Short Interest in Abrdn Income Credit Strategies Fund (NYSE:ACP) Declines By 37.2%

Abrdn Income Credit Strategies Fund (NYSE:ACP) was the recipient of a significant decline in short interest during the month of June. As of June 30th, there was short interest totaling 157,876 shares, a decline of 37.2% from the June 15th total of 251,362 shares. Based on an average trading volume of 488,793 shares, the days-to-cover ratio is presently 0.3 days.

Abrdn Income Credit Strategies Fund Stock Performance

Shares of ACP traded down $0.04 during mid-day trading on Friday, hitting $5.16. 706,680 shares of the company’s stock were exchanged, compared to its average volume of 529,737. The firm has a fifty day moving average of $5.26 and a two-hundred day moving average of $5.38. Abrdn Income Credit Strategies Fund has a twelve month low of $4.99 and a twelve month high of $5.99.

Abrdn Income Credit Strategies Fund Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Friday, July 31st. Investors of record on Thursday, July 23rd will be issued a $0.0775 dividend. The ex-dividend date is Thursday, July 23rd. This represents a c) dividend on an annualized basis and a yield of 18.0%.

Hedge Funds Weigh In On Abrdn Income Credit Strategies Fund

Several institutional investors have recently bought and sold shares of the stock. Private Advisor Group LLC increased its position in Abrdn Income Credit Strategies Fund by 6.8% during the third quarter. Private Advisor Group LLC now owns 30,856 shares of the investment management company’s stock worth $179,000 after acquiring an additional 1,960 shares during the period. SeaCrest Wealth Management LLC boosted its holdings in Abrdn Income Credit Strategies Fund by 2.9% in the 4th quarter. SeaCrest Wealth Management LLC now owns 90,198 shares of the investment management company’s stock valued at $495,000 after purchasing an additional 2,513 shares during the period. Kestra Advisory Services LLC grew its position in Abrdn Income Credit Strategies Fund by 4.7% in the 4th quarter. Kestra Advisory Services LLC now owns 63,633 shares of the investment management company’s stock worth $344,000 after purchasing an additional 2,879 shares during the last quarter. Concurrent Investment Advisors LLC grew its position in Abrdn Income Credit Strategies Fund by 13.6% in the 4th quarter. Concurrent Investment Advisors LLC now owns 24,112 shares of the investment management company’s stock worth $130,000 after purchasing an additional 2,890 shares during the last quarter. Finally, Occidental Asset Management LLC grew its position in Abrdn Income Credit Strategies Fund by 15.0% in the 4th quarter. Occidental Asset Management LLC now owns 24,076 shares of the investment management company’s stock worth $130,000 after purchasing an additional 3,141 shares during the last quarter.

Abrdn Income Credit Strategies Fund Company Profile

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.