Ares Dynamic Credit Allocation Fund, Inc. (NYSE:ARDC) Sees Significant Decline in Short Interest

Ares Dynamic Credit Allocation Fund, Inc. (NYSE:ARDC) was the target of a significant drop in short interest in May. As of May 31st, there was short interest totalling 53,600 shares, a drop of 35.8% from the May 15th total of 83,500 shares. Based on an average daily trading volume, of 96,700 shares, the days-to-cover ratio is presently 0.6 days.

Ares Dynamic Credit Allocation Fund Trading Down 0.1%

NYSE ARDC traded down $0.02 during trading hours on Tuesday, reaching $14.25. 28,878 shares of the company traded hands, compared to its average volume of 92,131. The company has a 50 day moving average of $13.79 and a two-hundred day moving average of $14.47. Ares Dynamic Credit Allocation Fund has a 12 month low of $11.52 and a 12 month high of $15.62.

Ares Dynamic Credit Allocation Fund Announces Dividend

The business also recently announced a monthly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be issued a dividend of $0.1125 per share. This represents a $1.35 annualized dividend and a dividend yield of 9.48%. The ex-dividend date is Friday, June 20th.

Institutional Investors Weigh In On Ares Dynamic Credit Allocation Fund

Several large investors have recently added to or reduced their stakes in the stock. Elequin Capital LP increased its stake in shares of Ares Dynamic Credit Allocation Fund by 1,130.5% during the first quarter. Elequin Capital LP now owns 3,384 shares of the company’s stock valued at $48,000 after acquiring an additional 3,109 shares during the period. CoreCap Advisors LLC raised its position in Ares Dynamic Credit Allocation Fund by 25.0% during the fourth quarter. CoreCap Advisors LLC now owns 3,749 shares of the company’s stock valued at $57,000 after buying an additional 749 shares during the period. Anfield Capital Management LLC lifted its position in shares of Ares Dynamic Credit Allocation Fund by 35.8% in the first quarter. Anfield Capital Management LLC now owns 7,772 shares of the company’s stock worth $110,000 after purchasing an additional 2,047 shares in the last quarter. Waverly Advisors LLC purchased a new stake in Ares Dynamic Credit Allocation Fund in the 4th quarter worth approximately $188,000. Finally, Cetera Investment Advisers increased its position in Ares Dynamic Credit Allocation Fund by 21.7% in the 4th quarter. Cetera Investment Advisers now owns 16,733 shares of the company’s stock worth $253,000 after purchasing an additional 2,982 shares during the last quarter.

About Ares Dynamic Credit Allocation Fund

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.