Abrdn Income Credit Strategies Fund (NYSE:ACP) Stock Price Crosses Above Two Hundred Day Moving Average – Here’s What Happened

Abrdn Income Credit Strategies Fund (NYSE:ACP) crossed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $5.66 and traded as high as $5.66. Abrdn Income Credit Strategies Fund shares last traded at $5.6250, with a volume of 373,241 shares.

Abrdn Income Credit Strategies Fund Trading Up 0.7%

The business has a fifty day moving average price of $5.50 and a 200 day moving average price of $5.66.

Abrdn Income Credit Strategies Fund Dividend Announcement

The business also recently declared a monthly dividend, which was paid on Friday, January 30th. Stockholders of record on Friday, January 23rd were paid a $0.0775 dividend. This represents a c) dividend on an annualized basis and a dividend yield of 16.4%. The ex-dividend date was Friday, January 23rd.

Institutional Trading of Abrdn Income Credit Strategies Fund

Hedge funds have recently made changes to their positions in the company. BNP Paribas Financial Markets bought a new position in shares of Abrdn Income Credit Strategies Fund during the 3rd quarter worth approximately $37,000. Bank of America Corp DE lifted its position in shares of Abrdn Income Credit Strategies Fund by 354.9% during the 3rd quarter. Bank of America Corp DE now owns 6,651 shares of the investment management company’s stock valued at $39,000 after acquiring an additional 5,189 shares during the period. Ameritas Advisory Services LLC bought a new position in Abrdn Income Credit Strategies Fund during the second quarter worth $40,000. Advisory Services Network LLC acquired a new stake in Abrdn Income Credit Strategies Fund in the third quarter worth $42,000. Finally, Huntington National Bank increased its stake in Abrdn Income Credit Strategies Fund by 1,331.8% in the third quarter. Huntington National Bank now owns 8,362 shares of the investment management company’s stock valued at $48,000 after purchasing an additional 7,778 shares in the last quarter.

Abrdn Income Credit Strategies Fund Company Profile

Abrdn Income Credit Strategies Fund (NYSE: ACP) is a diversified, closed-end management investment company that seeks to provide investors with high current income and capital appreciation. The fund primarily invests in a broad range of credit instruments, including investment-grade corporate bonds, high-yield debt, bank loans and emerging-market debt securities. To enhance returns, the fund may employ leverage and use derivatives for hedging or efficient portfolio management.

The fund’s investment approach combines top-down credit allocation with bottom-up security selection.