Ares Dynamic Credit Allocation Fund (NYSE:ARDC) Stock Price Passes Above 50-Day Moving Average – Here’s Why

Ares Dynamic Credit Allocation Fund, Inc. (NYSE:ARDC) passed above its 50-day moving average during trading on Monday . The stock has a 50-day moving average of $12.63 and traded as high as $12.65. Ares Dynamic Credit Allocation Fund shares last traded at $12.6310, with a volume of 83,847 shares.

Ares Dynamic Credit Allocation Fund Stock Performance

The business’s 50-day moving average price is $12.63 and its 200 day moving average price is $12.81.

Ares Dynamic Credit Allocation Fund Announces Dividend

The company also recently disclosed a monthly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 22nd were issued a $0.1125 dividend. The ex-dividend date was Monday, June 22nd. This represents a c) dividend on an annualized basis and a yield of 10.6%.

Hedge Funds Weigh In On Ares Dynamic Credit Allocation Fund

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. AdvisorNet Financial Inc lifted its stake in shares of Ares Dynamic Credit Allocation Fund by 52.0% in the fourth quarter. AdvisorNet Financial Inc now owns 485,021 shares of the company’s stock worth $6,451,000 after acquiring an additional 165,888 shares in the last quarter. Foundations Investment Advisors LLC grew its stake in Ares Dynamic Credit Allocation Fund by 16.0% during the 4th quarter. Foundations Investment Advisors LLC now owns 429,434 shares of the company’s stock valued at $5,711,000 after purchasing an additional 59,102 shares in the last quarter. Wolverine Asset Management LLC grew its stake in Ares Dynamic Credit Allocation Fund by 720.3% during the 4th quarter. Wolverine Asset Management LLC now owns 101,914 shares of the company’s stock valued at $1,355,000 after purchasing an additional 89,490 shares in the last quarter. Sit Investment Associates Inc. purchased a new stake in Ares Dynamic Credit Allocation Fund during the 4th quarter worth approximately $3,975,000. Finally, Shaker Financial Services LLC purchased a new stake in Ares Dynamic Credit Allocation Fund during the 4th quarter worth approximately $3,252,000.

About Ares Dynamic Credit Allocation Fund

Ares Dynamic Credit Allocation Fund (NYSE: ARDC) is a closed-end management investment company that seeks to deliver attractive risk-adjusted returns through a diversified portfolio of credit instruments. Launched in mid-2019, the fund is sponsored and managed by Ares Management Corporation, a leading global alternative asset manager. ARDC’s investment objective centers on generating current income with an emphasis on preserving capital, drawing on Ares’s extensive experience in the credit markets.

The fund deploys capital across a broad spectrum of corporate credit opportunities, including senior secured loans, high-yield bonds, subordinated debt and direct lending to middle-market companies.