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

abrdn Global Income Fund, Inc. (NYSEAMERICAN:FCO)’s share price 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 were traded during mid-day 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 Up 0.9%

The business’s 50 day moving average is $2.90 and its 200-day moving average is $2.97.

abrdn Global Income Fund Dividend Announcement

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sit Investment Associates Inc. purchased a new position in abrdn Global Income Fund in the 4th quarter valued at $590,000. Oppenheimer & Co. Inc. lifted its holdings in abrdn Global Income Fund by 10.6% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 123,036 shares of the company’s stock valued at $367,000 after purchasing an additional 11,819 shares in the last quarter. Susquehanna International Group LLP lifted its holdings in abrdn Global Income Fund by 167.1% in the 3rd quarter. Susquehanna International Group LLP now owns 53,629 shares of the company’s stock valued at $160,000 after purchasing an additional 33,547 shares in the last quarter. Van Diest Capital LLC purchased a new position in abrdn Global Income Fund in the 4th quarter valued at $74,000. Finally, Envestnet Asset Management Inc. purchased a new position in abrdn Global Income Fund in the 2nd quarter valued at $118,000. Hedge funds and other institutional investors 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.