India Fund (NYSE:IFN) Share Price Crosses Below 200-Day Moving Average – Here’s What Happened

India Fund, Inc. (NYSE:IFN) shares passed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $15.28 and traded as low as $13.58. India Fund shares last traded at $13.61, with a volume of 340,286 shares changing hands.

India Fund Stock Performance

The business has a 50 day moving average of $14.67 and a 200 day moving average of $15.28.

India Fund Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Friday, February 20th will be paid a dividend of $0.906 per share. This represents a $3.62 annualized dividend and a dividend yield of 26.6%. The ex-dividend date of this dividend is Friday, February 20th.

Hedge Funds Weigh In On India Fund

Several institutional investors and hedge funds have recently modified their holdings of IFN. Penserra Capital Management LLC grew its stake in India Fund by 3.0% in the 2nd quarter. Penserra Capital Management LLC now owns 1,002,545 shares of the investment management company’s stock worth $16,572,000 after acquiring an additional 29,609 shares during the period. City of London Investment Management Co. Ltd. acquired a new stake in shares of India Fund during the third quarter worth $12,167,000. Raymond James Financial Inc. grew its position in shares of India Fund by 11.1% in the first quarter. Raymond James Financial Inc. now owns 527,682 shares of the investment management company’s stock valued at $8,322,000 after purchasing an additional 52,520 shares during the period. Cetera Investment Advisers increased its stake in India Fund by 10.0% in the second quarter. Cetera Investment Advisers now owns 522,340 shares of the investment management company’s stock valued at $8,634,000 after purchasing an additional 47,284 shares during the last quarter. Finally, UBS Group AG increased its stake in India Fund by 4.2% in the third quarter. UBS Group AG now owns 247,317 shares of the investment management company’s stock valued at $3,623,000 after purchasing an additional 10,013 shares during the last quarter. Hedge funds and other institutional investors own 10.76% of the company’s stock.

About India Fund

The India Fund, Inc is a close ended equity mutual fund launched and managed by Aberdeen Standard Investments (Asia) Limited. The fund invests in public equity markets of India. It seeks to invest in stocks of small-cap, mid-cap, and large-cap companies. The fund employs a quantitative and fundamental analysis with a bottom-up stock picking and asset allocation approach to create its portfolio.