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

Abrdn Income Credit Strategies Fund (NYSE:ACP) was the recipient of a significant growth in short interest in the month of August. As of August 31st, there was short interest totaling 323,570 shares, a growth of 117.8% from the August 15th total of 148,562 shares. Based on an average daily trading volume, of 433,178 shares, the days-to-cover ratio is presently 0.7 days.

Abrdn Income Credit Strategies Fund Trading Up 0.8%

NYSE:ACP opened at $4.61 on Wednesday. The stock has a 50-day moving average price of $5.08 and a 200 day moving average price of $5.22. Abrdn Income Credit Strategies Fund has a 12-month low of $4.50 and a 12-month high of $5.93.

Abrdn Income Credit Strategies Fund Cuts Dividend

The firm also recently announced a monthly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 22nd will be given a dividend of $0.055 per share. This represents a c) annualized dividend and a dividend yield of 14.3%. The ex-dividend date is Tuesday, September 22nd.

Institutional Investors Weigh In On Abrdn Income Credit Strategies Fund

Several institutional investors have recently modified their holdings of the stock. McIlrath & Eck LLC lifted its position in shares of Abrdn Income Credit Strategies Fund by 156.4% in the 1st quarter. McIlrath & Eck LLC now owns 9,098 shares of the investment management company’s stock worth $46,000 after purchasing an additional 5,549 shares during the period. Corient Private Wealth LP bought a new position in Abrdn Income Credit Strategies Fund in the second quarter worth approximately $52,000. PFG Investments LLC bought a new position in Abrdn Income Credit Strategies Fund in the first quarter worth approximately $52,000. Beacon Pointe Advisors LLC purchased a new stake in Abrdn Income Credit Strategies Fund during the second quarter worth $55,000. Finally, Fifth Third Bancorp bought a new stake in Abrdn Income Credit Strategies Fund during the 1st quarter valued at $66,000.

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.