Abrdn Income Credit Strategies Fund (NYSE:ACP) Short Interest Up 101.9% in May

Abrdn Income Credit Strategies Fund (NYSE:ACP) saw a significant growth in short interest during the month of May. As of May 29th, there was short interest totaling 311,955 shares, a growth of 101.9% from the May 14th total of 154,539 shares. Based on an average daily volume of 427,902 shares, the days-to-cover ratio is currently 0.7 days.

Institutional Investors Weigh In On Abrdn Income Credit Strategies Fund

A number of hedge funds have recently modified their holdings of the business. BNP Paribas Financial Markets bought a new position in Abrdn Income Credit Strategies Fund in the 3rd quarter worth $37,000. Bank of America Corp DE raised its holdings in Abrdn Income Credit Strategies Fund by 354.9% in the 3rd quarter. Bank of America Corp DE now owns 6,651 shares of the investment management company’s stock worth $39,000 after purchasing an additional 5,189 shares during the period. Advisory Services Network LLC bought a new position in Abrdn Income Credit Strategies Fund in the 3rd quarter worth $42,000. Huntington National Bank raised its holdings in Abrdn Income Credit Strategies Fund by 1,331.8% in the 3rd quarter. Huntington National Bank now owns 8,362 shares of the investment management company’s stock worth $48,000 after purchasing an additional 7,778 shares during the period. Finally, McIlrath & Eck LLC raised its holdings in Abrdn Income Credit Strategies Fund by 156.4% in the 1st quarter. McIlrath & Eck LLC now owns 9,098 shares of the investment management company’s stock worth $46,000 after purchasing an additional 5,549 shares during the period.

Abrdn Income Credit Strategies Fund Stock Performance

Shares of ACP stock opened at $5.26 on Friday. Abrdn Income Credit Strategies Fund has a 12-month low of $4.99 and a 12-month high of $5.99. The firm’s 50 day moving average is $5.31 and its 200 day moving average is $5.41.

Abrdn Income Credit Strategies Fund Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 23rd will be given a $0.0775 dividend. The ex-dividend date is Tuesday, June 23rd. This represents a c) annualized dividend and a yield of 17.7%.

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.