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

Abrdn Income Credit Strategies Fund (NYSE:ACP) was the target of a significant growth in short interest in the month of December. As of December 31st, there was short interest totalling 269,700 shares, a growth of 453.8% from the December 15th total of 48,700 shares. Based on an average trading volume of 864,500 shares, the days-to-cover ratio is presently 0.3 days.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Insigneo Advisory Services LLC grew its position in Abrdn Income Credit Strategies Fund by 24.0% during the third quarter. Insigneo Advisory Services LLC now owns 14,865 shares of the investment management company’s stock valued at $98,000 after purchasing an additional 2,873 shares in the last quarter. Moors & Cabot Inc. grew its position in Abrdn Income Credit Strategies Fund by 13.7% during the third quarter. Moors & Cabot Inc. now owns 24,907 shares of the investment management company’s stock valued at $165,000 after purchasing an additional 3,007 shares in the last quarter. Aptus Capital Advisors LLC grew its position in Abrdn Income Credit Strategies Fund by 3.0% during the third quarter. Aptus Capital Advisors LLC now owns 114,766 shares of the investment management company’s stock valued at $760,000 after purchasing an additional 3,384 shares in the last quarter. Gilliland Jeter Wealth Management LLC purchased a new position in Abrdn Income Credit Strategies Fund during the third quarter valued at approximately $26,000. Finally, B. Riley Wealth Advisors Inc. grew its position in Abrdn Income Credit Strategies Fund by 23.0% during the second quarter. B. Riley Wealth Advisors Inc. now owns 23,046 shares of the investment management company’s stock valued at $156,000 after purchasing an additional 4,317 shares in the last quarter.

Abrdn Income Credit Strategies Fund Stock Up 1.3 %

Shares of ACP stock traded up $0.08 during trading hours on Wednesday, reaching $6.08. 963,057 shares of the stock traded hands, compared to its average volume of 960,026. Abrdn Income Credit Strategies Fund has a 1-year low of $5.81 and a 1-year high of $7.05. The business has a fifty day moving average price of $6.22 and a 200 day moving average price of $6.42.

Abrdn Income Credit Strategies Fund Cuts Dividend

The company also recently declared a monthly dividend, which will be paid on Friday, January 31st. Stockholders of record on Friday, January 24th will be issued a dividend of $0.0775 per share. The ex-dividend date is Friday, January 24th. This represents a $0.93 dividend on an annualized basis and a dividend yield of 15.31%.

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.