Abrdn Income Credit Strategies Fund (NYSE:ACP) Stock Price Passes Above 200 Day Moving Average – What’s Next?

Abrdn Income Credit Strategies Fund (NYSE:ACP) shares passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $5.64 and traded as high as $5.75. Abrdn Income Credit Strategies Fund shares last traded at $5.73, with a volume of 448,818 shares traded.

Abrdn Income Credit Strategies Fund Stock Performance

The company’s 50-day moving average is $5.56 and its 200 day moving average is $5.64.

Abrdn Income Credit Strategies Fund Dividend Announcement

The company also recently declared a monthly dividend, which will be paid on Friday, February 27th. Stockholders of record on Friday, February 20th will be issued a dividend of $0.0775 per share. The ex-dividend date is Friday, February 20th. This represents a c) dividend on an annualized basis and a dividend yield of 16.5%.

Hedge Funds Weigh In On Abrdn Income Credit Strategies Fund

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ACP. Envestnet Asset Management Inc. boosted its stake in Abrdn Income Credit Strategies Fund by 589.2% during the 2nd quarter. Envestnet Asset Management Inc. now owns 241,747 shares of the investment management company’s stock valued at $1,426,000 after purchasing an additional 206,669 shares during the last quarter. Shaker Financial Services LLC lifted its holdings in shares of Abrdn Income Credit Strategies Fund by 65.2% during the second quarter. Shaker Financial Services LLC now owns 303,546 shares of the investment management company’s stock valued at $1,791,000 after purchasing an additional 119,795 shares in the last quarter. Penserra Capital Management LLC boosted its position in shares of Abrdn Income Credit Strategies Fund by 3.0% during the second quarter. Penserra Capital Management LLC now owns 2,980,571 shares of the investment management company’s stock valued at $17,585,000 after buying an additional 88,102 shares during the last quarter. Cetera Investment Advisers boosted its position in shares of Abrdn Income Credit Strategies Fund by 2.9% during the second quarter. Cetera Investment Advisers now owns 112,938 shares of the investment management company’s stock valued at $666,000 after buying an additional 3,209 shares during the last quarter. Finally, Choreo LLC increased its holdings in Abrdn Income Credit Strategies Fund by 99.5% in the 2nd quarter. Choreo LLC now owns 105,806 shares of the investment management company’s stock worth $624,000 after buying an additional 52,760 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.