Short Interest in Abrdn Income Credit Strategies Fund (NYSE:ACP) Expands By 28.8%

Abrdn Income Credit Strategies Fund (NYSE:ACP) was the target of a large growth in short interest in July. As of July 15th, there was short interest totalling 3,090,000 shares, a growth of 28.8% from the June 30th total of 2,400,000 shares. Based on an average daily volume of 396,500 shares, the days-to-cover ratio is currently 7.8 days.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Shaker Financial Services LLC purchased a new stake in Abrdn Income Credit Strategies Fund in the fourth quarter worth $1,661,000. Arlington Capital Management Inc. purchased a new stake in shares of Abrdn Income Credit Strategies Fund in the 1st quarter worth about $507,000. High Net Worth Advisory Group LLC increased its stake in shares of Abrdn Income Credit Strategies Fund by 311.7% in the 2nd quarter. High Net Worth Advisory Group LLC now owns 41,860 shares of the investment management company’s stock worth $284,000 after acquiring an additional 31,693 shares in the last quarter. Worth Asset Management LLC lifted its position in Abrdn Income Credit Strategies Fund by 169.7% during the 2nd quarter. Worth Asset Management LLC now owns 47,830 shares of the investment management company’s stock valued at $324,000 after acquiring an additional 30,095 shares during the period. Finally, Cape Investment Advisory Inc. bought a new stake in Abrdn Income Credit Strategies Fund during the fourth quarter worth about $166,000.

Abrdn Income Credit Strategies Fund Stock Up 0.2 %

Shares of ACP opened at $6.50 on Tuesday. Abrdn Income Credit Strategies Fund has a 1-year low of $5.55 and a 1-year high of $7.17. The firm’s 50-day moving average price is $6.74 and its 200-day moving average price is $6.76.

Abrdn Income Credit Strategies Fund Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Friday, July 19th will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Friday, July 19th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 18.48%.

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.