abrdn Global Income Fund (NYSEAMERICAN:FCO) Shares Up 1.6% – Still a Buy?

Shares of abrdn Global Income Fund, Inc. (NYSEAMERICAN:FCO) were up 1.6% on Wednesday . The stock traded as high as $3.26 and last traded at $3.20. Approximately 127,816 shares traded hands during mid-day trading, a decline of 7% from the average daily volume of 138,146 shares. The stock had previously closed at $3.15.

abrdn Global Income Fund Stock Performance

The company’s 50 day simple moving average is $3.15 and its 200 day simple moving average is $3.03.

abrdn Global Income Fund Dividend Announcement

The business also recently disclosed a monthly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 24th were issued a $0.07 dividend. The ex-dividend date was Tuesday, March 24th. This represents a c) annualized dividend and a dividend yield of 26.3%.

Institutional Investors Weigh In On abrdn Global Income Fund

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Equitable Holdings Inc. bought a new position in abrdn Global Income Fund during the 4th quarter valued at $34,000. Integrity Advisory Solutions LLC bought a new stake in shares of abrdn Global Income Fund in the 3rd quarter worth $34,000. Virtu Financial LLC acquired a new stake in shares of abrdn Global Income Fund in the third quarter valued at $36,000. Total Wealth Planning & Management Inc. acquired a new stake in shares of abrdn Global Income Fund in the fourth quarter valued at $42,000. Finally, Landscape Capital Management L.L.C. bought a new position in abrdn Global Income Fund during the third quarter valued at about $47,000. Institutional investors own 10.79% of the company’s stock.

About abrdn Global Income Fund

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.