Short Interest in Abrdn Income Credit Strategies Fund (NYSE:ACP) Declines By 19.8%

Abrdn Income Credit Strategies Fund (NYSE:ACP) was the recipient of a significant decline in short interest in February. As of February 15th, there was short interest totalling 322,200 shares, a decline of 19.8% from the January 31st total of 401,800 shares. Based on an average daily volume of 967,100 shares, the short-interest ratio is currently 0.3 days.

Abrdn Income Credit Strategies Fund Stock Performance

ACP traded down $0.03 on Tuesday, reaching $6.03. 644,209 shares of the company traded hands, compared to its average volume of 636,059. The stock’s 50 day moving average price is $6.06 and its 200-day moving average price is $6.30. Abrdn Income Credit Strategies Fund has a 52-week low of $5.81 and a 52-week high of $7.05.

Abrdn Income Credit Strategies Fund Announces Dividend

The business also recently disclosed a monthly dividend, which was paid on Friday, February 28th. Investors of record on Friday, February 21st were given a dividend of $0.0775 per share. This represents a $0.93 dividend on an annualized basis and a yield of 15.44%. The ex-dividend date of this dividend was Friday, February 21st.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ACP. Raymond James & Associates grew its position in Abrdn Income Credit Strategies Fund by 723.9% during the third quarter. Raymond James & Associates now owns 385,831 shares of the investment management company’s stock valued at $2,554,000 after purchasing an additional 339,000 shares in the last quarter. Private Advisor Group LLC bought a new stake in Abrdn Income Credit Strategies Fund in the third quarter worth approximately $68,000. Arlington Capital Management Inc. grew its position in Abrdn Income Credit Strategies Fund by 17.6% in the third quarter. Arlington Capital Management Inc. now owns 84,604 shares of the investment management company’s stock worth $560,000 after acquiring an additional 12,674 shares in the last quarter. Concurrent Investment Advisors LLC grew its position in Abrdn Income Credit Strategies Fund by 43.0% in the third quarter. Concurrent Investment Advisors LLC now owns 42,454 shares of the investment management company’s stock worth $281,000 after acquiring an additional 12,771 shares in the last quarter. Finally, Shaker Financial Services LLC bought a new stake in Abrdn Income Credit Strategies Fund in the third quarter worth approximately $2,940,000.

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.