Short Interest in Abrdn Income Credit Strategies Fund (NYSE:ACP) Drops By 64.5%

Abrdn Income Credit Strategies Fund (NYSE:ACP) was the target of a large decline in short interest in February. As of February 28th, there was short interest totalling 114,500 shares, a decline of 64.5% from the February 13th total of 322,200 shares. Based on an average daily trading volume, of 959,600 shares, the days-to-cover ratio is presently 0.1 days.

Abrdn Income Credit Strategies Fund Trading Down 0.1 %

NYSE:ACP traded down $0.01 during mid-day trading on Friday, reaching $5.93. The stock had a trading volume of 737,850 shares, compared to its average volume of 644,864. The business’s 50 day moving average is $6.06 and its 200 day moving average is $6.28. Abrdn Income Credit Strategies Fund has a fifty-two week low of $5.81 and a fifty-two week high of $7.05.

Abrdn Income Credit Strategies Fund Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Monday, March 31st. Stockholders of record on Tuesday, March 25th will be paid a dividend of $0.0775 per share. The ex-dividend date of this dividend is Tuesday, March 25th. This represents a $0.93 annualized dividend and a dividend yield of 15.70%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ACP. McIlrath & Eck LLC bought a new stake in shares of Abrdn Income Credit Strategies Fund during the 3rd quarter worth about $58,000. Bay Colony Advisory Group Inc d b a Bay Colony Advisors acquired a new position in shares of Abrdn Income Credit Strategies Fund during the 4th quarter worth about $60,000. Naviter Wealth LLC bought a new stake in Abrdn Income Credit Strategies Fund during the 4th quarter valued at approximately $65,000. Encompass More Asset Management acquired a new position in shares of Abrdn Income Credit Strategies Fund during the fourth quarter worth approximately $67,000. Finally, Halbert Hargrove Global Advisors LLC lifted its holdings in shares of Abrdn Income Credit Strategies Fund by 20.3% during the fourth quarter. Halbert Hargrove Global Advisors LLC now owns 12,435 shares of the investment management company’s stock worth $74,000 after buying an additional 2,100 shares during the last quarter.

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.