Abrdn Australia Equity Fund (NYSEAMERICAN:IAF) Shares to Reverse Split on Thursday, October 23rd

Abrdn Australia Equity Fund Inc (NYSEAMERICAN:IAF) shares are set to reverse split on Thursday, October 23rd. The 1-3 reverse split was recently announced. The number of shares owned by shareholders will be adjusted after the closing bell on Wednesday, October 22nd.

Abrdn Australia Equity Fund Stock Performance

Shares of NYSEAMERICAN IAF opened at $4.44 on Friday. Abrdn Australia Equity Fund has a 52 week low of $3.35 and a 52 week high of $4.71. The stock’s fifty day moving average is $4.60 and its 200 day moving average is $4.38.

Abrdn Australia Equity Fund Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Friday, August 22nd were given a $0.12 dividend. The ex-dividend date was Friday, August 22nd. This represents a $0.48 dividend on an annualized basis and a dividend yield of 10.8%.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC increased its position in shares of Abrdn Australia Equity Fund by 11.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 3,759,722 shares of the company’s stock worth $15,152,000 after purchasing an additional 375,386 shares during the period. Sollinda Capital Management LLC bought a new position in shares of Abrdn Australia Equity Fund in the first quarter worth $42,000. Cetera Investment Advisers increased its position in shares of Abrdn Australia Equity Fund by 4.7% in the first quarter. Cetera Investment Advisers now owns 689,163 shares of the company’s stock worth $2,777,000 after purchasing an additional 30,625 shares during the period. Golden State Wealth Management LLC grew its position in Abrdn Australia Equity Fund by 105.9% in the first quarter. Golden State Wealth Management LLC now owns 9,218 shares of the company’s stock valued at $37,000 after acquiring an additional 4,742 shares during the last quarter. Finally, Shaker Financial Services LLC grew its position in Abrdn Australia Equity Fund by 20.0% in the first quarter. Shaker Financial Services LLC now owns 75,045 shares of the company’s stock valued at $302,000 after acquiring an additional 12,500 shares during the last quarter.

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.