Ares Dynamic Credit Allocation Fund (NYSE:ARDC) Major Shareholder Financial For Luthera Thrivent Buys 240,000 Shares of Stock

Ares Dynamic Credit Allocation Fund, Inc. (NYSE:ARDC) major shareholder Financial For Luthera Thrivent purchased 240,000 shares of the business’s stock in a transaction on Monday, September 14th. The shares were bought at an average price of $25.00 per share, for a total transaction of $6,000,000.00. Following the acquisition, the insider owned 240,000 shares in the company, valued at $6,000,000. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Major shareholders that own 10% or more of a company’s shares are required to disclose their transactions with the SEC.

Ares Dynamic Credit Allocation Fund Price Performance

ARDC stock traded up $0.01 during mid-day trading on Wednesday, reaching $12.04. The company had a trading volume of 47,078 shares, compared to its average volume of 115,409. The firm has a fifty day simple moving average of $12.42 and a 200 day simple moving average of $12.46. Ares Dynamic Credit Allocation Fund, Inc. has a fifty-two week low of $11.60 and a fifty-two week high of $14.93.

Ares Dynamic Credit Allocation Fund Dividend Announcement

The company also recently announced a monthly dividend, which will be paid on Wednesday, September 30th. Investors of record on Monday, September 21st will be paid a dividend of $0.1125 per share. This represents a c) dividend on an annualized basis and a dividend yield of 11.2%. The ex-dividend date is Monday, September 21st.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in ARDC. AdvisorNet Financial Inc increased its position in shares of Ares Dynamic Credit Allocation Fund by 3.7% in the 1st quarter. AdvisorNet Financial Inc now owns 502,990 shares of the company’s stock valued at $6,116,000 after purchasing an additional 17,969 shares during the last quarter. Foundations Investment Advisors LLC lifted its position in shares of 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 worth $5,711,000 after purchasing an additional 59,102 shares during the last quarter. Sit Investment Associates Inc. acquired a new position in shares of Ares Dynamic Credit Allocation Fund during the fourth quarter worth $3,975,000. NewEdge Wealth LLC grew its stake in shares of Ares Dynamic Credit Allocation Fund by 5.4% during the first quarter. NewEdge Wealth LLC now owns 257,244 shares of the company’s stock worth $3,128,000 after purchasing an additional 13,260 shares in the last quarter. Finally, Icon Advisers Inc. Co. purchased a new position in Ares Dynamic Credit Allocation Fund in the first quarter valued at $1,182,000.

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.