Abrdn Income Credit Strategies Fund (NYSE:ACP) Short Interest Update

Abrdn Income Credit Strategies Fund (NYSE:ACP) was the recipient of a significant drop in short interest during the month of January. As of January 30th, there was short interest totaling 207,803 shares, a drop of 49.8% from the January 15th total of 414,261 shares. Based on an average daily trading volume, of 714,692 shares, the days-to-cover ratio is currently 0.3 days. Based on an average daily trading volume, of 714,692 shares, the days-to-cover ratio is currently 0.3 days.

Hedge Funds Weigh In On Abrdn Income Credit Strategies Fund

Several institutional investors have recently bought and sold shares of ACP. Morgan Stanley lifted its stake in shares of Abrdn Income Credit Strategies Fund by 1.8% in the 4th quarter. Morgan Stanley now owns 12,677,955 shares of the investment management company’s stock worth $68,588,000 after acquiring an additional 222,456 shares during the period. Sit Investment Associates Inc. raised its holdings in Abrdn Income Credit Strategies Fund by 8.2% during the fourth quarter. Sit Investment Associates Inc. now owns 3,599,494 shares of the investment management company’s stock worth $19,473,000 after purchasing an additional 272,385 shares in the last quarter. Penserra Capital Management LLC lifted its position in Abrdn Income Credit Strategies Fund by 8.3% in the third quarter. Penserra Capital Management LLC now owns 3,228,950 shares of the investment management company’s stock valued at $18,727,000 after purchasing an additional 248,379 shares during the period. Absolute Investment Advisers LLC boosted its holdings in Abrdn Income Credit Strategies Fund by 358.8% in the 4th quarter. Absolute Investment Advisers LLC now owns 2,083,887 shares of the investment management company’s stock valued at $11,451,000 after purchasing an additional 1,629,728 shares in the last quarter. Finally, Guggenheim Capital LLC increased its position in Abrdn Income Credit Strategies Fund by 31.0% during the 2nd quarter. Guggenheim Capital LLC now owns 2,040,306 shares of the investment management company’s stock worth $12,038,000 after purchasing an additional 483,286 shares during the period.

Abrdn Income Credit Strategies Fund Stock Up 0.3%

ACP traded up $0.02 on Friday, hitting $5.69. 412,517 shares of the company traded hands, compared to its average volume of 600,205. The company has a 50 day moving average of $5.53 and a 200-day moving average of $5.65. Abrdn Income Credit Strategies Fund has a 12-month low of $4.92 and a 12-month high of $6.28.

Abrdn Income Credit Strategies Fund Dividend Announcement

The business also recently declared a monthly dividend, which will be paid on Friday, February 27th. Stockholders of record on Friday, February 20th will be paid a dividend of $0.0775 per share. This represents a c) annualized dividend and a dividend yield of 16.4%. The ex-dividend date is Friday, February 20th.

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.