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

Abrdn Income Credit Strategies Fund (NYSE:ACP) was the recipient of a large growth in short interest during the month of January. As of January 31st, there was short interest totalling 401,800 shares, a growth of 114.0% from the January 15th total of 187,800 shares. Based on an average trading volume of 950,400 shares, the days-to-cover ratio is presently 0.4 days.

Abrdn Income Credit Strategies Fund Stock Performance

Shares of NYSE ACP opened at $6.19 on Friday. The firm has a 50 day moving average price of $6.04 and a two-hundred day moving average price of $6.32. Abrdn Income Credit Strategies Fund has a 52-week low of $5.81 and a 52-week high of $7.05.

Abrdn Income Credit Strategies Fund Announces Dividend

The business also recently disclosed a monthly dividend, which will be paid on Friday, February 28th. Investors of record on Friday, February 21st will be issued a $0.0775 dividend. The ex-dividend date is Friday, February 21st. This represents a $0.93 dividend on an annualized basis and a yield of 15.04%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of ACP. Arlington Capital Management Inc. increased its stake in shares of Abrdn Income Credit Strategies Fund by 17.6% in the third quarter. Arlington Capital Management Inc. now owns 84,604 shares of the investment management company’s stock valued at $560,000 after buying an additional 12,674 shares during the period. PFG Investments LLC acquired a new stake in Abrdn Income Credit Strategies Fund during the 3rd quarter valued at approximately $77,000. Sequoia Financial Advisors LLC bought a new position in Abrdn Income Credit Strategies Fund during the 3rd quarter worth approximately $92,000. J.W. Cole Advisors Inc. bought a new position in Abrdn Income Credit Strategies Fund during the 3rd quarter worth approximately $867,000. Finally, Whittier Trust Co. acquired a new position in shares of Abrdn Income Credit Strategies Fund in the 3rd quarter worth approximately $270,000.

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.