Abrdn Income Credit Strategies Fund (NYSE:ACP) Short Interest Up 114.0% in January

Abrdn Income Credit Strategies Fund (NYSE:ACP) was the target of a significant growth in short interest during the month of January. As of January 31st, there was short interest totalling 401,800 shares, a growth of 114.0% from the January 15th total of 187,800 shares. Based on an average daily trading volume, of 950,400 shares, the short-interest ratio is presently 0.4 days.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. ORG Partners LLC bought a new stake in Abrdn Income Credit Strategies Fund in the 3rd quarter valued at about $31,000. NBC Securities Inc. increased its stake in shares of Abrdn Income Credit Strategies Fund by 41.0% in the third quarter. NBC Securities Inc. now owns 20,650 shares of the investment management company’s stock worth $136,000 after purchasing an additional 6,000 shares in the last quarter. SeaCrest Wealth Management LLC raised its position in shares of Abrdn Income Credit Strategies Fund by 122.7% in the third quarter. SeaCrest Wealth Management LLC now owns 71,733 shares of the investment management company’s stock valued at $475,000 after purchasing an additional 39,524 shares during the period. Halbert Hargrove Global Advisors LLC purchased a new stake in shares of Abrdn Income Credit Strategies Fund during the 3rd quarter valued at approximately $68,000. Finally, Capital Investment Advisors LLC boosted its holdings in Abrdn Income Credit Strategies Fund by 9.2% in the 3rd quarter. Capital Investment Advisors LLC now owns 326,444 shares of the investment management company’s stock worth $2,161,000 after buying an additional 27,470 shares during the period.

Abrdn Income Credit Strategies Fund Trading Up 0.6 %

Shares of ACP stock traded up $0.04 during trading hours on Thursday, hitting $6.17. 292,347 shares of the company were exchanged, compared to its average volume of 849,674. The firm has a fifty day simple moving average of $6.05 and a 200 day simple moving average of $6.33. Abrdn Income Credit Strategies Fund has a 52-week low of $5.81 and a 52-week high of $7.05.

Abrdn Income Credit Strategies Fund Announces Dividend

The company also recently announced a monthly dividend, which will be paid on Friday, February 28th. Shareholders of record on Friday, February 21st will be paid a $0.0775 dividend. The ex-dividend date of this dividend is Friday, February 21st. This represents a $0.93 annualized dividend and a dividend yield of 15.09%.

About Abrdn Income Credit Strategies Fund

Abrdn Income Credit Strategies Fund is a closed-ended fixed income fund launched and managed by Aberdeen Asset Managers Limited. It is co-managed by Aberdeen Standard Investments Inc The fund invests in fixed income markets across the globe. It seeks to invest primarily in loan and debt instruments. Abrdn Income Credit Strategies Fund was formed on October 12, 2010 and is domiciled in the United States.