Ares Dynamic Credit Allocation Fund (NYSE:ARDC) Stock Price Crosses Below 200-Day Moving Average – Here’s What Happened

Shares of Ares Dynamic Credit Allocation Fund, Inc. (NYSE:ARDC – Get Free Report) crossed below its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $12.98 and traded as low as $12.65. Ares Dynamic Credit Allocation Fund shares last traded at $12.7470, with a volume of 164,877 shares trading hands.

Ares Dynamic Credit Allocation Fund Price Performance

The business’s 50-day moving average is $12.43 and its two-hundred day moving average is $12.98.

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Ares Dynamic Credit Allocation Fund Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Friday, May 29th. Shareholders of record on Thursday, May 21st will be issued a $0.1125 dividend. The ex-dividend date is Thursday, May 21st. This represents a c) annualized dividend and a yield of 10.6%.

Hedge Funds Weigh In On Ares Dynamic Credit Allocation Fund

Several institutional investors and hedge funds have recently made changes to their positions in ARDC. AdvisorNet Financial Inc raised its position in shares of Ares Dynamic Credit Allocation Fund by 52.0% during the fourth quarter. AdvisorNet Financial Inc now owns 485,021 shares of the company’s stock worth $6,451,000 after purchasing an additional 165,888 shares during the period. Wolverine Asset Management LLC grew its position in shares of Ares Dynamic Credit Allocation Fund by 720.3% in the 4th quarter. Wolverine Asset Management LLC now owns 101,914 shares of the company’s stock valued at $1,355,000 after purchasing an additional 89,490 shares during the period. Shaker Financial Services LLC bought a new stake in Ares Dynamic Credit Allocation Fund during the 4th quarter worth approximately $3,252,000. Advisors Asset Management Inc. raised its holdings in Ares Dynamic Credit Allocation Fund by 12.4% during the 3rd quarter. Advisors Asset Management Inc. now owns 420,778 shares of the company’s stock worth $5,920,000 after buying an additional 46,322 shares during the period. Finally, NewEdge Wealth LLC raised its holdings in Ares Dynamic Credit Allocation Fund by 63.2% during the 3rd quarter. NewEdge Wealth LLC now owns 216,714 shares of the company’s stock worth $3,019,000 after buying an additional 83,889 shares during the period.

Ares Dynamic Credit Allocation Fund Company Profile

(Get Free Report)

Ares Dynamic Credit Allocation Fund (NYSE: ARDC) is a closed-end management investment company that seeks to deliver attractive risk-adjusted returns through a diversified portfolio of credit instruments. Launched in mid-2019, the fund is sponsored and managed by Ares Management Corporation, a leading global alternative asset manager. ARDC’s investment objective centers on generating current income with an emphasis on preserving capital, drawing on Ares’s extensive experience in the credit markets.

The fund deploys capital across a broad spectrum of corporate credit opportunities, including senior secured loans, high-yield bonds, subordinated debt and direct lending to middle-market companies.

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