Abrdn Income Credit Strategies Fund (NYSE:ACP) Short Interest Up 117.8% in August

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

Abrdn Income Credit Strategies Fund Price Performance

NYSE ACP traded up $0.04 on Tuesday, hitting $4.61. The company had a trading volume of 4,187,840 shares, compared to its average volume of 560,271. The company’s fifty day moving average price is $5.09 and its 200-day moving average price is $5.22. Abrdn Income Credit Strategies Fund has a 12-month low of $4.50 and a 12-month high of $5.93.

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Abrdn Income Credit Strategies Fund Cuts Dividend

The business also recently announced a monthly dividend, which will be paid on Wednesday, September 30th. Shareholders of record on Tuesday, September 22nd will be paid a $0.055 dividend. The ex-dividend date of this dividend is Tuesday, September 22nd. This represents a c) dividend on an annualized basis and a dividend yield of 14.3%.

Institutional Investors Weigh In On Abrdn Income Credit Strategies Fund

A number of hedge funds have recently modified their holdings of the company. PFG Investments LLC acquired a new position in Abrdn Income Credit Strategies Fund in the first quarter valued at approximately $52,000. CENTRAL TRUST Co acquired a new position in shares of Abrdn Income Credit Strategies Fund in the 1st quarter valued at $254,000. World Investment Advisors acquired a new stake in shares of Abrdn Income Credit Strategies Fund during the 4th quarter worth about $301,000. Sit Investment Associates Inc. raised its holdings in Abrdn Income Credit Strategies Fund by 8.2% in the 4th quarter. Sit Investment Associates Inc. now owns 3,599,494 shares of the investment management company’s stock valued at $19,473,000 after buying an additional 272,385 shares during the period. Finally, 1607 Capital Partners LLC raised its holdings in Abrdn Income Credit Strategies Fund by 6.8% in the 4th quarter. 1607 Capital Partners LLC now owns 414,651 shares of the investment management company’s stock valued at $2,243,000 after buying an additional 26,500 shares during the period.

About Abrdn Income Credit Strategies Fund

(Get Free Report)

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.

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