Abrdn Australia Equity Fund Inc (NYSEAMERICAN:IAF) Stock Short Interest Jumps 194.3%

Abrdn Australia Equity Fund Inc (NYSEAMERICAN:IAF) saw a large increase in short interest during the month of September. As of September 30th, there was short interest totaling 32,723 shares, an increase of 194.3% from the September 15th total of 11,119 shares. Based on an average daily trading volume, of 21,154 shares, the short-interest ratio is currently 1.5 days.

Abrdn Australia Equity Fund Price Performance

IAF stock traded up $0.05 during midday trading on Tuesday, hitting $12.64. 29,230 shares of the company’s stock were exchanged, compared to its average volume of 26,162. The firm has a 50 day moving average price of $12.99 and a 200-day moving average price of $12.72. Abrdn Australia Equity Fund has a 12-month low of $11.76 and a 12-month high of $14.54.

Abrdn Australia Equity Fund Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Monday, August 24th were issued a $0.35 dividend. This represents a $1.40 dividend on an annualized basis and a yield of 11.1%. The ex-dividend date of this dividend was Monday, August 24th.

Hedge Funds Weigh In On Abrdn Australia Equity Fund

Hedge funds and other institutional investors have recently bought and sold shares of the stock. PNC Financial Services Group Inc. raised its stake in Abrdn Australia Equity Fund by 86.5% during the 1st quarter. PNC Financial Services Group Inc. now owns 11,288 shares of the company’s stock valued at $137,000 after acquiring an additional 5,235 shares in the last quarter. Susquehanna International Group LLP increased its stake in Abrdn Australia Equity Fund by 21.4% during the 2nd quarter. Susquehanna International Group LLP now owns 26,518 shares of the company’s stock valued at $328,000 after buying an additional 4,676 shares during the period. NWF Advisory Services Inc. acquired a new position in Abrdn Australia Equity Fund during the 4th quarter valued at about $446,000. Finally, Cetera Investment Advisers raised its position in shares of Abrdn Australia Equity Fund by 17.2% during the 1st quarter. Cetera Investment Advisers now owns 308,366 shares of the company’s stock worth $3,737,000 after buying an additional 45,332 shares in the last quarter.

Abrdn Australia Equity Fund Company Profile

Abrdn Australia Equity Fund, Inc (NYSEAMERICAN:IAF) is a closed-end investment fund that seeks to provide investors with exposure to the Australian equity market. Rather than operating a commercial business, the fund invests primarily in shares of companies based in or substantially connected to Australia.

The fund’s portfolio may include companies across multiple sectors of the Australian economy, with investments selected for their potential to provide long-term capital appreciation and income.