Abrdn Australia Equity Fund (NYSEAMERICAN:IAF) Stock Price Up 0.7% – Still a Buy?

Abrdn Australia Equity Fund Inc (NYSEAMERICAN:IAF) shares traded up 0.7% during mid-day trading on Wednesday . The company traded as high as $4.44 and last traded at $4.42. 68,145 shares were traded during trading, a decline of 5% from the average session volume of 71,998 shares. The stock had previously closed at $4.39.

Abrdn Australia Equity Fund Stock Down 0.4 %

Abrdn Australia Equity Fund Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Shareholders of record on Thursday, November 21st were given a $0.13 dividend. This represents a $0.52 annualized dividend and a yield of 11.74%. This is a boost from Abrdn Australia Equity Fund’s previous quarterly dividend of $0.12. The ex-dividend date of this dividend was Thursday, November 21st.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC raised its holdings in shares of Abrdn Australia Equity Fund by 16.8% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 3,384,336 shares of the company’s stock valued at $14,181,000 after purchasing an additional 485,633 shares in the last quarter. Wolverine Asset Management LLC increased its holdings in Abrdn Australia Equity Fund by 167.3% during the fourth quarter. Wolverine Asset Management LLC now owns 87,675 shares of the company’s stock valued at $367,000 after buying an additional 54,876 shares during the period. Raymond James Financial Inc. purchased a new position in Abrdn Australia Equity Fund during the fourth quarter valued at approximately $127,000. International Assets Investment Management LLC bought a new position in Abrdn Australia Equity Fund in the third quarter worth approximately $137,000. Finally, Atria Wealth Solutions Inc. purchased a new stake in Abrdn Australia Equity Fund during the fourth quarter worth $100,000.

About Abrdn Australia Equity Fund

Abrdn Australia Equity Fund Inc is a closed ended equity mutual fund launched and managed by Aberdeen Standard Investments (Asia) Limited. The fund is managed by Aberdeen Standard Investments Australia Limited. It invests in the public equity markets of Australia. The fund makes its investments in firms operating across diversified sectors.