LPL Financial LLC Raises Stake in India Fund, Inc. $IFN

Key Points

• LPL Financial LLC increased its holdings in India Fund, Inc. by 13.5%, acquiring an additional 16,877 shares during the first quarter, bringing its total to 141,802 shares valued at approximately $2.236 million.
• India Fund recently announced a quarterly dividend of $0.43, set to be paid on September 30th, which marks an increase from its previous dividend of $0.41 and reflects a dividend yield of 10.9%.
• Other institutional investors have also increased their stakes, with Farther Finance Advisors raising its holdings by 19.7% in the first quarter, adding to a trend of increased institutional investment in India Fund.

LPL Financial LLC lifted its holdings in shares of India Fund, Inc. (NYSE:IFN - Free Report) by 13.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 141,802 shares of the investment management company's stock after purchasing an additional 16,877 shares during the period. LPL Financial LLC owned about 0.46% of India Fund worth $2,236,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in IFN. Farther Finance Advisors LLC raised its stake in shares of India Fund by 19.7% during the 1st quarter. Farther Finance Advisors LLC now owns 4,660 shares of the investment management company's stock worth $73,000 after purchasing an additional 768 shares during the period. Elequin Capital LP purchased a new stake in India Fund in the 4th quarter worth about $143,000. Brown Advisory Inc. purchased a new stake in India Fund in the 1st quarter worth about $162,000. Waverly Advisors LLC purchased a new stake in India Fund in the 4th quarter worth about $185,000. Finally, Nwam LLC purchased a new stake in India Fund in the 1st quarter worth about $188,000. 10.76% of the stock is currently owned by institutional investors.

India Fund Stock Down 3.2%

IFN stock traded down $0.5050 during mid-day trading on Friday, reaching $15.4250. 162,979 shares of the company traded hands, compared to its average volume of 160,761. India Fund, Inc. has a 52-week low of $13.76 and a 52-week high of $19.25. The company has a fifty day moving average price of $15.91 and a 200-day moving average price of $15.72.

India Fund Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Friday, August 22nd will be issued a dividend of $0.43 per share. The ex-dividend date of this dividend is Friday, August 22nd. This is a positive change from India Fund's previous quarterly dividend of $0.41. This represents a $1.72 annualized dividend and a dividend yield of 11.2%.

About India Fund

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.