The India Fund (NYSE:IFN) Shares Gap Down – Should You Sell?

The India Fund, Inc. (NYSE:IFN)’s share price gapped down prior to trading 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 trading hands.

The India Fund Stock Up 2.0 %

The company has a 50 day moving average of $18.23 and a two-hundred day moving average of $18.07.

The India Fund Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Thursday, November 21st will be paid a $0.93 dividend. This represents a $3.72 annualized dividend and a dividend yield of 21.77%. The ex-dividend date is Thursday, November 21st. This is a positive change from The India Fund’s previous quarterly dividend of $0.49.

Hedge Funds Weigh In On The India Fund

Several institutional investors and hedge funds have recently modified their holdings of IFN. Penserra Capital Management LLC purchased a new position in shares of The India Fund in the 3rd quarter valued at about $4,794,000. Raymond James & Associates increased its stake in shares of The India Fund by 168.3% in the 2nd quarter. Raymond James & Associates now owns 349,100 shares of the investment management company’s stock valued at $6,235,000 after purchasing an additional 218,980 shares in the last quarter. Landscape Capital Management L.L.C. increased its stake in shares of The India Fund by 25.3% in the 3rd quarter. Landscape Capital Management L.L.C. now owns 715,745 shares of the investment management company’s stock valued at $13,613,000 after purchasing an additional 144,609 shares in the last quarter. Atria Wealth Solutions Inc. increased its stake in The India Fund by 26.2% during the 2nd quarter. Atria Wealth Solutions Inc. now owns 368,268 shares of the investment management company’s stock worth $6,577,000 after buying an additional 76,436 shares in the last quarter. Finally, EP Wealth Advisors LLC purchased a new stake in The India Fund during the 3rd quarter worth approximately $1,264,000. Hedge funds and other institutional investors 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.