Ares Dynamic Credit Allocation Fund (NYSE:ARDC) Shares Up 1.2% – Should You Buy?

Ares Dynamic Credit Allocation Fund, Inc. (NYSE:ARDC)’s share price rose 1.2% during mid-day trading on Monday. The company traded as high as $11.67 and last traded at $11.64. Approximately 153,288 shares changed hands during mid-day trading, an increase of 25% from the average daily volume of 122,652 shares. The stock had previously closed at $11.50.

Ares Dynamic Credit Allocation Fund Stock Performance

The business’s 50-day moving average is $11.67 and its 200 day moving average is $12.37.

Ares Dynamic Credit Allocation Fund Announces Dividend

The firm also recently announced a monthly dividend, which will be paid on Monday, November 30th. Stockholders of record on Friday, November 20th will be issued a dividend of $0.1125 per share. The ex-dividend date of this dividend is Friday, November 20th. This represents a $1.35 annualized dividend and a dividend yield of 11.7%.

Insider Buying and Selling at Ares Dynamic Credit Allocation Fund

In related news, major shareholder Financial For Luthera Thrivent purchased 240,000 shares of the business’s stock in a transaction that occurred on Monday, September 14th. The stock was acquired at an average cost of $25.00 per share, for a total transaction of $6,000,000.00. Following the completion of the purchase, the insider owned 240,000 shares in the company, valued at approximately $6,000,000. This represents a ∞ increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Hedge Funds Weigh In On Ares Dynamic Credit Allocation Fund

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. CoreCap Advisors LLC increased its position in shares of Ares Dynamic Credit Allocation Fund by 54.3% in the third quarter. CoreCap Advisors LLC now owns 5,529 shares of the company’s stock worth $64,000 after purchasing an additional 1,945 shares during the period. Susquehanna International Group LLP bought a new position in Ares Dynamic Credit Allocation Fund in the 2nd quarter valued at about $140,000. Waverly Advisors LLC lifted its holdings in shares of Ares Dynamic Credit Allocation Fund by 32.4% during the 1st quarter. Waverly Advisors LLC now owns 17,058 shares of the company’s stock worth $207,000 after acquiring an additional 4,178 shares during the period. Integrity Advisory Solutions LLC boosted its position in shares of Ares Dynamic Credit Allocation Fund by 51.2% during the 3rd quarter. Integrity Advisory Solutions LLC now owns 21,508 shares of the company’s stock worth $247,000 after acquiring an additional 7,287 shares in the last quarter. Finally, Choreo LLC increased its stake in Ares Dynamic Credit Allocation Fund by 6.5% in the third quarter. Choreo LLC now owns 21,652 shares of the company’s stock valued at $249,000 after acquiring an additional 1,325 shares during the last quarter.

Ares Dynamic Credit Allocation Fund Company Profile

Ares Dynamic Credit Allocation Fund is a publicly traded closed-end investment company listed on the New York Stock Exchange under the symbol ARDC. The fund seeks to provide current income and, to a lesser extent, capital appreciation by investing across a diversified portfolio of credit-related assets. Its investments may include broadly syndicated loans, high-yield bonds, investment-grade corporate debt, structured credit, collateralized loan obligation securities and other fixed-income instruments.