Abrdn Income Credit Strategies Fund (NYSE:ACP) Stock Price Passes Above 200 Day Moving Average – Time to Sell?

Abrdn Income Credit Strategies Fund (NYSE:ACP)’s stock price passed above its 200-day moving average during trading on Thursday . The stock has a 200-day moving average of $5.66 and traded as high as $5.66. Abrdn Income Credit Strategies Fund shares last traded at $5.6250, with a volume of 373,241 shares traded.

Abrdn Income Credit Strategies Fund Stock Performance

The firm’s 50 day simple moving average is $5.50 and its 200 day simple moving average is $5.66.

Abrdn Income Credit Strategies Fund Announces Dividend

The firm also recently declared a monthly dividend, which was paid on Friday, January 30th. Shareholders of record on Friday, January 23rd were paid a $0.0775 dividend. The ex-dividend date of this dividend was Friday, January 23rd. This represents a c) annualized dividend and a yield of 16.4%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of ACP. BNP Paribas Financial Markets purchased a new stake in shares of Abrdn Income Credit Strategies Fund in the 3rd quarter worth about $37,000. Bank of America Corp DE lifted its stake in shares of 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 period. Ameritas Advisory Services LLC bought a new stake in shares of Abrdn Income Credit Strategies Fund during the second quarter valued at approximately $40,000. Advisory Services Network LLC purchased a new stake in Abrdn Income Credit Strategies Fund in the third quarter worth $42,000. Finally, Huntington National Bank raised its holdings in Abrdn Income Credit Strategies Fund by 1,331.8% in the third quarter. Huntington National Bank now owns 8,362 shares of the investment management company’s stock worth $48,000 after purchasing an additional 7,778 shares in the last quarter.

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.