Abrdn Income Credit Strategies Fund (NYSE:ACP) Sees Significant Decrease in Short Interest

Abrdn Income Credit Strategies Fund (NYSE:ACP) saw a significant drop in short interest in the month of December. As of December 31st, there was short interest totaling 159,121 shares, a drop of 44.9% from the December 15th total of 288,667 shares. Based on an average daily volume of 810,490 shares, the days-to-cover ratio is currently 0.2 days. Based on an average daily volume of 810,490 shares, the days-to-cover ratio is currently 0.2 days.

Abrdn Income Credit Strategies Fund Trading Down 0.2%

Shares of ACP stock traded down $0.01 during trading on Friday, hitting $5.56. The company had a trading volume of 938,741 shares, compared to its average volume of 662,167. The stock’s 50-day moving average price is $5.44 and its 200 day moving average price is $5.69. Abrdn Income Credit Strategies Fund has a one year low of $4.92 and a one year high of $6.28.

Abrdn Income Credit Strategies Fund Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, January 30th. Investors of record on Friday, January 23rd will be given a $0.0775 dividend. The ex-dividend date is Friday, January 23rd. This represents a c) dividend on an annualized basis and a dividend yield of 16.7%.

Institutional Investors Weigh In On Abrdn Income Credit Strategies Fund

A number of large investors have recently bought and sold shares of the company. BNP Paribas Financial Markets bought a new position in Abrdn Income Credit Strategies Fund in the 3rd quarter valued at about $37,000. Bank of America Corp DE increased its stake in Abrdn Income Credit Strategies Fund by 354.9% in the third quarter. Bank of America Corp DE now owns 6,651 shares of the investment management company’s stock valued at $39,000 after acquiring an additional 5,189 shares during the last quarter. Ameritas Advisory Services LLC bought a new position in Abrdn Income Credit Strategies Fund in the second quarter valued at approximately $40,000. Advisory Services Network LLC acquired a new position in Abrdn Income Credit Strategies Fund during the third quarter valued at approximately $42,000. Finally, Huntington National Bank lifted its stake in Abrdn Income Credit Strategies Fund by 1,331.8% during the third 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 last quarter.

About Abrdn Income Credit Strategies Fund

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.