abrdn Asia-Pacific Income Fund (NYSEAMERICAN:FAX) Hits New 12-Month Low - What's Next?

Key Points

• abrdn Asia-Pacific Income Fund shares hit a new 52-week low, trading as low as $12.96 and last changing hands at $13.19, below both its 50-day and 200-day moving averages.
• The fund reduced its monthly dividend to $0.15 per share from $0.165, representing an annualized payout of $1.80 and a stated yield of 13.6%.
• Institutional investors modestly increased their holdings, and hedge funds and other institutions collectively own 33.55% of the fund.

Shares of abrdn Asia-Pacific Income Fund, Inc. (NYSEAMERICAN:FAX - Get Free Report) hit a new 52-week low on Tuesday. The stock traded as low as $12.96 and last traded at $13.19, with a volume of 412424 shares traded. The stock had previously closed at $13.50.

abrdn Asia-Pacific Income Fund Stock Performance

The business has a 50-day moving average price of $14.37 and a 200-day moving average price of $14.58.

abrdn Asia-Pacific Income Fund Cuts Dividend

The firm also recently announced a monthly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 22nd will be given a dividend of $0.15 per share. This is a negative change from abrdn Asia-Pacific Income Fund's previous monthly dividend of $0.1650. The ex-dividend date of this dividend is Tuesday, September 22nd. This represents a $1.80 dividend on an annualized basis and a yield of 13.6%.

Institutional Investors Weigh In On abrdn Asia-Pacific Income Fund

Hedge funds have recently modified their holdings of the business. Baird Financial Group Inc. grew its stake in shares of abrdn Asia-Pacific Income Fund by 1.4% during the 2nd quarter. Baird Financial Group Inc. now owns 60,681 shares of the investment management company's stock valued at $893,000 after buying an additional 851 shares during the period. Corient Private Wealth LP raised its position in shares of abrdn Asia-Pacific Income Fund by 1.0% in the 2nd quarter. Corient Private Wealth LP now owns 99,190 shares of the investment management company's stock worth $1,449,000 after buying an additional 950 shares during the period. Rockefeller Capital Management L.P. boosted its holdings in abrdn Asia-Pacific Income Fund by 3.1% in the fourth quarter. Rockefeller Capital Management L.P. now owns 41,385 shares of the investment management company's stock valued at $635,000 after acquiring an additional 1,228 shares during the last quarter. Moors & Cabot Inc. boosted its holdings in abrdn Asia-Pacific Income Fund by 11.2% in the fourth quarter. Moors & Cabot Inc. now owns 17,015 shares of the investment management company's stock valued at $261,000 after acquiring an additional 1,709 shares during the last quarter. Finally, Fisher Asset Management LLC grew its position in abrdn Asia-Pacific Income Fund by 11.6% during the fourth quarter. Fisher Asset Management LLC now owns 17,431 shares of the investment management company's stock valued at $267,000 after acquiring an additional 1,815 shares during the period. Hedge funds and other institutional investors own 33.55% of the company's stock.

About abrdn Asia-Pacific Income Fund

abrdn Asia-Pacific Income Fund (NYSE American: FAX) is a closed-end investment fund managed by abrdn. 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, emerging-market debt and other income-producing securities denominated in local or foreign currencies.

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