Abrdn Income Credit Strategies Fund (NYSE:ACP) Short Interest Down 44.9% in December

Abrdn Income Credit Strategies Fund (NYSE:ACP) saw a large decline in short interest in the month of December. As of December 31st, there was short interest totaling 159,121 shares, a decline of 44.9% from the December 15th total of 288,667 shares. Based on an average trading volume of 810,490 shares, the days-to-cover ratio is presently 0.2 days. Based on an average trading volume of 810,490 shares, the days-to-cover ratio is presently 0.2 days.

Abrdn Income Credit Strategies Fund Stock Down 0.2%

ACP traded down $0.01 during trading hours on Friday, reaching $5.56. The company’s stock had a trading volume of 938,741 shares, compared to its average volume of 662,167. The company’s 50-day moving average is $5.44 and its 200-day moving average is $5.69. Abrdn Income Credit Strategies Fund has a 52 week low of $4.92 and a 52 week high of $6.28.

Abrdn Income Credit Strategies Fund Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Friday, January 30th. Stockholders of record on Friday, January 23rd will be paid a dividend of $0.0775 per share. This represents a c) dividend on an annualized basis and a dividend yield of 16.7%. The ex-dividend date is Friday, January 23rd.

Institutional Investors Weigh In On Abrdn Income Credit Strategies Fund

Hedge funds have recently bought and sold shares of the stock. BNP Paribas Financial Markets acquired a new stake in Abrdn Income Credit Strategies Fund during the 3rd quarter worth approximately $37,000. Bank of America Corp DE lifted its holdings in shares of Abrdn Income Credit Strategies Fund by 354.9% during the third quarter. Bank of America Corp DE now owns 6,651 shares of the investment management company’s stock worth $39,000 after buying an additional 5,189 shares in the last quarter. Ameritas Advisory Services LLC bought a new stake in shares of Abrdn Income Credit Strategies Fund in the second quarter valued at about $40,000. Advisory Services Network LLC acquired a new position in shares of Abrdn Income Credit Strategies Fund in the third quarter valued at about $42,000. Finally, Huntington National Bank increased its position in Abrdn Income Credit Strategies Fund by 1,331.8% during the third quarter. Huntington National Bank now owns 8,362 shares of the investment management company’s stock worth $48,000 after acquiring an additional 7,778 shares during the period.

About Abrdn Income Credit Strategies Fund

Abrdn Income Credit Strategies Fund (NYSE: ACP) is a diversified, closed-end management investment company that seeks to provide investors with high current income and capital appreciation. The fund primarily invests in a broad range of credit instruments, including investment-grade corporate bonds, high-yield debt, bank loans and emerging-market debt securities. To enhance returns, the fund may employ leverage and use derivatives for hedging or efficient portfolio management.

The fund’s investment approach combines top-down credit allocation with bottom-up security selection.