Short Interest in Abrdn Income Credit Strategies Fund (NYSE:ACP) Rises By 117.8%

Abrdn Income Credit Strategies Fund (NYSE:ACP) saw a large growth in short interest in August. As of August 31st, there was short interest totaling 323,570 shares, a growth of 117.8% from the August 15th total of 148,562 shares. Based on an average daily volume of 433,178 shares, the days-to-cover ratio is presently 0.7 days.

Abrdn Income Credit Strategies Fund Stock Performance

Shares of NYSE ACP traded down $0.29 during trading hours on Monday, reaching $4.54. The stock had a trading volume of 2,274,094 shares, compared to its average volume of 536,325. Abrdn Income Credit Strategies Fund has a twelve month low of $4.50 and a twelve month high of $5.94. The business’s fifty day moving average is $5.10 and its two-hundred day moving average is $5.23.

Abrdn Income Credit Strategies Fund Cuts Dividend

The firm also recently disclosed a monthly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 22nd will be paid a $0.055 dividend. The ex-dividend date is Tuesday, September 22nd. This represents a c) dividend on an annualized basis and a dividend yield of 14.5%.

Institutional Trading of Abrdn Income Credit Strategies Fund

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Private Advisor Group LLC increased its stake in shares of Abrdn Income Credit Strategies Fund by 6.8% in the 3rd quarter. Private Advisor Group LLC now owns 30,856 shares of the investment management company’s stock valued at $179,000 after buying an additional 1,960 shares during the period. Kestra Advisory Services LLC lifted its stake in shares of Abrdn Income Credit Strategies Fund by 4.7% during the fourth quarter. Kestra Advisory Services LLC now owns 63,633 shares of the investment management company’s stock valued at $344,000 after acquiring an additional 2,879 shares during the period. Cetera Investment Advisers boosted its holdings in Abrdn Income Credit Strategies Fund by 2.9% in the second quarter. Cetera Investment Advisers now owns 112,938 shares of the investment management company’s stock valued at $666,000 after acquiring an additional 3,209 shares during the last quarter. Founders Financial Alliance LLC increased its position in Abrdn Income Credit Strategies Fund by 3.2% in the fourth quarter. Founders Financial Alliance LLC now owns 128,516 shares of the investment management company’s stock worth $695,000 after purchasing an additional 4,036 shares during the period. Finally, Wells Fargo & Company MN raised its holdings in 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 purchasing an additional 4,200 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.