abrdn Global Income Fund (NYSEAMERICAN:FCO) Stock Price Up 0.9% – Time to Buy?

Shares of abrdn Global Income Fund, Inc. (NYSEAMERICAN:FCO) rose 0.9% during mid-day trading on Wednesday . The company traded as high as $2.60 and last traded at $2.5840. Approximately 62,892 shares changed hands during trading, a decline of 64% from the average daily volume of 176,846 shares. The stock had previously closed at $2.56.

abrdn Global Income Fund Stock Performance

The stock has a 50-day simple moving average of $2.89 and a 200-day simple moving average of $2.97.

abrdn Global Income Fund Dividend Announcement

The company also recently declared a monthly dividend, which was paid on Thursday, April 30th. Shareholders of record on Wednesday, April 22nd were given a dividend of $0.07 per share. This represents a c) dividend on an annualized basis and a yield of 32.5%. The ex-dividend date of this dividend was Wednesday, April 22nd.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Equitable Holdings Inc. acquired a new position in shares of abrdn Global Income Fund during the fourth quarter worth about $34,000. Integrity Advisory Solutions LLC acquired a new position in shares of abrdn Global Income Fund during the third quarter worth about $34,000. Virtu Financial LLC acquired a new position in shares of abrdn Global Income Fund during the third quarter worth about $36,000. Total Wealth Planning & Management Inc. acquired a new position in shares of abrdn Global Income Fund during the fourth quarter worth about $42,000. Finally, Osaic Holdings Inc. lifted its stake in shares of abrdn Global Income Fund by 12.0% during the second quarter. Osaic Holdings Inc. now owns 14,402 shares of the company’s stock worth $92,000 after purchasing an additional 1,547 shares in the last quarter. Institutional investors and hedge funds own 10.79% of the company’s stock.

About abrdn Global Income Fund

abrdn Global Income Fund (NYSE American: FCO) is a closed-end management investment company that seeks to provide investors with high current income and the potential for capital appreciation. Managed by abrdn’s global investment team, the fund pursues a diversified strategy across both fixed-income and equity markets. It is structured to deliver monthly distributions by combining income-generating securities with active portfolio management and selective use of leverage.

The fund’s core holdings typically include a broad range of global corporate bonds, convertible securities, preferred stocks and high-yield credit.