Ares Dynamic Credit Allocation Fund, Inc. (NYSE:ARDC) announced a monthly dividend on Tuesday, October 12th, Wall Street Journal reports. Shareholders of record on Friday, October 22nd will be paid a dividend of 0.0975 per share on Friday, October 29th. This represents a $1.17 dividend on an annualized basis and a yield of 7.12%. The ex-dividend date is Thursday, October 21st.
Ares Dynamic Credit Allocation Fund has decreased its dividend payment by 3.6% over the last three years and has raised its dividend annually for the last 2 consecutive years.
Shares of ARDC opened at $16.44 on Thursday. The stock has a 50-day moving average of $16.34 and a two-hundred day moving average of $15.93. Ares Dynamic Credit Allocation Fund has a one year low of $12.04 and a one year high of $16.66.
An institutional investor recently raised its position in Ares Dynamic Credit Allocation Fund stock. Morgan Stanley grew its stake in Ares Dynamic Credit Allocation Fund, Inc. (NYSE:ARDC) by 21.4% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 170,553 shares of the company’s stock after buying an additional 30,081 shares during the quarter. Morgan Stanley’s holdings in Ares Dynamic Credit Allocation Fund were worth $2,758,000 as of its most recent SEC filing.
About Ares Dynamic Credit Allocation Fund
Ares Dynamic Credit Allocation Fund, Inc is a closed-end investment company. Its investment objective is to provide an attractive level of total return, through current income, and capital appreciation. The company was founded on March 14, 2011 and is headquartered in Los Angeles, CA.
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