Abrdn Income Credit Strategies Fund (NYSE:ACP) Short Interest Up 101.9% in May

Abrdn Income Credit Strategies Fund (NYSE:ACP) was the recipient of a significant increase in short interest during the month of May. As of May 29th, there was short interest totaling 311,955 shares, an increase of 101.9% from the May 14th total of 154,539 shares. Based on an average daily trading volume, of 427,902 shares, the days-to-cover ratio is currently 0.7 days.

Abrdn Income Credit Strategies Fund Trading Up 0.1%

NYSE:ACP opened at $5.26 on Friday. The company’s 50 day moving average price is $5.31 and its 200-day moving average price is $5.41. Abrdn Income Credit Strategies Fund has a 52 week low of $4.99 and a 52 week high of $5.99.

Abrdn Income Credit Strategies Fund Dividend Announcement

The business also recently announced a monthly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 23rd will be issued a $0.0775 dividend. The ex-dividend date is Tuesday, June 23rd. This represents a c) annualized dividend and a yield of 17.7%.

Institutional Investors Weigh In On Abrdn Income Credit Strategies Fund

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. McIlrath & Eck LLC boosted its holdings in Abrdn Income Credit Strategies Fund by 156.4% in the first 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 last quarter. Rivernorth Capital Management LLC purchased a new stake in Abrdn Income Credit Strategies Fund in the first quarter worth approximately $2,462,000. Independent Financial Group LLC purchased a new stake in Abrdn Income Credit Strategies Fund in the first quarter worth approximately $71,000. Calamos Advisors LLC boosted its holdings in Abrdn Income Credit Strategies Fund by 13.5% in the first quarter. Calamos Advisors LLC now owns 50,607 shares of the investment management company’s stock worth $258,000 after purchasing an additional 6,025 shares during the last quarter. Finally, International Assets Investment Management LLC boosted its holdings in Abrdn Income Credit Strategies Fund by 7.5% in the first quarter. International Assets Investment Management LLC now owns 958,833 shares of the investment management company’s stock worth $4,900,000 after purchasing an additional 66,708 shares during the last quarter.

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.