Abrdn Income Credit Strategies Fund (NYSE:ACP) Short Interest Down 49.8% in January

Abrdn Income Credit Strategies Fund (NYSE:ACP) saw a significant drop in short interest in the month of January. As of January 30th, there was short interest totaling 207,803 shares, a drop of 49.8% from the January 15th total of 414,261 shares. Based on an average daily trading volume, of 714,692 shares, the days-to-cover ratio is presently 0.3 days. Based on an average daily trading volume, of 714,692 shares, the days-to-cover ratio is presently 0.3 days.

Hedge Funds Weigh In On Abrdn Income Credit Strategies Fund

A number of institutional investors and hedge funds have recently bought and sold shares of the business. BNP Paribas Financial Markets acquired a new position in shares of Abrdn Income Credit Strategies Fund during the 3rd quarter valued at about $37,000. Bank of America Corp DE boosted its holdings in Abrdn Income Credit Strategies Fund by 354.9% in the 3rd quarter. Bank of America Corp DE now owns 6,651 shares of the investment management company’s stock valued at $39,000 after purchasing an additional 5,189 shares during the last quarter. Advisory Services Network LLC acquired a new stake in shares of Abrdn Income Credit Strategies Fund during the 3rd quarter worth approximately $42,000. Huntington National Bank raised its position in shares of Abrdn Income Credit Strategies Fund by 1,331.8% during the 3rd quarter. Huntington National Bank now owns 8,362 shares of the investment management company’s stock valued at $48,000 after buying an additional 7,778 shares during the period. Finally, LGT Financial Advisors LLC acquired a new position in Abrdn Income Credit Strategies Fund in the third quarter valued at approximately $55,000.

Abrdn Income Credit Strategies Fund Stock Up 0.1%

Abrdn Income Credit Strategies Fund stock traded up $0.01 during trading hours on Thursday, hitting $5.67. 388,045 shares of the stock traded hands, compared to its average volume of 597,662. Abrdn Income Credit Strategies Fund has a 1 year low of $4.92 and a 1 year high of $6.28. The firm’s 50 day moving average price is $5.52 and its 200-day moving average price is $5.65.

Abrdn Income Credit Strategies Fund Announces Dividend

The company also recently disclosed a monthly dividend, which will be paid on Friday, February 27th. Investors of record on Friday, February 20th will be issued a $0.0775 dividend. This represents a c) annualized dividend and a yield of 16.4%. The ex-dividend date is Friday, February 20th.

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.