Ares Dynamic Credit Allocation Fund, Inc. (NYSE:ARDC) Sees Large Growth in Short Interest

Ares Dynamic Credit Allocation Fund, Inc. (NYSE:ARDCGet Free Report) was the recipient of a large increase in short interest in the month of May. As of May 15th, there was short interest totalling 57,700 shares, an increase of 192.9% from the April 30th total of 19,700 shares. Based on an average trading volume of 100,400 shares, the short-interest ratio is currently 0.6 days.

Insiders Place Their Bets

In other news, Director John Joseph Shaw sold 15,876 shares of Ares Dynamic Credit Allocation Fund stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $14.09, for a total value of $223,692.84. Following the transaction, the director now owns 14,124 shares in the company, valued at approximately $199,007.16. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Spire Wealth Management increased its position in Ares Dynamic Credit Allocation Fund by 85.7% in the 4th quarter. Spire Wealth Management now owns 6,500 shares of the company’s stock valued at $89,000 after buying an additional 3,000 shares in the last quarter. 9258 Wealth Management LLC bought a new stake in Ares Dynamic Credit Allocation Fund in the 1st quarter valued at about $176,000. Advisor Resource Council bought a new stake in Ares Dynamic Credit Allocation Fund in the 4th quarter valued at about $360,000. Westchester Capital Management LLC increased its position in Ares Dynamic Credit Allocation Fund by 83.4% in the 3rd quarter. Westchester Capital Management LLC now owns 32,325 shares of the company’s stock valued at $417,000 after buying an additional 14,699 shares in the last quarter. Finally, Virtus ETF Advisers LLC bought a new stake in Ares Dynamic Credit Allocation Fund in the 3rd quarter valued at about $656,000.

Ares Dynamic Credit Allocation Fund Stock Up 0.1 %

ARDC traded up $0.01 during midday trading on Wednesday, hitting $14.21. 95,809 shares of the company were exchanged, compared to its average volume of 109,229. Ares Dynamic Credit Allocation Fund has a 1-year low of $11.64 and a 1-year high of $14.89. The firm’s 50 day moving average price is $14.16 and its 200-day moving average price is $13.71.

Ares Dynamic Credit Allocation Fund Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Friday, May 31st. Stockholders of record on Tuesday, May 21st will be paid a $0.1175 dividend. This represents a $1.41 dividend on an annualized basis and a dividend yield of 9.92%. The ex-dividend date is Monday, May 20th.

Ares Dynamic Credit Allocation Fund Company Profile

(Get Free Report)

Ares Dynamic Credit Allocation Fund, Inc is a closed-ended fixed income fund launched by Ares Management LLC. The fund is managed by Ares Capital Management II LLC. It primarily invests in the U.S. securities and companies. The fund primarily invests in debt instruments such as senior loans made primarily to companies whose debt is rated below investment grade, corporate bonds that are primarily high yield issues rated below investment grade, equity securities of CLOs and debt securities issued by CLOs, and other fixed-income instruments.

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