Hennion & Walsh Asset Management Inc. Sells 32,175 Shares of Ares Dynamic Credit Allocation Fund, Inc. (NYSE:ARDC)

Hennion & Walsh Asset Management Inc. decreased its stake in shares of Ares Dynamic Credit Allocation Fund, Inc. (NYSE:ARDC) by 11.3% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 251,851 shares of the company’s stock after selling 32,175 shares during the quarter. Hennion & Walsh Asset Management Inc.’s holdings in Ares Dynamic Credit Allocation Fund were worth $3,750,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of ARDC. Spire Wealth Management grew its holdings in Ares Dynamic Credit Allocation Fund by 85.7% during the 4th quarter. Spire Wealth Management now owns 6,500 shares of the company’s stock valued at $89,000 after buying an additional 3,000 shares in the last quarter. 9258 Wealth Management LLC purchased a new stake in Ares Dynamic Credit Allocation Fund during the first quarter valued at $176,000. Tyche Wealth Partners LLC purchased a new stake in Ares Dynamic Credit Allocation Fund during the second quarter valued at $344,000. Nations Financial Group Inc. IA ADV grew its stake in shares of Ares Dynamic Credit Allocation Fund by 1.1% in the 1st quarter. Nations Financial Group Inc. IA ADV now owns 75,635 shares of the company’s stock worth $1,076,000 after buying an additional 794 shares in the last quarter. Finally, Curated Wealth Partners LLC grew its stake in shares of Ares Dynamic Credit Allocation Fund by 200.8% in the 2nd quarter. Curated Wealth Partners LLC now owns 86,324 shares of the company’s stock worth $1,285,000 after buying an additional 171,963 shares in the last quarter.

Ares Dynamic Credit Allocation Fund Stock Performance

Shares of NYSE ARDC opened at $15.28 on Tuesday. Ares Dynamic Credit Allocation Fund, Inc. has a 12-month low of $11.83 and a 12-month high of $15.40. The firm’s 50-day moving average price is $14.96 and its 200-day moving average price is $14.38.

Ares Dynamic Credit Allocation Fund Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, August 30th. Investors of record on Tuesday, August 20th will be given a $0.1175 dividend. The ex-dividend date is Tuesday, August 20th. This represents a $1.41 dividend on an annualized basis and a yield of 9.23%.

Insiders Place Their Bets

In other news, Director John Joseph Shaw sold 15,876 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $14.09, for a total value of $223,692.84. Following the completion of the sale, the director now owns 14,124 shares in the company, valued at approximately $199,007.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Ares Dynamic Credit Allocation Fund Company Profile

Ares Dynamic Credit Allocation Fund, Inc is a closed-ended fixed income fund launched by Ares Management LLC. The fund is managed by Ares Capital Management II LLC. It primarily invests in the U.S. securities and companies. The fund primarily invests in debt instruments such as senior loans made primarily to companies whose debt is rated below investment grade, corporate bonds that are primarily high yield issues rated below investment grade, equity securities of CLOs and debt securities issued by CLOs, and other fixed-income instruments.