Short Interest in Abrdn Income Credit Strategies Fund (NYSE:ACP) Rises By 117.8%

Abrdn Income Credit Strategies Fund (NYSE:ACP) was the recipient of a large increase in short interest in the month of August. As of August 31st, there was short interest totaling 323,570 shares, an increase of 117.8% from the August 15th total of 148,562 shares. Based on an average daily volume of 433,178 shares, the days-to-cover ratio is presently 0.7 days.

Abrdn Income Credit Strategies Fund Stock Performance

ACP traded down $0.29 during midday trading on Monday, reaching $4.54. The company’s stock had a trading volume of 2,274,094 shares, compared to its average volume of 536,325. The company has a fifty day simple moving average of $5.10 and a 200 day simple moving average of $5.23. Abrdn Income Credit Strategies Fund has a twelve month low of $4.50 and a twelve month high of $5.94.

Abrdn Income Credit Strategies Fund Cuts Dividend

The business also recently disclosed a monthly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 22nd will be paid a $0.055 dividend. The ex-dividend date is Tuesday, September 22nd. This represents a c) annualized dividend and a dividend yield of 14.5%.

Hedge Funds Weigh In On Abrdn Income Credit Strategies Fund

Several large investors have recently bought and sold shares of ACP. BNP Paribas Financial Markets acquired a new stake in Abrdn Income Credit Strategies Fund in the 3rd quarter worth $37,000. Bank of America Corp DE lifted its stake in shares of 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 buying an additional 5,189 shares during the period. Advisory Services Network LLC acquired a new stake in Abrdn Income Credit Strategies Fund during the third quarter worth about $42,000. McIlrath & Eck LLC grew its position in Abrdn Income Credit Strategies Fund by 156.4% during the first quarter. McIlrath & Eck LLC now owns 9,098 shares of the investment management company’s stock worth $46,000 after buying an additional 5,549 shares in the last quarter. Finally, PFG Investments LLC bought a new position in Abrdn Income Credit Strategies Fund during the first quarter valued at about $52,000.

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.