Abrdn Income Credit Strategies Fund (NYSE:ACP) Shares Shorted: Short Interest Down 40.4% in September

Abrdn Income Credit Strategies Fund (NYSE:ACP) saw a significant decline in short interest in the month of September. As of September 15th, there was short interest totaling 192,978 shares, a decline of 40.4% from the August 31st total of 323,570 shares. Based on an average trading volume of 1,125,403 shares, the short-interest ratio is presently 0.2 days.

Hedge Funds Weigh In On Abrdn Income Credit Strategies Fund

Several large investors have recently bought and sold shares of the stock. Rivernorth Capital Management LLC acquired a new stake in shares of Abrdn Income Credit Strategies Fund in the 1st quarter worth approximately $2,462,000. Sit Investment Associates Inc. increased its stake in shares of Abrdn Income Credit Strategies Fund by 8.2% during the fourth quarter. Sit Investment Associates Inc. now owns 3,599,494 shares of the investment management company’s stock valued at $19,473,000 after acquiring an additional 272,385 shares during the period. LM Advisors LLC bought a new stake in Abrdn Income Credit Strategies Fund during the second quarter worth approximately $444,000. Pin Oak Investment Advisors Inc. acquired a new stake in Abrdn Income Credit Strategies Fund in the second quarter worth approximately $416,000. Finally, International Assets Investment Management LLC boosted its stake in Abrdn Income Credit Strategies Fund by 7.5% during the 1st quarter. International Assets Investment Management LLC now owns 958,833 shares of the investment management company’s stock valued at $4,900,000 after purchasing an additional 66,708 shares in the last quarter.

Abrdn Income Credit Strategies Fund Trading Down 0.3%

ACP stock traded down $0.01 during trading on Thursday, reaching $4.43. 1,291,090 shares of the company’s stock were exchanged, compared to its average volume of 590,111. Abrdn Income Credit Strategies Fund has a 1-year low of $4.38 and a 1-year high of $5.81. The company’s fifty day moving average price is $4.93 and its 200-day moving average price is $5.15.

Abrdn Income Credit Strategies Fund Cuts Dividend

The business also recently disclosed a monthly dividend, which was paid on Wednesday, September 30th. Investors of record on Tuesday, September 22nd were issued a $0.0550 dividend. The ex-dividend date of this dividend was Tuesday, September 22nd. This is a decrease from Abrdn Income Credit Strategies Fund’s previous monthly dividend of $0.0775. This represents a $0.66 annualized dividend and a yield of 14.9%.

Abrdn Income Credit Strategies Fund Company Profile

abrdn Income Credit Strategies Fund is a publicly traded, closed-end investment company listed on the New York Stock Exchange under the symbol ACP. The fund seeks to provide a high level of current income, with capital appreciation as a secondary objective.

The fund invests primarily in a diversified portfolio of credit-related securities and other income-producing assets. Its investments may include senior secured loans, leveraged loans, high-yield corporate bonds, structured credit instruments and other debt obligations, including securities issued by companies and borrowers outside the United States.

ACP is managed by abrdn, a global investment management firm, and gives investors access to professionally managed credit investments across multiple industries and geographic regions.