Ares Dynamic Credit Allocation Fund (NYSE:ARDC) Stock Price Up 1.2% – Time to Buy?

Ares Dynamic Credit Allocation Fund, Inc. (NYSE:ARDC)’s share price shot up 1.2% during trading on Monday. The company traded as high as $11.67 and last traded at $11.64. 153,288 shares traded hands during trading, an increase of 25% from the average session volume of 122,652 shares. The stock had previously closed at $11.50.

Ares Dynamic Credit Allocation Fund Stock Up 1.2%

The company has a fifty day moving average price of $11.69 and a two-hundred day moving average price of $12.38.

Ares Dynamic Credit Allocation Fund Announces Dividend

The business also recently declared a monthly dividend, which was paid on Friday, October 30th. Shareholders of record on Monday, October 19th were paid a $0.1125 dividend. This represents a $1.35 dividend on an annualized basis and a yield of 11.6%. The ex-dividend date was Monday, October 19th.

Insiders Place Their Bets

In related news, major shareholder Financial For Luthera Thrivent purchased 240,000 shares of the stock in a transaction on Monday, September 14th. The shares were purchased at an average price of $25.00 per share, with a total value of $6,000,000.00. Following the transaction, the insider directly owned 240,000 shares of the company’s stock, valued at $6,000,000. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink.

Institutional Investors Weigh In On Ares Dynamic Credit Allocation Fund

Large investors have recently made changes to their positions in the stock. CoreCap Advisors LLC grew its stake in shares of Ares Dynamic Credit Allocation Fund by 54.3% in the third quarter. CoreCap Advisors LLC now owns 5,529 shares of the company’s stock valued at $64,000 after buying an additional 1,945 shares in the last quarter. Susquehanna International Group LLP acquired a new position in Ares Dynamic Credit Allocation Fund during the second quarter worth $140,000. Waverly Advisors LLC increased its holdings in Ares Dynamic Credit Allocation Fund by 32.4% during the first quarter. Waverly Advisors LLC now owns 17,058 shares of the company’s stock worth $207,000 after buying an additional 4,178 shares during the last quarter. Integrity Advisory Solutions LLC increased its holdings in Ares Dynamic Credit Allocation Fund by 51.2% during the third quarter. Integrity Advisory Solutions LLC now owns 21,508 shares of the company’s stock worth $247,000 after buying an additional 7,287 shares during the last quarter. Finally, Choreo LLC raised its position in Ares Dynamic Credit Allocation Fund by 6.5% during the third quarter. Choreo LLC now owns 21,652 shares of the company’s stock worth $249,000 after acquiring an additional 1,325 shares in the last quarter.

Ares Dynamic Credit Allocation Fund Company Profile

Ares Dynamic Credit Allocation Fund is a publicly traded closed-end investment company listed on the New York Stock Exchange under the symbol ARDC. The fund seeks to provide current income and, to a lesser extent, capital appreciation by investing across a diversified portfolio of credit-related assets.

Its investments may include broadly syndicated loans, high-yield bonds, investment-grade corporate debt, structured credit, collateralized loan obligation securities and other fixed-income instruments.