Abrdn Income Credit Strategies Fund (NYSE:ACP) Short Interest Update

Abrdn Income Credit Strategies Fund (NYSE:ACP) saw a large decline in short interest in the month of January. As of January 30th, there was short interest totaling 207,803 shares, a decline of 49.8% from the January 15th total of 414,261 shares. Based on an average daily volume of 714,692 shares, the days-to-cover ratio is currently 0.3 days. Based on an average daily volume of 714,692 shares, the days-to-cover ratio is currently 0.3 days.

Abrdn Income Credit Strategies Fund Stock Performance

Shares of Abrdn Income Credit Strategies Fund stock traded up $0.02 during midday trading on Friday, hitting $5.69. The company’s stock had a trading volume of 412,517 shares, compared to its average volume of 600,205. Abrdn Income Credit Strategies Fund has a 1-year low of $4.92 and a 1-year high of $6.28. The stock has a 50-day simple moving average of $5.52 and a 200-day simple moving average of $5.65.

Abrdn Income Credit Strategies Fund Dividend Announcement

The firm also recently disclosed a monthly dividend, which will be paid on Friday, February 27th. Shareholders of record on Friday, February 20th will be given a dividend of $0.0775 per share. The ex-dividend date is Friday, February 20th. This represents a c) dividend on an annualized basis and a yield of 16.4%.

Hedge Funds Weigh In On Abrdn Income Credit Strategies Fund

A number of large investors have recently made changes to their positions in the business. Kestra Advisory Services LLC increased its position in Abrdn Income Credit Strategies Fund by 4.7% in the 4th quarter. Kestra Advisory Services LLC now owns 63,633 shares of the investment management company’s stock worth $344,000 after purchasing an additional 2,879 shares during the last quarter. Quarry LP raised its holdings in Abrdn Income Credit Strategies Fund by 352.2% during the fourth quarter. Quarry LP now owns 767,032 shares of the investment management company’s stock valued at $4,150,000 after buying an additional 597,409 shares in the last quarter. Morgan Stanley lifted its position in shares of Abrdn Income Credit Strategies Fund by 1.8% in the fourth quarter. Morgan Stanley now owns 12,677,955 shares of the investment management company’s stock worth $68,588,000 after buying an additional 222,456 shares during the last quarter. Wells Fargo & Company MN boosted its stake in shares of Abrdn Income Credit Strategies Fund by 19.4% during the 4th quarter. Wells Fargo & Company MN now owns 25,869 shares of the investment management company’s stock worth $140,000 after acquiring an additional 4,200 shares in the last quarter. Finally, Jane Street Group LLC increased its holdings in shares of Abrdn Income Credit Strategies Fund by 263.7% during the 4th quarter. Jane Street Group LLC now owns 379,160 shares of the investment management company’s stock valued at $2,051,000 after acquiring 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.