NewEdge Wealth LLC Purchases 17,350 Shares of Ares Dynamic Credit Allocation Fund, Inc. (NYSE:ARDC)

NewEdge Wealth LLC boosted its holdings in shares of Ares Dynamic Credit Allocation Fund, Inc. (NYSE:ARDC) by 19.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 106,308 shares of the company’s stock after purchasing an additional 17,350 shares during the period. NewEdge Wealth LLC’s holdings in Ares Dynamic Credit Allocation Fund were worth $1,606,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of ARDC. Worth Asset Management LLC grew its holdings in shares of Ares Dynamic Credit Allocation Fund by 32.7% during the 4th quarter. Worth Asset Management LLC now owns 14,942 shares of the company’s stock valued at $226,000 after purchasing an additional 3,682 shares during the last quarter. Cornerstone Advisors LLC bought a new position in Ares Dynamic Credit Allocation Fund in the 3rd quarter valued at approximately $261,000. Janney Montgomery Scott LLC grew its stake in shares of Ares Dynamic Credit Allocation Fund by 98.2% during the fourth quarter. Janney Montgomery Scott LLC now owns 21,367 shares of the company’s stock worth $323,000 after buying an additional 10,589 shares during the last quarter. Farther Finance Advisors LLC bought a new stake in shares of Ares Dynamic Credit Allocation Fund during the third quarter worth $1,838,000. Finally, Secure Asset Management LLC increased its holdings in shares of Ares Dynamic Credit Allocation Fund by 46.6% during the fourth quarter. Secure Asset Management LLC now owns 187,935 shares of the company’s stock worth $2,840,000 after buying an additional 59,702 shares in the last quarter.

Ares Dynamic Credit Allocation Fund Price Performance

NYSE ARDC opened at $14.52 on Friday. Ares Dynamic Credit Allocation Fund, Inc. has a twelve month low of $13.67 and a twelve month high of $15.62. The business’s fifty day moving average is $15.19 and its 200 day moving average is $15.21.

Ares Dynamic Credit Allocation Fund Cuts Dividend

The company also recently declared a monthly dividend, which will be paid on Tuesday, March 4th. Stockholders of record on Monday, February 24th will be paid a dividend of $0.1125 per share. This represents a $1.35 dividend on an annualized basis and a dividend yield of 9.30%. The ex-dividend date of this dividend is Monday, February 24th.

About Ares Dynamic Credit Allocation Fund

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.