Abrdn Income Credit Strategies Fund (NYSE:ACP) Plans Monthly Dividend of $0.08

Abrdn Income Credit Strategies Fund (NYSE:ACP) announced a monthly dividend on Tuesday, June 9th. Investors of record on Tuesday, June 23rd will be given a dividend of 0.0775 per share by the investment management company on Tuesday, June 30th. This represents a c) annualized dividend and a dividend yield of 17.7%. The ex-dividend date is Tuesday, June 23rd.

Abrdn Income Credit Strategies Fund Price Performance

Shares of ACP opened at $5.27 on Wednesday. The business’s 50 day moving average is $5.30 and its 200 day moving average is $5.41. Abrdn Income Credit Strategies Fund has a 12-month low of $4.99 and a 12-month high of $5.99.

Hedge Funds Weigh In On Abrdn Income Credit Strategies Fund

Hedge funds have recently modified their holdings of the stock. Absolute Investment Advisers LLC grew its stake in Abrdn Income Credit Strategies Fund by 358.8% during the fourth quarter. Absolute Investment Advisers LLC now owns 2,083,887 shares of the investment management company’s stock valued at $11,451,000 after acquiring an additional 1,629,728 shares in the last quarter. Quarry LP lifted its stake in Abrdn Income Credit Strategies Fund by 352.2% in the 4th quarter. Quarry LP now owns 767,032 shares of the investment management company’s stock worth $4,150,000 after purchasing an additional 597,409 shares in the last quarter. Rivernorth Capital Management LLC bought a new position in shares of Abrdn Income Credit Strategies Fund during the 1st quarter valued at about $2,462,000. Guggenheim Capital LLC grew its position in shares of Abrdn Income Credit Strategies Fund by 13.7% during the fourth quarter. Guggenheim Capital LLC now owns 3,020,887 shares of the investment management company’s stock valued at $16,343,000 after purchasing an additional 364,694 shares in the last quarter. Finally, Jane Street Group LLC increased its holdings in shares of Abrdn Income Credit Strategies Fund by 263.7% in the fourth quarter. Jane Street Group LLC now owns 379,160 shares of the investment management company’s stock worth $2,051,000 after purchasing an additional 274,921 shares during the last quarter.

About Abrdn Income Credit Strategies Fund

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.