abrdn Asia-Pacific Income Fund (NYSEAMERICAN:FAX) Sets New 12-Month Low – Here’s Why

abrdn Asia-Pacific Income Fund, Inc. (NYSEAMERICAN:FAX) shares reached a new 52-week low on Tuesday. The stock traded as low as $12.96 and last traded at $13.19, with a volume of 412424 shares trading hands. The stock had previously closed at $13.50.

abrdn Asia-Pacific Income Fund Stock Performance

The stock’s 50-day moving average price is $14.31 and its 200-day moving average price is $14.56.

abrdn Asia-Pacific Income Fund Cuts Dividend

The business also recently disclosed a monthly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 22nd were given a $0.15 dividend. This is a drop from abrdn Asia-Pacific Income Fund’s previous monthly dividend of $0.1650. The ex-dividend date was Tuesday, September 22nd. This represents a $1.80 annualized dividend and a yield of 13.8%.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Baird Financial Group Inc. increased its stake in shares of abrdn Asia-Pacific Income Fund by 1.4% in the 2nd quarter. Baird Financial Group Inc. now owns 60,681 shares of the investment management company’s stock valued at $893,000 after buying an additional 851 shares during the period. Corient Private Wealth LP lifted its stake in shares of abrdn Asia-Pacific Income Fund by 1.0% during the second quarter. Corient Private Wealth LP now owns 99,190 shares of the investment management company’s stock valued at $1,449,000 after acquiring an additional 950 shares during the period. Advisory Solutions Group LLC acquired a new position in shares of abrdn Asia-Pacific Income Fund during the second quarter valued at $550,000. Rareview Capital LLC boosted its holdings in abrdn Asia-Pacific Income Fund by 9.7% in the second quarter. Rareview Capital LLC now owns 263,270 shares of the investment management company’s stock valued at $4,191,000 after acquiring an additional 23,236 shares during the last quarter. Finally, TD Waterhouse Canada Inc. bought a new position in abrdn Asia-Pacific Income Fund in the second quarter valued at about $43,000. 33.55% of the stock is currently owned by 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.