Raymond James Financial Inc. Grows Holdings in India Fund, Inc. $IFN

Key Points

• Raymond James Financial Inc. increased its stake in India Fund, Inc. (NYSE:IFN) by 11.1%, owning 527,682 shares valued at $8.32 million by the end of the recent quarter.
• India Fund has announced a quarterly dividend increase to $0.43 per share from the previous $0.41, reflecting a 11.4% dividend yield.
• Despite the positive developments, shares of India Fund, Inc. have recently declined by 0.9%, with current trading at $15.03.

Raymond James Financial Inc. increased its position in shares of India Fund, Inc. (NYSE:IFN - Free Report) by 11.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 527,682 shares of the investment management company's stock after acquiring an additional 52,520 shares during the period. Raymond James Financial Inc. owned approximately 1.70% of India Fund worth $8,322,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of IFN. Penserra Capital Management LLC increased its holdings in India Fund by 260.0% during the 1st quarter. Penserra Capital Management LLC now owns 972,936 shares of the investment management company's stock worth $15,343,000 after acquiring an additional 702,686 shares during the period. Jane Street Group LLC bought a new stake in India Fund during the 4th quarter worth approximately $667,000. Cetera Investment Advisers increased its holdings in India Fund by 9.4% during the 1st quarter. Cetera Investment Advisers now owns 475,056 shares of the investment management company's stock worth $7,492,000 after acquiring an additional 40,798 shares during the period. Pettinga Financial Advisors LLC increased its holdings in India Fund by 107.7% during the 1st quarter. Pettinga Financial Advisors LLC now owns 55,101 shares of the investment management company's stock worth $869,000 after acquiring an additional 28,571 shares during the period. Finally, Quantedge Capital Pte Ltd bought a new stake in India Fund during the 4th quarter worth approximately $443,000. Institutional investors own 10.76% of the company's stock.

India Fund Stock Performance

India Fund stock traded down $0.03 during midday trading on Thursday, reaching $14.98. 249,869 shares of the stock were exchanged, compared to its average volume of 172,285. India Fund, Inc. has a 52 week low of $13.76 and a 52 week high of $19.25. The company's fifty day moving average is $15.76 and its 200-day moving average is $15.67.

India Fund Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Friday, August 22nd will be paid a $0.43 dividend. The ex-dividend date of this dividend is Friday, August 22nd. This represents a $1.72 dividend on an annualized basis and a yield of 11.5%. This is a boost from India Fund's previous quarterly dividend of $0.41.

India Fund Company Profile

The India Fund, Inc is a close ended equity mutual fund launched and managed by Aberdeen Standard Investments (Asia) Limited. The fund invests in public equity markets of India. It seeks to invest in stocks of small-cap, mid-cap, and large-cap companies. The fund employs a quantitative and fundamental analysis with a bottom-up stock picking and asset allocation approach to create its portfolio.