abrdn Global Income Fund (NYSEAMERICAN:FCO) Stock Price Down 1.3% – Here’s Why

abrdn Global Income Fund, Inc. (NYSEAMERICAN:FCO) shares were down 1.3% on Monday . The stock traded as low as $2.98 and last traded at $3.00. Approximately 75,488 shares traded hands during trading, a decline of 53% from the average daily volume of 160,335 shares. The stock had previously closed at $3.04.

abrdn Global Income Fund Trading Down 1.3%

The stock’s fifty day simple moving average is $3.09 and its 200-day simple moving average is $3.39.

abrdn Global Income Fund Dividend Announcement

The business also recently disclosed a monthly dividend, which was paid on Friday, February 27th. Stockholders of record on Friday, February 20th were given a dividend of $0.07 per share. The ex-dividend date of this dividend was Friday, February 20th. This represents a c) dividend on an annualized basis and a dividend yield of 28.0%.

Institutional Trading of abrdn Global Income Fund

Several hedge funds have recently added to or reduced their stakes in the company. Sit Investment Associates Inc. acquired a new stake in shares of abrdn Global Income Fund in the 4th quarter valued at $590,000. Susquehanna International Group LLP increased its holdings in abrdn Global Income Fund by 167.1% in the third quarter. Susquehanna International Group LLP now owns 53,629 shares of the company’s stock valued at $160,000 after buying an additional 33,547 shares during the last quarter. Van Diest Capital LLC purchased a new position in abrdn Global Income Fund in the fourth quarter valued at $74,000. Envestnet Asset Management Inc. acquired a new stake in abrdn Global Income Fund in the second quarter valued at $118,000. Finally, Landscape Capital Management L.L.C. purchased a new stake in abrdn Global Income Fund during the 3rd quarter worth about $47,000. Institutional investors and hedge funds own 10.79% of the company’s stock.

abrdn Global Income Fund Company Profile

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.