Abrdn Income Credit Strategies Fund (NYSE:ACP) Sees Large Growth in Short Interest

Abrdn Income Credit Strategies Fund (NYSE:ACP) saw a large growth in short interest during the month of April. As of April 15th, there was short interest totalling 875,000 shares, a growth of 62.6% from the March 31st total of 538,200 shares. Based on an average daily trading volume, of 333,100 shares, the days-to-cover ratio is presently 2.6 days.

Abrdn Income Credit Strategies Fund Stock Performance

Shares of ACP opened at $6.52 on Monday. The firm has a 50 day moving average price of $6.76 and a 200-day moving average price of $6.59. Abrdn Income Credit Strategies Fund has a fifty-two week low of $5.55 and a fifty-two week high of $7.17.

Abrdn Income Credit Strategies Fund Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Tuesday, April 30th. Investors of record on Tuesday, April 23rd will be issued a dividend of $0.10 per share. The ex-dividend date is Monday, April 22nd. This represents a $1.20 dividend on an annualized basis and a dividend yield of 18.40%.

Institutional Trading of Abrdn Income Credit Strategies Fund

Several large investors have recently added to or reduced their stakes in ACP. NBC Securities Inc. bought a new position in Abrdn Income Credit Strategies Fund in the 4th quarter worth $58,000. GPS Wealth Strategies Group LLC bought a new position in Abrdn Income Credit Strategies Fund in the third quarter worth about $62,000. High Net Worth Advisory Group LLC purchased a new stake in Abrdn Income Credit Strategies Fund in the first quarter worth about $69,000. SeaCrest Wealth Management LLC lifted its holdings in Abrdn Income Credit Strategies Fund by 40.2% in the fourth 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. Finally, Aristides Capital LLC bought a new stake in shares of Abrdn Income Credit Strategies Fund during the fourth quarter valued at approximately $118,000.

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.