Ares Dynamic Credit Allocation Fund, Inc. (NYSE:ARDC) Stock Short Interest Jumps 73.3%

Ares Dynamic Credit Allocation Fund, Inc. (NYSE:ARDC) saw a large growth in short interest in the month of September. As of September 15th, there was short interest totaling 27,587 shares, a growth of 73.3% from the August 31st total of 15,923 shares. Based on an average daily volume of 72,333 shares, the short-interest ratio is currently 0.4 days.

Insider Activity

In other Ares Dynamic Credit Allocation Fund news, major shareholder Financial For Luthera Thrivent bought 240,000 shares of the business’s stock in a transaction dated Monday, September 14th. The stock was acquired 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 in the company, valued at approximately $6,000,000. This represents a ? increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Institutional Trading of Ares Dynamic Credit Allocation Fund

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Icon Advisers Inc. Co. acquired a new position in Ares Dynamic Credit Allocation Fund during the first quarter worth about $1,182,000. Sit Investment Associates Inc. acquired a new stake in shares of Ares Dynamic Credit Allocation Fund during the 4th quarter valued at approximately $3,975,000. NewEdge Wealth LLC acquired a new stake in shares of Ares Dynamic Credit Allocation Fund during the 2nd quarter valued at approximately $3,154,000. Susquehanna International Group LLP purchased a new stake in shares of Ares Dynamic Credit Allocation Fund during the 2nd quarter worth approximately $140,000. Finally, Bank of America Corp DE purchased a new stake in shares of Ares Dynamic Credit Allocation Fund during the 2nd quarter worth approximately $1,016,000.

Ares Dynamic Credit Allocation Fund Trading Down 0.3%

NYSE:ARDC traded down $0.03 during trading hours on Thursday, hitting $11.47. The company’s stock had a trading volume of 109,250 shares, compared to its average volume of 116,755. The business’s 50-day moving average is $12.21 and its two-hundred day moving average is $12.41. Ares Dynamic Credit Allocation Fund has a 52-week low of $11.35 and a 52-week high of $14.04.

Ares Dynamic Credit Allocation Fund Dividend Announcement

The business also recently declared a monthly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Monday, September 21st were paid a dividend of $0.1125 per share. The ex-dividend date of this dividend was Monday, September 21st. This represents a $1.35 dividend on an annualized basis and a dividend yield of 11.8%.

Ares Dynamic Credit Allocation Fund Company Profile

Ares Dynamic Credit Allocation Fund (NYSE: ARDC) is a closed-end investment company that seeks to provide investors with current income and capital appreciation. The fund is externally managed by Ares Capital Management LLC, an affiliate of global alternative investment manager Ares Management Corporation.

The fund invests primarily in credit-related assets, including senior secured loans, high-yield corporate bonds, structured credit instruments and other fixed-income securities. Its portfolio may include both public and privately originated investments, with an emphasis on below-investment-grade and floating-rate credit.