Abrdn Australia Equity Fund Inc (NYSEAMERICAN:IAF) Sees Significant Growth in Short Interest

Abrdn Australia Equity Fund Inc (NYSEAMERICAN:IAF) was the recipient of a significant increase in short interest during the month of October. As of October 31st, there was short interest totalling 19,800 shares, an increase of 43.5% from the October 15th total of 13,800 shares. Based on an average daily volume of 59,900 shares, the days-to-cover ratio is presently 0.3 days.

Institutional Investors Weigh In On Abrdn Australia Equity Fund

Several hedge funds have recently modified their holdings of the company. Allspring Global Investments Holdings LLC grew its stake in Abrdn Australia Equity Fund by 8.4% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 2,898,703 shares of the company’s stock valued at $13,653,000 after acquiring an additional 223,926 shares during the period. Karpus Management Inc. raised its holdings in shares of Abrdn Australia Equity Fund by 267.2% during the first quarter. Karpus Management Inc. now owns 52,625 shares of the company’s stock valued at $224,000 after acquiring an additional 38,295 shares during the last quarter. International Assets Investment Management LLC purchased a new stake in shares of Abrdn Australia Equity Fund during the third quarter worth approximately $137,000. Wolverine Asset Management LLC raised its stake in Abrdn Australia Equity Fund by 369.2% in the 3rd quarter. Wolverine Asset Management LLC now owns 32,799 shares of the company’s stock valued at $154,000 after purchasing an additional 25,808 shares during the last quarter. Finally, Cetera Advisors LLC purchased a new stake in shares of Abrdn Australia Equity Fund during the first quarter worth $97,000.

Abrdn Australia Equity Fund Price Performance

Shares of IAF remained flat at $4.50 during trading hours on Friday. 35,528 shares of the company traded hands, compared to its average volume of 64,556. Abrdn Australia Equity Fund has a 1 year low of $3.87 and a 1 year high of $4.75.

Abrdn Australia Equity Fund Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Thursday, November 21st will be given a $0.13 dividend. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $0.52 dividend on an annualized basis and a dividend yield of 11.56%. This is an increase from Abrdn Australia Equity Fund’s previous quarterly dividend of $0.12.

About Abrdn Australia Equity Fund

Abrdn Australia Equity Fund Inc is a closed ended equity mutual fund launched and managed by Aberdeen Standard Investments (Asia) Limited. The fund is managed by Aberdeen Standard Investments Australia Limited. It invests in the public equity markets of Australia. The fund makes its investments in firms operating across diversified sectors.