Abrdn Income Credit Strategies Fund (NYSE:ACP) Stock Short Interest Falls 40.4%

Abrdn Income Credit Strategies Fund (NYSE:ACP) was the recipient of a large drop in short interest in the month of September. As of September 15th, there was short interest totaling 192,978 shares, a drop of 40.4% from the August 31st total of 323,570 shares. Based on an average daily volume of 1,125,403 shares, the short-interest ratio is presently 0.2 days.

Abrdn Income Credit Strategies Fund Stock Performance

Abrdn Income Credit Strategies Fund stock opened at $4.50 on Wednesday. The business has a 50-day simple moving average of $4.94 and a 200 day simple moving average of $5.15. Abrdn Income Credit Strategies Fund has a 52 week low of $4.41 and a 52 week high of $5.81.

Abrdn Income Credit Strategies Fund Cuts Dividend

The business also recently announced a monthly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 22nd will be given a dividend of $0.0550 per share. The ex-dividend date is Tuesday, September 22nd. This is a drop from Abrdn Income Credit Strategies Fund’s previous monthly dividend of $0.0775. This represents a $0.66 annualized dividend and a yield of 14.7%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of ACP. Founders Financial Alliance LLC boosted its position in Abrdn Income Credit Strategies Fund by 3.2% during the 4th quarter. Founders Financial Alliance LLC now owns 128,516 shares of the investment management company’s stock valued at $695,000 after buying an additional 4,036 shares during the period. McIlrath & Eck LLC raised its stake in shares of Abrdn Income Credit Strategies Fund by 156.4% during the first quarter. McIlrath & Eck LLC now owns 9,098 shares of the investment management company’s stock valued at $46,000 after acquiring an additional 5,549 shares during the last quarter. Calamos Advisors LLC raised its stake in shares of Abrdn Income Credit Strategies Fund by 13.5% during the first quarter. Calamos Advisors LLC now owns 50,607 shares of the investment management company’s stock valued at $258,000 after acquiring an additional 6,025 shares during the last quarter. Arlington Capital Management Inc. boosted its holdings in shares of Abrdn Income Credit Strategies Fund by 4.0% during the first quarter. Arlington Capital Management Inc. now owns 161,911 shares of the investment management company’s stock worth $826,000 after purchasing an additional 6,275 shares during the period. Finally, Corient Private Wealth LP purchased a new stake in shares of Abrdn Income Credit Strategies Fund during the second quarter worth about $52,000.

About Abrdn Income Credit Strategies Fund

abrdn Income Credit Strategies Fund is a publicly traded, closed-end investment company listed on the New York Stock Exchange under the symbol ACP. The fund seeks to provide a high level of current income, with capital appreciation as a secondary objective.

The fund invests primarily in a diversified portfolio of credit-related securities and other income-producing assets. Its investments may include senior secured loans, leveraged loans, high-yield corporate bonds, structured credit instruments and other debt obligations, including securities issued by companies and borrowers outside the United States.

ACP is managed by abrdn, a global investment management firm, and gives investors access to professionally managed credit investments across multiple industries and geographic regions.