Abrdn Income Credit Strategies Fund (NYSE:ACP) Stock Short Interest Jumps 112.8%

Abrdn Income Credit Strategies Fund (NYSE:ACP) was the recipient of a large growth in short interest in the month of October. As of October 15th, there was short interest totaling 230,747 shares, a growth of 112.8% from the September 30th total of 108,412 shares. Based on an average trading volume of 986,262 shares, the short-interest ratio is currently 0.2 days.

Hedge Funds Weigh In On Abrdn Income Credit Strategies Fund

Institutional investors have recently added to or reduced their stakes in the company. Arlington Capital Management INC boosted its stake in Abrdn Income Credit Strategies Fund by 4.7% during the third quarter. Arlington Capital Management INC now owns 181,636 shares of the investment management company’s stock worth $808,000 after acquiring an additional 8,191 shares in the last quarter. Park Avenue Securities LLC grew its holdings in Abrdn Income Credit Strategies Fund by 10.7% in the third quarter. Park Avenue Securities LLC now owns 51,522 shares of the investment management company’s stock worth $229,000 after purchasing an additional 4,981 shares during the period. Apollon Wealth Management LLC grew its holdings in Abrdn Income Credit Strategies Fund by 15.2% in the third quarter. Apollon Wealth Management LLC now owns 36,766 shares of the investment management company’s stock worth $164,000 after purchasing an additional 4,862 shares during the period. Shaker Financial Services LLC increased its stake in shares of Abrdn Income Credit Strategies Fund by 16.6% during the third quarter. Shaker Financial Services LLC now owns 514,675 shares of the investment management company’s stock valued at $2,290,000 after purchasing an additional 73,408 shares in the last quarter. Finally, Integrated Capital Management Inc. bought a new position in shares of Abrdn Income Credit Strategies Fund during the third quarter valued at approximately $336,000.

Abrdn Income Credit Strategies Fund Stock Down 0.7%

Shares of NYSE:ACP traded down $0.03 during trading on Friday, hitting $4.27. The stock had a trading volume of 1,052,715 shares, compared to its average volume of 638,299. The firm’s fifty day moving average is $4.59 and its 200 day moving average is $5.14. Abrdn Income Credit Strategies Fund has a 12 month low of $4.12 and a 12 month high of $5.76.

Abrdn Income Credit Strategies Fund Announces Dividend

The company also recently declared a monthly dividend, which will be paid on Friday, October 30th. Investors of record on Friday, October 23rd will be paid a $0.0550 dividend. This represents a $0.66 annualized dividend and a yield of 15.5%. The ex-dividend date of this dividend is Friday, October 23rd.

Abrdn Income Credit Strategies Fund Company Profile

abrdn Income Credit Strategies Fund (NYSE: ACP) is a non-diversified, closed-end investment fund managed by abrdn Inc The fund seeks to provide a high level of current income, with a secondary objective of capital appreciation, by investing primarily in credit-related fixed-income securities.

The fund invests across global credit markets and may hold floating-rate loans, high-yield corporate bonds, investment-grade debt, structured credit instruments and other debt securities. Its portfolio may include below-investment-grade securities, commonly known as high-yield or “junk” bonds, and the fund may use leverage as part of its investment strategy.