Abrdn Income Credit Strategies Fund (NYSE:ACP) Short Interest Down 14.9% in February

Abrdn Income Credit Strategies Fund (NYSE:ACP) saw a significant decline in short interest in February. As of February 27th, there was short interest totaling 170,486 shares, a decline of 14.9% from the February 12th total of 200,256 shares. Based on an average daily trading volume, of 591,525 shares, the short-interest ratio is currently 0.3 days. Based on an average daily trading volume, of 591,525 shares, the short-interest ratio is currently 0.3 days.

Abrdn Income Credit Strategies Fund Trading Down 0.9%

Shares of Abrdn Income Credit Strategies Fund stock opened at $5.25 on Monday. The firm has a 50-day simple moving average of $5.56 and a two-hundred day simple moving average of $5.58. Abrdn Income Credit Strategies Fund has a fifty-two week low of $4.92 and a fifty-two week high of $6.05.

Abrdn Income Credit Strategies Fund Announces Dividend

The firm also recently declared a monthly dividend, which will be paid on Tuesday, March 31st. Investors of record on Tuesday, March 24th will be issued a $0.0775 dividend. The ex-dividend date of this dividend is Tuesday, March 24th. This represents a c) dividend on an annualized basis and a yield of 17.7%.

Hedge Funds Weigh In On Abrdn Income Credit Strategies Fund

A number of hedge funds have recently bought and sold shares of ACP. Merit Financial Group LLC increased its position in shares of Abrdn Income Credit Strategies Fund by 8.8% in the third quarter. Merit Financial Group LLC now owns 48,368 shares of the investment management company’s stock valued at $281,000 after buying an additional 3,916 shares in the last quarter. Shaker Financial Services LLC lifted its position in shares of Abrdn Income Credit Strategies Fund by 45.7% during the 3rd quarter. Shaker Financial Services LLC now owns 442,146 shares of the investment management company’s stock valued at $2,564,000 after buying an additional 138,600 shares in the last quarter. Apollon Wealth Management LLC grew its stake in Abrdn Income Credit Strategies Fund by 67.9% in the 3rd quarter. Apollon Wealth Management LLC now owns 45,440 shares of the investment management company’s stock valued at $264,000 after acquiring an additional 18,381 shares during the period. Accredited Investor Services LLC increased its holdings in Abrdn Income Credit Strategies Fund by 9.9% in the 3rd quarter. Accredited Investor Services LLC now owns 42,219 shares of the investment management company’s stock worth $245,000 after acquiring an additional 3,801 shares in the last quarter. Finally, Calamos Advisors LLC increased its holdings in Abrdn Income Credit Strategies Fund by 21.7% in the 3rd quarter. Calamos Advisors LLC now owns 33,737 shares of the investment management company’s stock worth $196,000 after acquiring an additional 6,025 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.