Abrdn Income Credit Strategies Fund (NYSE:ACP) Stock Price Passes Above Two Hundred Day Moving Average – Here’s What Happened

Abrdn Income Credit Strategies Fund (NYSE:ACP) passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $5.66 and traded as high as $5.66. Abrdn Income Credit Strategies Fund shares last traded at $5.6250, with a volume of 373,241 shares changing hands.

Abrdn Income Credit Strategies Fund Stock Performance

The firm’s 50-day moving average is $5.50 and its two-hundred day moving average is $5.66.

Abrdn Income Credit Strategies Fund Dividend Announcement

The company also recently announced a monthly dividend, which was paid on Friday, January 30th. Shareholders of record on Friday, January 23rd were issued a dividend of $0.0775 per share. The ex-dividend date of this dividend was Friday, January 23rd. This represents a c) dividend on an annualized basis and a dividend yield of 16.5%.

Institutional Trading of Abrdn Income Credit Strategies Fund

Institutional investors have recently made changes to their positions in the company. Absolute Investment Advisers LLC increased its position in shares of Abrdn Income Credit Strategies Fund by 358.8% during the fourth quarter. Absolute Investment Advisers LLC now owns 2,083,887 shares of the investment management company’s stock worth $11,451,000 after purchasing an additional 1,629,728 shares in the last quarter. International Assets Investment Management LLC acquired a new stake in Abrdn Income Credit Strategies Fund during the 2nd quarter worth $3,541,000. Guggenheim Capital LLC grew its holdings in shares of Abrdn Income Credit Strategies Fund by 31.0% during the second quarter. Guggenheim Capital LLC now owns 2,040,306 shares of the investment management company’s stock worth $12,038,000 after buying an additional 483,286 shares in the last quarter. Wolverine Asset Management LLC purchased a new stake in shares of Abrdn Income Credit Strategies Fund during the fourth quarter worth $1,348,000. Finally, Penserra Capital Management LLC raised its position in shares of Abrdn Income Credit Strategies Fund by 8.3% in the third quarter. Penserra Capital Management LLC now owns 3,228,950 shares of the investment management company’s stock valued at $18,727,000 after buying an additional 248,379 shares during the last quarter.

Abrdn Income Credit Strategies Fund Company Profile

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.