abrdn Asia-Pacific Income Fund (NYSEAMERICAN:FAX) Reaches New 1-Year Low - What's Next?

Key Points

• abrdn Asia-Pacific Income Fund shares hit a new 52-week low, trading as low as $14.11 and last changing hands near $14.03, below both its 50-day and 200-day moving averages.
• The fund announced a $0.15 monthly dividend payable September 30 to shareholders of record September 22, representing a stated 12.9% yield.
• Institutional investors increased their positions, with hedge funds and other institutions collectively owning 33.55% of the fund.

abrdn Asia-Pacific Income Fund, Inc. (NYSEAMERICAN:FAX - Get Free Report) shares reached a new 52-week low during mid-day trading on Monday . The stock traded as low as $14.11 and last traded at $14.0330, with a volume of 103750 shares traded. The stock had previously closed at $14.42.

abrdn Asia-Pacific Income Fund Price Performance

The stock's 50 day moving average is $14.54 and its 200-day moving average is $14.73.

abrdn Asia-Pacific Income Fund Cuts Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 22nd will be given a $0.15 dividend. The ex-dividend date of this dividend is Tuesday, September 22nd. This represents a c) annualized dividend and a yield of 12.9%.

Institutional Investors Weigh In On abrdn Asia-Pacific Income Fund

Several institutional investors have recently modified their holdings of the business. Royal Bank of Canada raised its position in abrdn Asia-Pacific Income Fund by 8.0% in the 1st quarter. Royal Bank of Canada now owns 701,399 shares of the investment management company's stock worth $10,114,000 after buying an additional 51,803 shares during the last quarter. Rareview Capital LLC boosted its holdings in shares of abrdn Asia-Pacific Income Fund by 33.3% during the 1st quarter. Rareview Capital LLC now owns 240,034 shares of the investment management company's stock valued at $3,821,000 after acquiring an additional 59,937 shares during the last quarter. Advisory Solutions Group LLC bought a new stake in shares of abrdn Asia-Pacific Income Fund in the second quarter worth approximately $550,000. Rockefeller Capital Management L.P. grew its stake in shares of 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 worth $635,000 after acquiring an additional 1,228 shares during the period. Finally, Baird Financial Group Inc. raised its holdings in shares of abrdn Asia-Pacific Income Fund by 1.4% during the second quarter. Baird Financial Group Inc. now owns 60,681 shares of the investment management company's stock valued at $893,000 after purchasing an additional 851 shares during the last quarter. 33.55% of the stock is owned by hedge funds and other institutional investors.

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.

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.