Ares Dynamic Credit Allocation Fund (NYSE:ARDC) Major Shareholder Acquires 240,000 Shares of Stock

Ares Dynamic Credit Allocation Fund, Inc. (NYSE:ARDC – Get Free Report) major shareholder Financial For Luthera Thrivent bought 240,000 shares of the stock in a transaction on Monday, September 14th. The shares were bought at an average cost of $25.00 per share, with a total value of $6,000,000.00. Following the purchase, the insider owned 240,000 shares of the company’s stock, valued at $6,000,000. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Major shareholders that own at least 10% of a company’s shares are required to disclose their transactions with the SEC.

Ares Dynamic Credit Allocation Fund Stock Performance

Shares of NYSE:ARDC traded up $0.01 during mid-day trading on Wednesday, reaching $12.04. 47,078 shares of the company were exchanged, compared to its average volume of 115,409. The firm’s 50-day simple moving average is $12.42 and its 200 day simple moving average is $12.46. Ares Dynamic Credit Allocation Fund, Inc. has a 1 year low of $11.60 and a 1 year high of $14.93.

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Ares Dynamic Credit Allocation Fund Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Monday, September 21st will be given a dividend of $0.1125 per share. This represents a c) annualized dividend and a dividend yield of 11.2%. The ex-dividend date is Monday, September 21st.

Hedge Funds Weigh In On Ares Dynamic Credit Allocation Fund

Hedge funds have recently bought and sold shares of the company. Susquehanna International Group LLP purchased a new position in shares of Ares Dynamic Credit Allocation Fund in the second quarter valued at approximately $140,000. Bank of America Corp DE acquired a new stake in Ares Dynamic Credit Allocation Fund during the 2nd quarter worth approximately $1,016,000. NewEdge Wealth LLC purchased a new position in Ares Dynamic Credit Allocation Fund in the 2nd quarter valued at approximately $3,154,000. Waverly Advisors LLC boosted its position in Ares Dynamic Credit Allocation Fund by 32.4% in the 1st quarter. Waverly Advisors LLC now owns 17,058 shares of the company’s stock valued at $207,000 after buying an additional 4,178 shares during the period. Finally, Icon Advisers Inc. Co. acquired a new position in shares of Ares Dynamic Credit Allocation Fund in the first quarter worth $1,182,000.

About Ares Dynamic Credit Allocation Fund

(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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