

• Shares fell below their 200-day moving average: abrdn Asia-Pacific Income Fund traded as low as $14.40 and last changed hands at $14.53, below its 200-day average of $14.95.
• The fund maintains a high income payout: It paid a monthly dividend of $0.165 per share, representing a reported annualized yield of 13.6%.
• Institutional ownership remains significant: Hedge funds and other institutional investors own 33.55% of FAX, with several firms recently initiating or increasing positions.

abrdn Asia-Pacific Income Fund, Inc. (NYSEAMERICAN:FAX - Get Free Report)'s share price crossed below its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $14.95 and traded as low as $14.40. abrdn Asia-Pacific Income Fund shares last traded at $14.53, with a volume of 182,034 shares changing hands.

abrdn Asia-Pacific Income Fund Price Performance

The business has a fifty day simple moving average of $14.48 and a two-hundred day simple moving average of $14.95.

abrdn Asia-Pacific Income Fund Dividend Announcement

The firm also recently declared a monthly dividend, which was paid on Friday, July 31st. Stockholders of record on Thursday, July 23rd were given a dividend of $0.165 per share. The ex-dividend date of this dividend was Thursday, July 23rd. This represents a c) annualized dividend and a dividend yield of 13.6%.

Hedge Funds Weigh In On abrdn Asia-Pacific Income Fund

A number of institutional investors and hedge funds have recently made changes to their positions in FAX. Shaker Financial Services LLC purchased a new stake in abrdn Asia-Pacific Income Fund during the fourth quarter valued at approximately $1,555,000. Rareview Capital LLC purchased a new position in shares of abrdn Asia-Pacific Income Fund during the 4th quarter worth $2,867,000. Evergreen Capital Management LLC boosted its stake in shares of abrdn Asia-Pacific Income Fund by 3.8% during the 4th quarter. Evergreen Capital Management LLC now owns 896,662 shares of the investment management company's stock worth $13,900,000 after acquiring an additional 33,158 shares during the last quarter. Maridea Wealth Management LLC bought a new stake in shares of abrdn Asia-Pacific Income Fund during the 1st quarter valued at $217,000. Finally, NWF Advisory Services Inc. grew its position in shares of abrdn Asia-Pacific Income Fund by 3.7% during the 4th quarter. NWF Advisory Services Inc. now owns 100,648 shares of the investment management company's stock valued at $1,544,000 after acquiring an additional 3,618 shares during the period. Hedge funds and other institutional investors own 33.55% of the company's stock.

abrdn Asia-Pacific Income Fund Company Profile

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.

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