Abrdn Income Credit Strategies Fund (NYSE:ACP) Short Interest Up 32.2% in March

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

Hedge Funds Weigh In On Abrdn Income Credit Strategies Fund

A number of institutional investors have recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Abrdn Income Credit Strategies Fund during the fourth quarter worth $185,000. Total Wealth Planning & Management Inc. bought a new stake in Abrdn Income Credit Strategies Fund during the 4th quarter worth $107,000. Cetera Investment Advisers raised its position in Abrdn Income Credit Strategies Fund by 2.8% in the fourth quarter. Cetera Investment Advisers now owns 114,597 shares of the investment management company’s stock valued at $684,000 after purchasing an additional 3,119 shares during the last quarter. CF Capital LLC bought a new position in Abrdn Income Credit Strategies Fund in the fourth quarter valued at about $3,284,000. Finally, Almitas Capital LLC acquired a new stake in shares of Abrdn Income Credit Strategies Fund during the fourth quarter valued at about $185,000.

Abrdn Income Credit Strategies Fund Stock Performance

NYSE:ACP traded down $0.01 during trading hours on Wednesday, hitting $5.86. The company’s stock had a trading volume of 417,542 shares, compared to its average volume of 653,866. Abrdn Income Credit Strategies Fund has a twelve month low of $5.81 and a twelve month high of $7.03. The stock has a fifty day simple moving average of $6.04 and a 200-day simple moving average of $6.23.

Abrdn Income Credit Strategies Fund Dividend Announcement

The business also recently declared a monthly dividend, which was paid on Monday, March 31st. Investors of record on Tuesday, March 25th were issued a dividend of $0.0775 per share. This represents a $0.93 annualized dividend 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.