Short Interest in Abrdn Income Credit Strategies Fund (NYSE:ACP) Grows By 453.8%

Abrdn Income Credit Strategies Fund (NYSE:ACP) was the target of a large increase in short interest in January. As of January 15th, there was short interest totalling 269,700 shares, an increase of 453.8% from the December 31st total of 48,700 shares. Based on an average daily volume of 864,500 shares, the days-to-cover ratio is presently 0.3 days.

Abrdn Income Credit Strategies Fund Price Performance

Abrdn Income Credit Strategies Fund stock traded up $0.02 during midday trading on Tuesday, reaching $6.00. 541,398 shares of the stock traded hands, compared to its average volume of 1,094,429. Abrdn Income Credit Strategies Fund has a 12 month low of $5.81 and a 12 month high of $7.05. The stock’s fifty day moving average is $6.13 and its 200-day moving average is $6.37.

Abrdn Income Credit Strategies Fund Cuts Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, January 31st. Stockholders of record on Friday, January 24th will be paid a $0.0775 dividend. This represents a $0.93 annualized dividend and a dividend yield of 15.51%. The ex-dividend date of this dividend is Friday, January 24th.

Institutional Investors Weigh In On Abrdn Income Credit Strategies Fund

Several hedge funds and other institutional investors have recently modified their holdings of ACP. Rivernorth Capital Management LLC purchased a new stake in Abrdn Income Credit Strategies Fund in the 3rd quarter valued at about $27,299,000. Absolute Investment Advisers LLC acquired a new position in Abrdn Income Credit Strategies Fund in the 4th quarter worth approximately $9,674,000. Kennedy Investment Group purchased a new stake in Abrdn Income Credit Strategies Fund in the third quarter valued at $5,730,000. Landscape Capital Management L.L.C. acquired a new stake in Abrdn Income Credit Strategies Fund during the third quarter worth about $3,070,000. Finally, Shaker Financial Services LLC acquired a new stake in Abrdn Income Credit Strategies Fund during the third quarter valued at $2,940,000.

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.