Raymond James Financial Services Advisors Inc. Trims Stock Position in The India Fund, Inc. (NYSE:IFN)

Raymond James Financial Services Advisors Inc. cut its stake in shares of The India Fund, Inc. (NYSE:IFN) by 5.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 11,125 shares of the investment management company’s stock after selling 662 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in The India Fund were worth $203,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of IFN. Miracle Mile Advisors LLC purchased a new position in shares of The India Fund during the third quarter worth approximately $190,000. Sunesis Advisors LLC purchased a new position in shares of The India Fund during the third quarter worth approximately $211,000. Avantax Advisory Services Inc. purchased a new position in shares of The India Fund during the third quarter worth approximately $212,000. Raymond James & Associates boosted its stake in shares of The India Fund by 17.0% during the third quarter. Raymond James & Associates now owns 20,512 shares of the investment management company’s stock valued at $357,000 after purchasing an additional 2,978 shares in the last quarter. Finally, Koshinski Asset Management Inc. boosted its stake in shares of The India Fund by 11.0% during the third quarter. Koshinski Asset Management Inc. now owns 21,628 shares of the investment management company’s stock valued at $377,000 after purchasing an additional 2,151 shares in the last quarter. 10.76% of the stock is owned by hedge funds and other institutional investors.

The India Fund Stock Performance

NYSE IFN opened at $18.28 on Thursday. The firm’s 50 day moving average price is $19.94 and its 200-day moving average price is $18.58. The India Fund, Inc. has a 52-week low of $15.12 and a 52-week high of $21.25.

The India Fund Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, February 22nd were paid a dividend of $0.43 per share. The ex-dividend date of this dividend was Wednesday, February 21st. This is an increase from The India Fund’s previous quarterly dividend of $0.41. This represents a $1.72 dividend on an annualized basis and a dividend yield of 9.41%.

The India Fund Profile

The India Fund, Inc is a close ended equity mutual fund launched and managed by Aberdeen Standard Investments (Asia) Limited. The fund invests in public equity markets of India. It seeks to invest in stocks of small-cap, mid-cap, and large-cap companies. The fund employs a quantitative and fundamental analysis with a bottom-up stock picking and asset allocation approach to create its portfolio.