Abrdn Income Credit Strategies Fund (NYSE:ACP) Stock Price Passes Above 200-Day Moving Average – Should You Sell?

Abrdn Income Credit Strategies Fund (NYSE:ACP)’s share price passed above its two hundred day moving average during trading on Thursday . The stock has a two hundred day moving average of $5.64 and traded as high as $5.75. Abrdn Income Credit Strategies Fund shares last traded at $5.73, with a volume of 448,818 shares trading hands.

Abrdn Income Credit Strategies Fund Trading Down 0.2%

The firm’s 50-day moving average price is $5.55 and its two-hundred day moving average price is $5.64.

Abrdn Income Credit Strategies Fund Announces Dividend

The business also recently declared a monthly dividend, which will be paid on Friday, February 27th. Investors of record on Friday, February 20th will be given a $0.0775 dividend. The ex-dividend date of this dividend is Friday, February 20th. This represents a c) dividend on an annualized basis and a yield of 16.2%.

Hedge Funds Weigh In On Abrdn Income Credit Strategies Fund

Hedge funds have recently made changes to their positions in the company. BNP Paribas Financial Markets purchased a new stake in shares of Abrdn Income Credit Strategies Fund in the 3rd quarter valued at about $37,000. Bank of America Corp DE increased its position in 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 buying an additional 5,189 shares during the period. Advisory Services Network LLC purchased a new stake in Abrdn Income Credit Strategies Fund in the third quarter valued at approximately $42,000. Huntington National Bank boosted its holdings in shares of Abrdn Income Credit Strategies Fund by 1,331.8% in the third quarter. Huntington National Bank now owns 8,362 shares of the investment management company’s stock valued at $48,000 after acquiring an additional 7,778 shares during the period. Finally, LGT Financial Advisors LLC acquired a new stake in shares of Abrdn Income Credit Strategies Fund in the third quarter valued at approximately $55,000.

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.