Abrdn Income Credit Strategies Fund (NYSE:ACP) Shares Shorted: Short Interest Up 112.8% in October

Abrdn Income Credit Strategies Fund (NYSE:ACP) saw a large growth in short interest during 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 daily trading volume, of 986,262 shares, the short-interest ratio is presently 0.2 days.

Hedge Funds Weigh In On Abrdn Income Credit Strategies Fund

Several institutional investors and hedge funds have recently modified their holdings of ACP. McIlrath & Eck LLC boosted its stake in Abrdn Income Credit Strategies Fund by 156.4% in the 1st quarter. McIlrath & Eck LLC now owns 9,098 shares of the investment management company’s stock worth $46,000 after purchasing an additional 5,549 shares in the last quarter. Corient Private Wealth LP bought a new position in Abrdn Income Credit Strategies Fund in the 2nd quarter worth about $52,000. PFG Investments LLC purchased a new stake in Abrdn Income Credit Strategies Fund during the 1st quarter valued at about $52,000. Beacon Pointe Advisors LLC purchased a new stake in Abrdn Income Credit Strategies Fund during the 2nd quarter valued at about $55,000. Finally, Fifth Third Bancorp purchased a new stake in Abrdn Income Credit Strategies Fund during the 1st quarter valued at about $66,000.

Abrdn Income Credit Strategies Fund Stock Down 0.7%

ACP stock traded down $0.03 on Friday, reaching $4.27. 1,052,715 shares of the company traded hands, compared to its average volume of 638,299. The firm has a fifty day simple moving average of $4.59 and a 200-day simple moving average of $5.14. Abrdn Income Credit Strategies Fund has a one year low of $4.12 and a one year high of $5.76.

Abrdn Income Credit Strategies Fund Dividend Announcement

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

About Abrdn Income Credit Strategies Fund

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.