abrdn Asia-Pacific Income Fund, Inc. (NYSEAMERICAN:FAX) Stock Short Interest Drops 78.7%

Key Points

• Short interest plunged 78.7% to 51,738 shares as of September 30, representing about 0.1% of FAX’s outstanding shares and only 0.2 days of average trading volume.
• Institutional investors increased their exposure, with hedge funds and other institutions now owning 33.55% of the fund.
• FAX shares rose 0.9% to $12.87, while the fund cut its monthly dividend from $0.165 to $0.15, resulting in a 14.0% annualized yield.

abrdn Asia-Pacific Income Fund, Inc. (NYSEAMERICAN:FAX - Get Free Report) was the recipient of a significant decrease in short interest during the month of September. As of September 30th, there was short interest totaling 51,738 shares, a decrease of 78.7% from the September 15th total of 242,796 shares. Based on an average trading volume of 227,620 shares, the short-interest ratio is currently 0.2 days. Approximately 0.1% of the company's shares are short sold.

Hedge Funds Weigh In On abrdn Asia-Pacific Income Fund

A number of hedge funds have recently modified their holdings of FAX. Rareview Capital LLC raised its holdings in abrdn Asia-Pacific Income Fund by 33.3% in the 1st quarter. Rareview Capital LLC now owns 240,034 shares of the investment management company's stock valued at $3,821,000 after buying an additional 59,937 shares during the period. Royal Bank of Canada lifted its position in abrdn Asia-Pacific Income Fund by 8.0% in the first quarter. Royal Bank of Canada now owns 701,399 shares of the investment management company's stock valued at $10,114,000 after buying an additional 51,803 shares during the last quarter. Advisory Solutions Group LLC purchased a new position in abrdn Asia-Pacific Income Fund during the second quarter worth about $550,000. Quantinno Capital Management LP purchased a new position in abrdn Asia-Pacific Income Fund during the first quarter worth about $466,000. Finally, Yakira Capital Management Inc. purchased a new position in abrdn Asia-Pacific Income Fund during the fourth quarter worth about $286,000. 33.55% of the stock is currently owned by hedge funds and other institutional investors.

abrdn Asia-Pacific Income Fund Trading Up 0.9%

abrdn Asia-Pacific Income Fund stock traded up $0.12 during mid-day trading on Friday, hitting $12.87. The company's stock had a trading volume of 169,295 shares, compared to its average volume of 247,955. abrdn Asia-Pacific Income Fund has a 1 year low of $12.60 and a 1 year high of $16.37. The stock's fifty day moving average is $14.09 and its two-hundred day moving average is $14.45.

abrdn Asia-Pacific Income Fund Cuts Dividend

The firm also recently declared a monthly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 22nd were paid a $0.15 dividend. This is a drop from abrdn Asia-Pacific Income Fund's previous monthly dividend of $0.1650. The ex-dividend date of this dividend was Tuesday, September 22nd. This represents a $1.80 annualized dividend and a dividend yield of 14.0%.

abrdn Asia-Pacific Income Fund Company Profile

abrdn Asia-Pacific Income Fund, Inc is a closed-end investment company listed on the NYSE American under the symbol FAX. The fund seeks to provide current income and, secondarily, capital appreciation by investing primarily in fixed-income securities issued by governments, government-related entities and companies in the Asia-Pacific region.

The fund's portfolio may include sovereign and corporate bonds, notes and other debt instruments denominated in local or foreign currencies. Its investment exposure can span developed and emerging markets across Asia and the Pacific, including countries such as Australia, China, India, Indonesia, South Korea, Malaysia, New Zealand, the Philippines, Singapore and Thailand.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.