The India Fund (NYSE:IFN) Shares Gap Down – Here’s What Happened

Shares of The India Fund, Inc. (NYSE:IFN) gapped down before the market opened on Thursday . The stock had previously closed at $17.76, but opened at $16.89. The India Fund shares last traded at $16.83, with a volume of 58,814 shares changing hands.

The India Fund Trading Down 5.9 %

The firm’s 50-day moving average price is $18.25 and its two-hundred day moving average price is $18.08.

The India Fund Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Thursday, November 21st will be given a $0.93 dividend. The ex-dividend date of this dividend is Thursday, November 21st. This represents a $3.72 dividend on an annualized basis and a yield of 22.25%. This is a boost from The India Fund’s previous quarterly dividend of $0.49.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of IFN. Beck Capital Management LLC lifted its position in The India Fund by 0.8% in the first quarter. Beck Capital Management LLC now owns 183,425 shares of the investment management company’s stock valued at $3,755,000 after buying an additional 1,418 shares during the last quarter. Cetera Advisors LLC purchased a new stake in The India Fund during the first quarter worth about $261,000. Csenge Advisory Group purchased a new stake in The India Fund during the second quarter worth about $362,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA purchased a new stake in The India Fund during the second quarter worth about $219,000. Finally, Miracle Mile Advisors LLC increased its stake in The India Fund by 26.2% during the second quarter. Miracle Mile Advisors LLC now owns 14,430 shares of the investment management company’s stock worth $258,000 after purchasing an additional 3,000 shares during the period. Institutional investors and hedge funds own 10.76% of the company’s stock.

The India Fund Company Profile

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.