Rivernorth Capital Management LLC Makes New Investment in The India Fund, Inc. (NYSE:IFN)

Rivernorth Capital Management LLC acquired a new position in shares of The India Fund, Inc. (NYSE:IFN) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 186,138 shares of the investment management company’s stock, valued at approximately $3,540,000.

A number of other institutional investors and hedge funds have also bought and sold shares of IFN. Wilmington Savings Fund Society FSB bought a new position in The India Fund in the 3rd quarter valued at approximately $65,000. Public Employees Retirement System of Ohio acquired a new position in shares of The India Fund during the 3rd quarter valued at $873,000. EP Wealth Advisors LLC acquired a new stake in shares of The India Fund in the 3rd quarter valued at about $1,264,000. Stifel Financial Corp raised its position in shares of The India Fund by 24.3% during the third quarter. Stifel Financial Corp now owns 55,049 shares of the investment management company’s stock worth $1,047,000 after purchasing an additional 10,764 shares during the period. Finally, IHT Wealth Management LLC bought a new position in shares of The India Fund in the third quarter valued at $191,000. Institutional investors and hedge funds own 10.76% of the company’s stock.

The India Fund Trading Down 0.9 %

IFN stock opened at $17.14 on Friday. The business has a 50-day simple moving average of $17.78 and a two-hundred day simple moving average of $18.01. The India Fund, Inc. has a 52-week low of $16.62 and a 52-week high of $21.25.

The India Fund Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Investors of record on Thursday, November 21st will be given a $0.93 dividend. This is a positive change from The India Fund’s previous quarterly dividend of $0.49. This represents a $3.72 dividend on an annualized basis and a yield of 21.70%. The ex-dividend date of this dividend is Thursday, November 21st.

The India Fund 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.