abrdn Asia-Pacific Income Fund (NYSEAMERICAN:FAX) Sets New 12-Month Low – Should You Sell?

abrdn Asia-Pacific Income Fund, Inc. (NYSEAMERICAN:FAX)’s stock price reached a new 52-week low during trading on Wednesday . The company traded as low as $13.68 and last traded at $13.6690, with a volume of 42331 shares traded. The stock had previously closed at $13.93.

abrdn Asia-Pacific Income Fund Trading Down 1.7%

The firm’s 50-day moving average price is $14.45 and its two-hundred day moving average price is $14.63.

abrdn Asia-Pacific Income Fund Cuts Dividend

The business also recently disclosed a monthly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 22nd will be paid a $0.15 dividend. This represents a c) annualized dividend and a dividend yield of 13.1%. The ex-dividend date is Tuesday, September 22nd.

Hedge Funds Weigh In On abrdn Asia-Pacific Income Fund

Several hedge funds and other institutional investors have recently modified their holdings of FAX. Rareview Capital LLC lifted its stake in shares of abrdn Asia-Pacific Income Fund by 33.3% in the 1st quarter. Rareview Capital LLC now owns 240,034 shares of the investment management company’s stock valued at $3,821,000 after purchasing an additional 59,937 shares during the period. Royal Bank of Canada increased its holdings in abrdn Asia-Pacific Income Fund by 8.0% in the first quarter. Royal Bank of Canada now owns 701,399 shares of the investment management company’s stock valued at $10,114,000 after purchasing an additional 51,803 shares during the last quarter. Advisory Solutions Group LLC acquired a new position in abrdn Asia-Pacific Income Fund in the second quarter valued at about $550,000. Quantinno Capital Management LP bought a new position in abrdn Asia-Pacific Income Fund during the first quarter worth about $466,000. Finally, Yakira Capital Management Inc. acquired a new position in shares of abrdn Asia-Pacific Income Fund during the 4th quarter worth about $286,000. Institutional investors own 33.55% of the company’s stock.

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.