Abrdn Income Credit Strategies Fund (NYSE:ACP) Announces Monthly Dividend of $0.08

Abrdn Income Credit Strategies Fund (NYSE:ACP) declared a monthly dividend on Tuesday, August 11th. Stockholders of record on Monday, August 24th will be paid a dividend of 0.0775 per share by the investment management company on Monday, August 31st. This represents a c) dividend on an annualized basis and a dividend yield of 18.0%. The ex-dividend date of this dividend is Monday, August 24th.

Abrdn Income Credit Strategies Fund Stock Performance

Shares of ACP traded up $0.04 during midday trading on Wednesday, reaching $5.16. The stock had a trading volume of 51,248 shares, compared to its average volume of 532,897. The firm has a 50 day simple moving average of $5.19 and a 200-day simple moving average of $5.33. Abrdn Income Credit Strategies Fund has a one year low of $4.99 and a one year high of $5.99.

Hedge Funds Weigh In On Abrdn Income Credit Strategies Fund

A number of institutional investors have recently bought and sold shares of ACP. Accredited Investor Services LLC lifted its position in shares of Abrdn Income Credit Strategies Fund by 26.0% in the fourth quarter. Accredited Investor Services LLC now owns 53,181 shares of the investment management company’s stock valued at $288,000 after buying an additional 10,962 shares during the last quarter. Global Retirement Partners LLC increased its holdings in shares of Abrdn Income Credit Strategies Fund by 1,873.6% during the 4th quarter. Global Retirement Partners LLC now owns 56,267 shares of the investment management company’s stock worth $304,000 after acquiring an additional 53,416 shares during the last quarter. Thrivent Financial for Lutherans raised its stake in Abrdn Income Credit Strategies Fund by 4.9% in the 4th quarter. Thrivent Financial for Lutherans now owns 382,333 shares of the investment management company’s stock valued at $2,069,000 after acquiring an additional 18,000 shares during the period. World Investment Advisors bought a new stake in Abrdn Income Credit Strategies Fund in the 4th quarter valued at $301,000. Finally, International Assets Investment Management LLC lifted its holdings in Abrdn Income Credit Strategies Fund by 38.5% during the 4th quarter. International Assets Investment Management LLC now owns 892,125 shares of the investment management company’s stock valued at $4,826,000 after purchasing an additional 247,931 shares during the last quarter.

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.