Abrdn Income Credit Strategies Fund (NYSE:ACP) Sees Large Growth in Short Interest

Abrdn Income Credit Strategies Fund (NYSE:ACP) saw a significant growth in short interest during the month of March. As of March 15th, there was short interest totalling 151,400 shares, a growth of 32.2% from the February 28th total of 114,500 shares. Based on an average trading volume of 806,000 shares, the days-to-cover ratio is presently 0.2 days.

Institutional Investors Weigh In On Abrdn Income Credit Strategies Fund

Several large investors have recently modified their holdings of the company. Royal Capital Wealth Management LLC bought a new stake in Abrdn Income Credit Strategies Fund during the third quarter valued at $80,000. Integrated Wealth Concepts LLC boosted its position in shares of Abrdn Income Credit Strategies Fund by 25.8% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 101,083 shares of the investment management company’s stock valued at $669,000 after purchasing an additional 20,736 shares in the last quarter. Rivernorth Capital Management LLC acquired a new stake in Abrdn Income Credit Strategies Fund during the third quarter worth approximately $25,387,000. Quarry LP bought a new stake in Abrdn Income Credit Strategies Fund in the third quarter worth approximately $1,651,000. Finally, Stifel Financial Corp acquired a new position in Abrdn Income Credit Strategies Fund in the third quarter valued at approximately $674,000.

Abrdn Income Credit Strategies Fund Price Performance

Shares of Abrdn Income Credit Strategies Fund stock traded down $0.01 during midday trading on Wednesday, reaching $5.86. The company had a trading volume of 417,542 shares, compared to its average volume of 653,866. The stock has a fifty day moving average price of $6.04 and a 200 day moving average price of $6.23. Abrdn Income Credit Strategies Fund has a fifty-two week low of $5.81 and a fifty-two week high of $7.03.

Abrdn Income Credit Strategies Fund Announces Dividend

The company also recently disclosed a monthly dividend, which was paid on Monday, March 31st. Stockholders of record on Tuesday, March 25th were paid a $0.0775 dividend. This represents a $0.93 dividend on an annualized basis and a dividend yield of 15.87%. The ex-dividend date of this dividend was Tuesday, March 25th.

About Abrdn Income Credit Strategies Fund

Abrdn Income Credit Strategies Fund is a closed-ended fixed income fund launched and managed by Aberdeen Asset Managers Limited. It is co-managed by Aberdeen Standard Investments Inc The fund invests in fixed income markets across the globe. It seeks to invest primarily in loan and debt instruments. Abrdn Income Credit Strategies Fund was formed on October 12, 2010 and is domiciled in the United States.