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

Abrdn Australia Equity Fund Inc (NYSEAMERICAN:IAF) saw a significant increase in short interest in the month of December. As of December 31st, there was short interest totalling 59,000 shares, an increase of 77.2% from the December 15th total of 33,300 shares. Based on an average daily trading volume, of 72,100 shares, the days-to-cover ratio is presently 0.8 days.

Institutional Trading of Abrdn Australia Equity Fund

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Covenant Partners LLC acquired a new position in shares of Abrdn Australia Equity Fund in the 3rd quarter valued at $52,000. International Assets Investment Management LLC acquired a new position in Abrdn Australia Equity Fund in the 3rd quarter valued at about $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, Allspring Global Investments Holdings LLC raised 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 purchasing an additional 223,926 shares during the last quarter.

Abrdn Australia Equity Fund Price Performance

Shares of NYSEAMERICAN IAF traded up $0.06 during midday trading on Wednesday, hitting $4.34. The company’s stock had a trading volume of 23,483 shares, compared to its average volume of 53,531. Abrdn Australia Equity Fund has a 1 year low of $3.95 and a 1 year high of $4.75.

Abrdn Australia Equity Fund Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 10th. Investors of record on Thursday, November 21st were paid a $0.13 dividend. The ex-dividend date was Thursday, November 21st. This represents a $0.52 dividend on an annualized basis and a yield of 11.98%. 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.