Abrdn Income Credit Strategies Fund (NYSE:ACP) Shares Shorted: Short Interest Down 40.4% in September

Abrdn Income Credit Strategies Fund (NYSE:ACP) saw a large decline in short interest in the month of September. As of September 15th, there was short interest totaling 192,978 shares, a decline of 40.4% from the August 31st total of 323,570 shares. Based on an average daily trading volume, of 1,125,403 shares, the short-interest ratio is presently 0.2 days.

Institutional Trading of Abrdn Income Credit Strategies Fund

A number of institutional investors have recently modified their holdings of the company. Founders Financial Alliance LLC raised its stake in shares of Abrdn Income Credit Strategies Fund by 3.2% in the 4th quarter. Founders Financial Alliance LLC now owns 128,516 shares of the investment management company’s stock valued at $695,000 after acquiring an additional 4,036 shares during the period. McIlrath & Eck LLC lifted its holdings in shares of Abrdn Income Credit Strategies Fund by 156.4% during the 1st quarter. McIlrath & Eck LLC now owns 9,098 shares of the investment management company’s stock valued at $46,000 after acquiring an additional 5,549 shares in the last quarter. Calamos Advisors LLC boosted its position in Abrdn Income Credit Strategies Fund by 13.5% during the 1st quarter. Calamos Advisors LLC now owns 50,607 shares of the investment management company’s stock worth $258,000 after purchasing an additional 6,025 shares during the period. Arlington Capital Management Inc. boosted its position in Abrdn Income Credit Strategies Fund by 4.0% during the 1st quarter. Arlington Capital Management Inc. now owns 161,911 shares of the investment management company’s stock worth $826,000 after purchasing an additional 6,275 shares during the period. Finally, Corient Private Wealth LP acquired a new stake in Abrdn Income Credit Strategies Fund in the 2nd quarter valued at $52,000.

Abrdn Income Credit Strategies Fund Trading Up 0.8%

Shares of ACP traded up $0.04 during trading hours on Friday, hitting $4.46. The stock had a trading volume of 431,419 shares, compared to its average volume of 589,227. The company’s fifty day simple moving average is $4.91 and its 200 day simple moving average is $5.14. Abrdn Income Credit Strategies Fund has a 12-month low of $4.38 and a 12-month high of $5.81.

Abrdn Income Credit Strategies Fund Cuts Dividend

The company also recently disclosed a monthly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 22nd were issued a $0.0550 dividend. This is a negative change from Abrdn Income Credit Strategies Fund’s previous monthly dividend of $0.0775. The ex-dividend date was Tuesday, September 22nd. This represents a $0.66 dividend on an annualized basis and a dividend yield of 14.8%.

About Abrdn Income Credit Strategies Fund

abrdn Income Credit Strategies Fund is a publicly traded, closed-end investment company listed on the New York Stock Exchange under the symbol ACP. The fund seeks to provide a high level of current income, with capital appreciation as a secondary objective.

The fund invests primarily in a diversified portfolio of credit-related securities and other income-producing assets. Its investments may include senior secured loans, leveraged loans, high-yield corporate bonds, structured credit instruments and other debt obligations, including securities issued by companies and borrowers outside the United States.

ACP is managed by abrdn, a global investment management firm, and gives investors access to professionally managed credit investments across multiple industries and geographic regions.