SG Americas Securities LLC purchased a new stake in shares of Ares Dynamic Credit Allocation Fund Inc (NYSE:ARDC) during the 2nd quarter, Holdings Channel reports. The firm purchased 21,090 shares of the company’s stock, valued at approximately $339,000.

A number of other institutional investors have also recently bought and sold shares of ARDC. Integrated Wealth Concepts LLC acquired a new position in shares of Ares Dynamic Credit Allocation Fund in the 2nd quarter valued at about $162,000. Kovack Advisors Inc. acquired a new position in shares of Ares Dynamic Credit Allocation Fund in the 2nd quarter valued at about $274,000. Shaker Financial Services LLC acquired a new position in shares of Ares Dynamic Credit Allocation Fund in the 2nd quarter valued at about $435,000. Ladenburg Thalmann Financial Services Inc. lifted its holdings in shares of Ares Dynamic Credit Allocation Fund by 34.9% in the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 66,309 shares of the company’s stock valued at $1,076,000 after buying an additional 17,161 shares during the period. Finally, Cornerstone Wealth Management LLC acquired a new position in shares of Ares Dynamic Credit Allocation Fund in the 2nd quarter valued at about $1,197,000.

Shares of ARDC stock opened at $15.76 on Friday. Ares Dynamic Credit Allocation Fund Inc has a 52-week low of $15.69 and a 52-week high of $16.73.

The business also recently disclosed a monthly dividend, which will be paid on Friday, September 28th. Stockholders of record on Thursday, September 20th will be issued a $0.1075 dividend. The ex-dividend date of this dividend is Wednesday, September 19th. This represents a $1.29 annualized dividend and a dividend yield of 8.19%.

In related news, insider Daniel J. Hall acquired 2,500 shares of the firm’s stock in a transaction dated Tuesday, July 10th. The stock was acquired at an average price of $16.00 per share, with a total value of $40,000.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website.

About Ares Dynamic Credit Allocation Fund

Ares Dynamic Credit Allocation Fund, Inc is a closed-ended fixed income mutual fund launched by Ares Management LLC. The fund is managed by Ares Capital Management II LLC. It invests in the fixed income markets of Europe. The fund primarily invests in debt instruments such as senior loans made primarily to companies whose debt is rated below investment grade, corporate bonds that are primarily high yield issues rated below investment grade, debt securities issued by CLOs, and other fixed-income instruments.

Further Reading: Hedge Funds – Risk or Reward?

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Institutional Ownership by Quarter for Ares Dynamic Credit Allocation Fund (NYSE:ARDC)

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