Abrdn Income Credit Strategies Fund (NYSE:ACP) Short Interest Up 62.6% in April

Abrdn Income Credit Strategies Fund (NYSE:ACP) was the target of a large increase in short interest in the month of April. As of April 15th, there was short interest totalling 875,000 shares, an increase of 62.6% from the March 31st total of 538,200 shares. Based on an average daily volume of 333,100 shares, the days-to-cover ratio is presently 2.6 days.

Hedge Funds Weigh In On Abrdn Income Credit Strategies Fund

Hedge funds have recently made changes to their positions in the stock. GPS Wealth Strategies Group LLC acquired a new position in Abrdn Income Credit Strategies Fund in the 3rd quarter valued at about $62,000. Atria Wealth Solutions Inc. purchased a new position in Abrdn Income Credit Strategies Fund in the 3rd quarter valued at approximately $196,000. Envestnet Portfolio Solutions Inc. acquired a new position in shares of Abrdn Income Credit Strategies Fund in the third quarter worth $157,000. Worth Asset Management LLC grew its stake in shares of Abrdn Income Credit Strategies Fund by 63.7% in the fourth quarter. Worth Asset Management LLC now owns 17,735 shares of the investment management company’s stock worth $121,000 after acquiring an additional 6,900 shares in the last quarter. Finally, SeaCrest Wealth Management LLC raised its stake in shares of Abrdn Income Credit Strategies Fund by 40.2% in the fourth quarter. SeaCrest Wealth Management LLC now owns 16,544 shares of the investment management company’s stock valued at $112,000 after acquiring an additional 4,741 shares in the last quarter.

Abrdn Income Credit Strategies Fund Price Performance

Shares of NYSE:ACP opened at $6.52 on Monday. Abrdn Income Credit Strategies Fund has a 12-month low of $5.55 and a 12-month high of $7.17. The business has a 50-day moving average price of $6.76 and a 200 day moving average price of $6.59.

Abrdn Income Credit Strategies Fund Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Tuesday, April 30th. Stockholders of record on Tuesday, April 23rd will be paid a $0.10 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 18.40%. The ex-dividend date is Monday, April 22nd.

About Abrdn Income Credit Strategies Fund

Abrdn Income Credit Strategies Fund is a closed-ended fixed income fund launched and managed by Aberdeen Asset Managers Limited. It is co-managed by Aberdeen Standard Investments Inc The fund invests in fixed income markets across the globe. It seeks to invest primarily in loan and debt instruments. Abrdn Income Credit Strategies Fund was formed on October 12, 2010 and is domiciled in the United States.