Cornerstone Advisors LLC Invests $261,000 in Ares Dynamic Credit Allocation Fund, Inc. (NYSE:ARDC)

Cornerstone Advisors LLC purchased a new stake in Ares Dynamic Credit Allocation Fund, Inc. (NYSE:ARDC) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 17,100 shares of the company’s stock, valued at approximately $261,000.

A number of other large investors have also made changes to their positions in ARDC. Curated Wealth Partners LLC boosted its holdings in shares of Ares Dynamic Credit Allocation Fund by 200.8% in the second quarter. Curated Wealth Partners LLC now owns 86,324 shares of the company’s stock valued at $1,285,000 after buying an additional 171,963 shares during the period. Secure Asset Management LLC acquired a new position in Ares Dynamic Credit Allocation Fund in the 2nd quarter worth $2,172,000. Farther Finance Advisors LLC bought a new position in Ares Dynamic Credit Allocation Fund during the 3rd quarter worth about $1,838,000. Advisors Asset Management Inc. raised its stake in shares of Ares Dynamic Credit Allocation Fund by 20.4% in the 3rd quarter. Advisors Asset Management Inc. now owns 398,379 shares of the company’s stock valued at $6,087,000 after purchasing an additional 67,550 shares during the period. Finally, Foundations Investment Advisors LLC lifted its holdings in shares of Ares Dynamic Credit Allocation Fund by 11.1% in the third quarter. Foundations Investment Advisors LLC now owns 320,299 shares of the company’s stock valued at $4,894,000 after purchasing an additional 32,100 shares in the last quarter.

Ares Dynamic Credit Allocation Fund Stock Up 0.8 %

ARDC stock opened at $15.28 on Friday. Ares Dynamic Credit Allocation Fund, Inc. has a fifty-two week low of $12.58 and a fifty-two week high of $15.49. The business has a 50-day moving average of $15.15 and a 200-day moving average of $14.98.

Ares Dynamic Credit Allocation Fund Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Friday, November 29th. Stockholders of record on Thursday, November 21st will be given a $0.1175 dividend. This represents a $1.41 dividend on an annualized basis and a dividend yield of 9.23%. The ex-dividend date is Thursday, November 21st.

Ares Dynamic Credit Allocation Fund Company Profile

Ares Dynamic Credit Allocation Fund, Inc is a closed-ended fixed income fund launched by Ares Management LLC. The fund is managed by Ares Capital Management II LLC. It primarily invests in the U.S. securities and companies. The fund primarily invests in debt instruments such as senior loans made primarily to companies whose debt is rated below investment grade, corporate bonds that are primarily high yield issues rated below investment grade, equity securities of CLOs and debt securities issued by CLOs, and other fixed-income instruments.