Abrdn Income Credit Strategies Fund (NYSE:ACP) Shares Cross Above Two Hundred Day Moving Average – Here’s Why

Abrdn Income Credit Strategies Fund (NYSE:ACP)’s stock price passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $6.62 and traded as high as $6.65. Abrdn Income Credit Strategies Fund shares last traded at $6.61, with a volume of 687,227 shares trading hands.

Abrdn Income Credit Strategies Fund Price Performance

The stock’s 50-day simple moving average is $6.47 and its 200 day simple moving average is $6.62.

Abrdn Income Credit Strategies Fund Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Thursday, October 24th will be given a $0.10 dividend. The ex-dividend date of this dividend is Thursday, October 24th. This represents a $1.20 dividend on an annualized basis and a yield of 18.15%.

Hedge Funds Weigh In On Abrdn Income Credit Strategies Fund

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Halbert Hargrove Global Advisors LLC acquired a new position in shares of Abrdn Income Credit Strategies Fund during the third quarter worth approximately $68,000. SeaCrest Wealth Management LLC lifted its position in shares of Abrdn Income Credit Strategies Fund by 122.7% during the third quarter. SeaCrest Wealth Management LLC now owns 71,733 shares of the investment management company’s stock worth $475,000 after purchasing an additional 39,524 shares in the last quarter. NBC Securities Inc. lifted its position in shares of Abrdn Income Credit Strategies Fund by 41.0% during the third quarter. NBC Securities Inc. now owns 20,650 shares of the investment management company’s stock worth $136,000 after purchasing an additional 6,000 shares in the last quarter. ORG Partners LLC acquired a new position in shares of Abrdn Income Credit Strategies Fund during the third quarter worth approximately $31,000. Finally, High Net Worth Advisory Group LLC lifted its position in shares of Abrdn Income Credit Strategies Fund by 51.0% during the third quarter. High Net Worth Advisory Group LLC now owns 63,222 shares of the investment management company’s stock worth $419,000 after purchasing an additional 21,362 shares in the last quarter.

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.