Abrdn Income Credit Strategies Fund (NYSE:ACP) Shares Shorted: Short Interest Up 112.8% in October

Abrdn Income Credit Strategies Fund (NYSE:ACP) was the recipient of a large increase in short interest during the month of October. As of October 15th, there was short interest totaling 230,747 shares, an increase of 112.8% from the September 30th total of 108,412 shares. Based on an average trading volume of 986,262 shares, the short-interest ratio is currently 0.2 days.

Institutional Trading of Abrdn Income Credit Strategies Fund

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. International Assets Investment Management LLC grew its position in Abrdn Income Credit Strategies Fund by 7.5% in the 1st quarter. International Assets Investment Management LLC now owns 958,833 shares of the investment management company’s stock worth $4,900,000 after purchasing an additional 66,708 shares during the last quarter. Rivernorth Capital Management LLC bought a new position in shares of Abrdn Income Credit Strategies Fund during the 1st quarter worth about $2,462,000. Shaker Financial Services LLC raised its position in shares of Abrdn Income Credit Strategies Fund by 16.6% during the third quarter. Shaker Financial Services LLC now owns 514,675 shares of the investment management company’s stock valued at $2,290,000 after buying an additional 73,408 shares during the last quarter. NewEdge Advisors LLC raised its position in shares of Abrdn Income Credit Strategies Fund by 5.7% during the second quarter. NewEdge Advisors LLC now owns 199,777 shares of the investment management company’s stock valued at $1,039,000 after buying an additional 10,805 shares during the last quarter. Finally, Arlington Capital Management Inc. raised its position in shares of Abrdn Income Credit Strategies Fund by 7.1% during the second quarter. Arlington Capital Management Inc. now owns 173,445 shares of the investment management company’s stock valued at $902,000 after buying an additional 11,534 shares during the last quarter.

Abrdn Income Credit Strategies Fund Trading Down 0.7%

Shares of NYSE:ACP traded down $0.03 during midday trading on Friday, hitting $4.27. The company’s stock had a trading volume of 1,052,715 shares, compared to its average volume of 638,299. The stock’s 50 day simple moving average is $4.59 and its 200 day simple moving average is $5.14. Abrdn Income Credit Strategies Fund has a fifty-two week low of $4.12 and a fifty-two week high of $5.76.

Abrdn Income Credit Strategies Fund Announces Dividend

The firm also recently announced a monthly dividend, which was paid on Friday, October 30th. Investors of record on Friday, October 23rd were paid a dividend of $0.0550 per share. The ex-dividend date was Friday, October 23rd. This represents a $0.66 annualized dividend and a yield of 15.5%.

Abrdn Income Credit Strategies Fund Company Profile

abrdn Income Credit Strategies Fund (NYSE: ACP) is a non-diversified, closed-end investment fund managed by abrdn Inc The fund seeks to provide a high level of current income, with a secondary objective of capital appreciation, by investing primarily in credit-related fixed-income securities.

The fund invests across global credit markets and may hold floating-rate loans, high-yield corporate bonds, investment-grade debt, structured credit instruments and other debt securities. Its portfolio may include below-investment-grade securities, commonly known as high-yield or “junk” bonds, and the fund may use leverage as part of its investment strategy.