Abrdn Income Credit Strategies Fund (NYSE:ACP) Short Interest Up 39.7% in June

Abrdn Income Credit Strategies Fund (NYSE:ACP) was the recipient of a large growth in short interest in the month of June. As of June 15th, there was short interest totalling 1,760,000 shares, a growth of 39.7% from the May 31st total of 1,260,000 shares. Based on an average daily volume of 342,000 shares, the days-to-cover ratio is currently 5.1 days.

Abrdn Income Credit Strategies Fund Trading Down 1.0 %

Shares of NYSE ACP traded down $0.07 during mid-day trading on Monday, reaching $6.72. 488,055 shares of the company’s stock were exchanged, compared to its average volume of 341,126. The firm has a 50-day moving average price of $6.73 and a two-hundred day moving average price of $6.78. Abrdn Income Credit Strategies Fund has a 52 week low of $5.55 and a 52 week high of $7.17.

Abrdn Income Credit Strategies Fund Announces Dividend

The business also recently announced a monthly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 21st were paid a $0.10 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 17.87%. The ex-dividend date was Friday, June 21st.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. NBC Securities Inc. purchased a new stake in Abrdn Income Credit Strategies Fund during the fourth quarter valued at about $58,000. High Net Worth Advisory Group LLC purchased a new stake in shares of Abrdn Income Credit Strategies Fund during the 1st quarter valued at approximately $69,000. SeaCrest Wealth Management LLC boosted its holdings in Abrdn Income Credit Strategies Fund by 40.2% in the 4th quarter. SeaCrest Wealth Management LLC now owns 16,544 shares of the investment management company’s stock worth $112,000 after buying an additional 4,741 shares during the period. Aristides Capital LLC bought a new stake in Abrdn Income Credit Strategies Fund during the 4th quarter valued at $118,000. Finally, Worth Asset Management LLC raised its holdings in Abrdn Income Credit Strategies Fund by 63.7% during the 4th quarter. Worth Asset Management LLC now owns 17,735 shares of the investment management company’s stock valued at $121,000 after acquiring an additional 6,900 shares during the period.

Abrdn Income Credit Strategies Fund Company Profile

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.