Abrdn Income Credit Strategies Fund (NYSE:ACP) Sees Significant Growth in Short Interest

Abrdn Income Credit Strategies Fund (NYSE:ACP) was the target of a large growth in short interest during the month of August. As of August 31st, there was short interest totalling 123,100 shares, a growth of 160.8% from the August 15th total of 47,200 shares. Based on an average trading volume of 611,500 shares, the short-interest ratio is currently 0.2 days.

Abrdn Income Credit Strategies Fund Price Performance

Shares of NYSE ACP traded up $0.04 during midday trading on Friday, reaching $6.50. 284,768 shares of the stock were exchanged, compared to its average volume of 440,795. The firm has a 50-day simple moving average of $6.52 and a two-hundred day simple moving average of $6.67. Abrdn Income Credit Strategies Fund has a twelve month low of $5.55 and a twelve month high of $7.17.

Abrdn Income Credit Strategies Fund Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Monday, September 30th. Stockholders of record on Friday, September 20th will be given a dividend of $0.10 per share. The ex-dividend date is Friday, September 20th. This represents a $1.20 annualized dividend and a dividend yield of 18.46%.

Hedge Funds Weigh In On Abrdn Income Credit Strategies Fund

A number of institutional investors have recently bought and sold shares of the company. Denver PWM LLC acquired a new position in Abrdn Income Credit Strategies Fund in the second quarter valued at about $37,000. Concurrent Investment Advisors LLC purchased a new stake in Abrdn Income Credit Strategies Fund in the 2nd quarter valued at $201,000. SeaCrest Wealth Management LLC raised its stake in shares of Abrdn Income Credit Strategies Fund by 7.0% during the second quarter. SeaCrest Wealth Management LLC now owns 32,209 shares of the investment management company’s stock worth $218,000 after purchasing an additional 2,111 shares during the last quarter. High Net Worth Advisory Group LLC lifted its stake in shares of Abrdn Income Credit Strategies Fund by 311.7% in the second quarter. High Net Worth Advisory Group LLC now owns 41,860 shares of the investment management company’s stock valued at $284,000 after purchasing an additional 31,693 shares during the period. Finally, Virtu Financial LLC purchased a new stake in shares of Abrdn Income Credit Strategies Fund during the 1st quarter worth approximately $143,000.

About Abrdn Income Credit Strategies Fund

Abrdn Income Credit Strategies Fund is a closed-ended fixed income fund launched and managed by Aberdeen Asset Managers Limited. It is co-managed by Aberdeen Standard Investments Inc The fund invests in fixed income markets across the globe. It seeks to invest primarily in loan and debt instruments. Abrdn Income Credit Strategies Fund was formed on October 12, 2010 and is domiciled in the United States.