Abrdn Income Credit Strategies Fund (NYSE:ACP) Short Interest Up 101.9% in May

Abrdn Income Credit Strategies Fund (NYSE:ACP) was the target of a large growth in short interest in the month of May. As of May 29th, there was short interest totaling 311,955 shares, a growth of 101.9% from the May 14th total of 154,539 shares. Based on an average trading volume of 427,902 shares, the short-interest ratio is currently 0.7 days.

Institutional Trading of Abrdn Income Credit Strategies Fund

Hedge funds and other institutional investors have recently bought and sold shares of the company. McIlrath & Eck LLC increased its holdings in shares of Abrdn Income Credit Strategies Fund by 156.4% in the 1st quarter. McIlrath & Eck LLC now owns 9,098 shares of the investment management company’s stock worth $46,000 after buying an additional 5,549 shares during the last quarter. Rivernorth Capital Management LLC bought a new position in shares of Abrdn Income Credit Strategies Fund in the 1st quarter worth $2,462,000. Independent Financial Group LLC bought a new position in shares of Abrdn Income Credit Strategies Fund in the 1st quarter worth $71,000. Calamos Advisors LLC increased its holdings in shares of Abrdn Income Credit Strategies Fund by 13.5% in the 1st quarter. Calamos Advisors LLC now owns 50,607 shares of the investment management company’s stock worth $258,000 after buying an additional 6,025 shares during the last quarter. Finally, International Assets Investment Management LLC increased its holdings in shares of Abrdn Income Credit Strategies Fund by 7.5% in the 1st quarter. International Assets Investment Management LLC now owns 958,833 shares of the investment management company’s stock worth $4,900,000 after buying an additional 66,708 shares during the last quarter.

Abrdn Income Credit Strategies Fund Stock Performance

Abrdn Income Credit Strategies Fund stock traded up $0.05 during midday trading on Monday, reaching $5.31. 179,031 shares of the stock were exchanged, compared to its average volume of 548,203. The company’s fifty day moving average is $5.31 and its 200-day moving average is $5.41. Abrdn Income Credit Strategies Fund has a 52 week low of $4.99 and a 52 week high of $5.99.

Abrdn Income Credit Strategies Fund Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 23rd will be issued a dividend of $0.0775 per share. This represents a c) dividend on an annualized basis and a yield of 17.5%. The ex-dividend date of this dividend is Tuesday, June 23rd.

Abrdn Income Credit Strategies Fund Company Profile

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.