Abrdn Income Credit Strategies Fund (NYSE:ACP) Share Price Passes Above 200-Day Moving Average – Here’s Why

Shares of 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 changing hands.

Abrdn Income Credit Strategies Fund Price Performance

The company has a 50-day simple moving average of $5.50 and a 200 day simple moving average of $5.66.

Abrdn Income Credit Strategies Fund Dividend Announcement

The company also recently declared a monthly dividend, which was paid on Friday, January 30th. Investors of record on Friday, January 23rd were issued a dividend of $0.0775 per share. The ex-dividend date of this dividend was Friday, January 23rd. This represents a c) dividend on an annualized basis and a yield of 16.5%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Absolute Investment Advisers LLC raised its position in shares of Abrdn Income Credit Strategies Fund by 358.8% in the fourth quarter. Absolute Investment Advisers LLC now owns 2,083,887 shares of the investment management company’s stock worth $11,451,000 after acquiring an additional 1,629,728 shares during the period. International Assets Investment Management LLC purchased a new position in shares of Abrdn Income Credit Strategies Fund in the 2nd quarter valued at about $3,541,000. Guggenheim Capital LLC raised its holdings in Abrdn Income Credit Strategies Fund by 31.0% in 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. Wolverine Asset Management LLC acquired a new position in Abrdn Income Credit Strategies Fund in the 4th quarter worth about $1,348,000. Finally, Penserra Capital Management LLC boosted its position in Abrdn Income Credit Strategies Fund by 8.3% during the third quarter. Penserra Capital Management LLC now owns 3,228,950 shares of the investment management company’s stock worth $18,727,000 after purchasing an additional 248,379 shares in the last quarter.

About Abrdn Income Credit Strategies Fund

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.