Short Interest in Abrdn Income Credit Strategies Fund (NYSE:ACP) Expands By 160.3%

Abrdn Income Credit Strategies Fund (NYSE:ACP) was the recipient of a significant increase in short interest in the month of January. As of January 15th, there was short interest totaling 414,261 shares, an increase of 160.3% from the December 31st total of 159,121 shares. Based on an average daily trading volume, of 634,568 shares, the days-to-cover ratio is presently 0.7 days. Based on an average daily trading volume, of 634,568 shares, the days-to-cover ratio is presently 0.7 days.

Abrdn Income Credit Strategies Fund Stock Performance

Shares of ACP stock traded up $0.01 during trading hours on Friday, hitting $5.60. 446,994 shares of the company were exchanged, compared to its average volume of 674,580. The company has a 50 day simple moving average of $5.47 and a two-hundred day simple moving average of $5.67. Abrdn Income Credit Strategies Fund has a fifty-two week low of $4.92 and a fifty-two week high of $6.28.

Abrdn Income Credit Strategies Fund Announces Dividend

The business also recently declared a monthly dividend, which was paid on Friday, January 30th. Shareholders of record on Friday, January 23rd were paid a $0.0775 dividend. This represents a c) annualized dividend and a yield of 16.6%. The ex-dividend date of this dividend was Friday, January 23rd.

Institutional Trading of Abrdn Income Credit Strategies Fund

Several large investors have recently made changes to their positions in ACP. BNP Paribas Financial Markets acquired a new position in Abrdn Income Credit Strategies Fund during the 3rd quarter worth approximately $37,000. Bank of America Corp DE raised its position in shares of Abrdn Income Credit Strategies Fund by 354.9% during the third quarter. Bank of America Corp DE now owns 6,651 shares of the investment management company’s stock worth $39,000 after purchasing an additional 5,189 shares during the period. Ameritas Advisory Services LLC bought a new position in shares of Abrdn Income Credit Strategies Fund in the 2nd quarter worth $40,000. Advisory Services Network LLC acquired a new stake in Abrdn Income Credit Strategies Fund in the 3rd quarter valued at $42,000. Finally, Huntington National Bank increased its stake in Abrdn Income Credit Strategies Fund by 1,331.8% during the 3rd quarter. Huntington National Bank now owns 8,362 shares of the investment management company’s stock valued at $48,000 after purchasing an additional 7,778 shares in 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.