abrdn Asia-Pacific Income Fund (NYSEAMERICAN:FAX) Shares Cross Below 50 Day Moving Average – What’s Next?

abrdn Asia-Pacific Income Fund, Inc. (NYSEAMERICAN:FAX) shares crossed below its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $14.80 and traded as low as $14.55. abrdn Asia-Pacific Income Fund shares last traded at $14.63, with a volume of 143,488 shares trading hands.

abrdn Asia-Pacific Income Fund Price Performance

The stock’s 50-day moving average is $14.80 and its 200 day moving average is $15.25.

abrdn Asia-Pacific Income Fund Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, May 29th. Shareholders of record on Friday, May 22nd will be issued a dividend of $0.165 per share. This represents a c) dividend on an annualized basis and a yield of 13.5%. The ex-dividend date is Friday, May 22nd.

Hedge Funds Weigh In On abrdn Asia-Pacific Income Fund

Large investors have recently added to or reduced their stakes in the company. Jane Street Group LLC bought a new position in abrdn Asia-Pacific Income Fund during the 1st quarter worth about $170,000. Ameriprise Financial Inc. bought a new position in abrdn Asia-Pacific Income Fund during the 3rd quarter worth about $189,000. Corient Private Wealth LLC bought a new position in abrdn Asia-Pacific Income Fund during the 4th quarter worth about $180,000. Cullen Frost Bankers Inc. increased its holdings in abrdn Asia-Pacific Income Fund by 5.6% during the 4th quarter. Cullen Frost Bankers Inc. now owns 12,866 shares of the investment management company’s stock worth $197,000 after purchasing an additional 683 shares in the last quarter. Finally, Landscape Capital Management L.L.C. bought a new position in abrdn Asia-Pacific Income Fund during the 4th quarter worth about $227,000. Institutional investors own 33.55% of the company’s stock.

abrdn Asia-Pacific Income Fund Company Profile

The abrdn Asia-Pacific Income Fund is a closed-end management investment company listed on the NYSE American under the ticker FAX. The fund seeks to provide total return by focusing primarily on current income and secondarily on capital appreciation through a diversified portfolio of Asia-Pacific securities.

Its investment portfolio is concentrated in dividend-paying equity securities of companies domiciled or operating in the Asia-Pacific region, excluding Japan. The fund may invest in common stocks, real estate investment trusts (REITs), depositary receipts, convertible securities and derivatives.